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MONROE CAPITAL CORPORATION (NASD: MRCC)
Last Trade
4:00 p.m. - 8.57
Change
 0.01 ( 0.12%)
Shares Traded
349
Day's Volume
74,568
Book Value
NA
Price/Book
NA
Beta
0.7562
Day's Range
8.51 - 8.63
Prev Close
8.58
Open
8.57
52 Wk Range
3.56 - 12.095
EPS
0.94
PE
9.12
Quarterly Div/Shr
0.25
Ex-Div
12/15/20
Yield
11.67%
Shares Out.
21.30M
Market Cap.
182.57M
  • 1 Year Stock Performance:

CAGR - Chart the growth of a $10K investment in MRCC

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Fri, 15 Jan 2021
21:40:00 +0000
Monroe Capital Corporation Prices Offering of $130 Million 4.75% Notes Due 2026
CHICAGO, Jan. 15, 2021 (GLOBE NEWSWIRE) -- Monroe Capital Corporation (the “Company”) (NASDAQ: MRCC) announced today that it priced a public offering of $130 million aggregate principal amount of 4.75% notes due 2026 (the “Notes”) on January 15, 2021. The Notes will mature on February 15, 2026, and may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus a “make-whole” premium, if applicable. The Notes will bear interest at a rate of 4.75% per year payable semi-annually on February 15 and August 15 of each year, beginning August 15, 2021. Raymond James & Associates, Inc. is acting as book-running manager for this offering. ING Financial Markets LLC, B. Riley Securities, Inc., Huntington Securities, Inc., Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc. and Oppenheimer & Co. Inc. are acting as co-managers for the offering. The closing of the transaction is subject to customary closing conditions and the Notes are expected to be delivered on or about January 25, 2021. The Company intends to use the net proceeds from this offering to redeem all of its outstanding 5.75% notes due 2023 and to repay a portion of the amount outstanding under its credit facility. However, the Company may re-borrow under its credit facility and use such borrowings to invest in lower middle-market companies in accordance with its investment objective and strategies and for working capital and general corporate purposes. As of January 12, 2021, the Company had $114.9 million in outstanding indebtedness under its credit facility. Investors are advised to consider carefully the investment objective, risks and charges and expenses of the Company before investing. The preliminary prospectus supplement dated January 15, 2021 and the accompanying prospectus dated June 24, 2020, each of which has been filed with the Securities and Exchange Commission (the “SEC”), contain a description of these matters and other important information about the Company and should be read carefully before investing. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the Notes referred to in this press release, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. A registration statement (File No. 333-237740) relating to the Notes was filed and has been declared effective by the SEC. This offering is being made solely by means of a written prospectus forming part of the effective registration statement and a related preliminary prospectus supplement, which may be obtained for free by visiting the SEC’s website at www.sec.gov or from Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716, email: prospectus@raymondjames.com or by calling 800-248-8863. ABOUT MONROE CAPITAL CORPORATIONMonroe Capital Corporation is a publicly-traded specialty finance company that principally invests in senior, unitranche and junior secured debt and, to a lesser extent, unsecured debt and equity investments in middle-market companies. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation. The Company’s investment activities are managed by its investment adviser, Monroe Capital BDC Advisors, LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and an affiliate of Monroe Capital LLC. To learn more about Monroe Capital Corporation, visit www.monroecap.com. ABOUT MONROE CAPITAL LLCMonroe Capital LLC (“Monroe”) is a private credit asset management firm specializing in direct lending and opportunistic private credit investing. Since 2004, the firm has provided private credit solutions to borrowers in the U.S. and Canada. Monroe’s middle market lending platform provides debt financing to businesses, special situation borrowers, and private equity sponsors. Investment types include cash flow, enterprise value and asset-based loans; unitranche financings; and equity co-investments. Monroe is committed to being a value-added and user-friendly partner to business owners, senior management, and private equity and independent sponsors. The firm is headquartered in Chicago and maintains offices in Atlanta, Boston, Los Angeles, New York, and San Francisco. Monroe has been recognized by Creditflux as the 2020 Best U.S. Direct Lending Fund; Pension Bridge as the 2020 Private Credit Strategy of the Year; Global M&A Network as the 2020 Small Middle Markets Lender of the Year; Private Debt Investor as the 2018 Lower Mid-Market Lender of the Year; M&A Advisor as the 2016 Lender Firm of the Year; and the U.S. Small Business Administration as the 2015 Small Business Investment Company (SBIC) of the Year. For more information, please visit www.monroecap.com. FORWARD-LOOKING STATEMENTS This press release may contain certain forward-looking statements. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future. SOURCE: Monroe Capital Corporation Investor Contact: Aaron D. PeckChief Investment Officer and Chief Financial OfficerMonroe Capital Corporation(312) 523-2363Email: apeck@monroecap.com Media Contact: Caroline CollinsBackBay Communications(617) 963-0065Email: caroline.collins@backbaycommunications.com
Fri, 04 Dec 2020
14:00:00 +0000
Monroe Capital Corporation Announces Fourth Quarter Distribution of $0.25 Per Share
CHICAGO, Dec. 04, 2020 (GLOBE NEWSWIRE) -- Monroe Capital Corporation (the “Company”) (NASDAQ: MRCC) announced today that its Board of Directors has declared a distribution of $0.25 per share for the fourth quarter of 2020, payable on December 31, 2020 to stockholders of record as of December 16, 2020. The Company has adopted a dividend reinvestment plan that provides for reinvestment of distributions on behalf of its stockholders, unless a stockholder elects to receive cash prior to the record date. As a result, when the Company declares a cash distribution, stockholders who have not opted out of the dividend reinvestment plan prior to the record date will have their distribution automatically reinvested in additional shares of the Company’s capital stock. The specific tax characteristics of the distribution will be reported to stockholders on Form 1099 after the end of the calendar year and in the Company’s periodic report filed with the Securities and Exchange Commission. ABOUT MONROE CAPITAL CORPORATION Monroe Capital Corporation is a publicly-traded specialty finance company that principally invests in senior, unitranche and junior secured debt and, to a lesser extent, unsecured debt and equity investments in middle-market companies. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation. The Company’s investment activities are managed by its investment adviser, Monroe Capital BDC Advisors, LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and an affiliate of Monroe Capital LLC. To learn more about Monroe Capital Corporation, visit www.monroecap.com.ABOUT MONROE CAPITAL LLC Monroe Capital LLC (“Monroe”) is a private credit asset management firm specializing in direct lending and opportunistic private credit investing. Since 2004, the firm has provided private credit solutions to borrowers in the U.S. and Canada. Monroe’s middle market lending platform provides debt financing to businesses, special situation borrowers, and private equity sponsors. Investment types include cash flow, enterprise value and asset-based loans; unitranche financings; and equity co-investments. Monroe is committed to being a value-added and user-friendly partner to business owners, senior management, and private equity and independent sponsors. The firm is headquartered in Chicago and maintains offices in Atlanta, Boston, Los Angeles, New York, and San Francisco.Monroe has been recognized by Creditflux as the 2020 Best U.S. Direct Lending Fund; Pension Bridge as the 2020 Private Credit Strategy of the Year; Global M&A Network as the 2020 Small Middle Markets Lender of the Year; Private Debt Investor as the 2018 Lower Mid-Market Lender of the Year; M&A Advisor as the 2016 Lender Firm of the Year; and the U.S. Small Business Administration as the 2015 Small Business Investment Company (SBIC) of the Year. For more information, please visit www.monroecap.com.FORWARD-LOOKING STATEMENTS This press release may contain certain forward-looking statements. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.SOURCE:         Monroe Capital CorporationInvestor Contact:Aaron D. Peck  Chief Investment Officer and Chief Financial Officer  Monroe Capital Corporation  (312) 523-2363  Email: apeck@monroecap.com    Media Contact:Caroline Collins  BackBay Communications  (617) 963-0065  Email: caroline.collins@backbaycommunications.com
Sun, 29 Nov 2020
17:12:06 +0000
Where Do Hedge Funds Stand On Monroe Capital Corp (MRCC)?
We know that hedge funds generate strong, risk-adjusted returns over the long run, therefore imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, smart money investors have to conduct complex analyses, spend many resources and use tools that are not always […]
Sat, 07 Nov 2020
05:30:53 +0000
Monroe Capital Corp (MRCC) Q3 2020 Earnings Call Transcript
Ladies and gentlemen, thank you for standing by, and welcome to the Monroe Capital Corporation's Third Quarter 2020 Earnings Conference Call. This can be seen in the performance of a couple of key market metrics.
Thu, 05 Nov 2020
17:15:00 +0000
Monroe Capital Corp. to Host Earnings Call
NEW YORK, NY / ACCESSWIRE / November 5, 2020 / Monroe Capital Corp.
Thu, 05 Nov 2020
00:05:12 +0000
Monroe Capital (MRCC) Q3 Earnings Lag Estimates
Monroe Capital (MRCC) delivered earnings and revenue surprises of -3.70% and 0.47%, respectively, for the quarter ended September 2020. Do the numbers hold clues to what lies ahead for the stock?
Wed, 04 Nov 2020
22:25:25 +0000
Recap: Monroe Capital Q3 Earnings
Shares of Monroe Capital (NASDAQ:MRCC) rose 0.46% in after-market trading after the company reported Q3 results.Quarterly Results Earnings per share were down 22.86% over the past year to $0.27, which were in line with the estimate of $0.27.Revenue of $13,385,000 declined by 22.76% from the same period last year, which missed the estimate of $13,470,000.Looking Ahead Earnings guidance hasn't been issued by the company for now.View more earnings on MRCCRevenue guidance hasn't been issued by the company for now.Price Action Company's 52-week high was at $12.1052-week low: $3.56Price action over last quarter: down 6.55%Company Description Monroe Capital Corp is a specialty finance company focused on providing financing to lower middle market companies with EBITDA between $3-35 million, in the U.S. and Canada. The company provides customized financing solutions focused on senior, unitranche and junior secured debt and unsecured subordinated debt and equity, including equity co-investments in preferred and common stock and warrants. Its investment activities are managed by its investment adviser, Monroe Capital BDC Advisors, LLC.See more from Benzinga * Click here for options trades from Benzinga * Earnings Scheduled For November 4, 2020(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Wed, 04 Nov 2020
21:06:00 +0000
Monroe Capital Corporation BDC Announces Third Quarter 2020 Results
CHICAGO, Nov. 04, 2020 (GLOBE NEWSWIRE) -- Monroe Capital Corporation (Nasdaq: MRCC) (“Monroe”) today announced its financial results for the third quarter ended September 30, 2020. Except where the context suggests otherwise, the terms “Monroe,” “we,” “us,” “our,” and “Company” refer to Monroe Capital Corporation.Third Quarter 2020 Financial Highlights * Net Investment Income of $5.6 million, or $0.26 per share * Adjusted Net Investment Income (a non-GAAP measure described below) of $5.8 million, or $0.27 per share * Net increase in net assets resulting from operations of $15.2 million, or $0.71 per share * Net Asset Value (“NAV”) of $230.7 million, or $10.83 per share * Paid quarterly dividend of $0.25 per share on September 30, 2020 Chief Executive Officer Theodore L. Koenig commented, “We are pleased to report another quarter of strong financial results. During the third quarter, we reported an increased Net Asset Value and we again fully covered our dividend with Net Investment Income while continuing to reduce leverage, primarily through paydowns on the portfolio. We continue to believe the vast majority of our portfolio companies have strong long-term outlooks. Further, we believe that most all of the companies that have been impacted by the COVID-19 pandemic will recover from the short-term challenges they are facing as a result. We have seen this recovery occur in many of our impacted portfolio companies and expect this recovery to continue. As market volatility resulting from uncertainty related to the impacts of COVID-19 has continued to decline, we saw spreads continue to tighten and valuations for portfolio companies without significant long-term COVID-19 impact once again rebound during the quarter. We expect to redeploy a portion of the proceeds we received from the recent repayments into current yielding assets which should positively contribute to asset growth and earnings in future quarters. As always, we continue to be focused on the interests of our shareholders and will operate with caution and remain focused on generation of Net Investment Income, preservation of capital and creation of shareholder value.”Monroe Capital Corporation is a business development company affiliate of the award winning private credit investment firm and lender, Monroe Capital LLC.Management Commentary In this volatile and uncertain period, we are pleased to report Adjusted Net Investment Income of $5.8 million or $0.27 per share for the quarter ended September 30, 2020. This compares with $12.8 million or $0.62 per share for the quarter ended June 30, 2020. Adjusted Net Investment Income for the quarter ended June 30, 2020 included a one-time benefit of $7.4 million, or $0.36 per share, of previously unrecorded interest and fees associated with our investment in Rockdale. Excluding the impacts of Rockdale, Adjusted Net Investment income was approximately $0.26 per share for the quarter ended June 30, 2020. See Rockdale Blackhawk, LLC below for a detailed discussion of the impacts of the recovery related to the Rockdale investment on our results of operations for the quarter ended June 30, 2020.   See Non-GAAP Financial Measure – Adjusted Net Investment Income discussion below.NAV increased by $0.46 per share, or 4.4%, to $230.7 million or $10.83 per share as of September 30, 2020, compared to $220.6 million or $10.37 per share as of June 30, 2020. The NAV increase of $0.46 per share was primarily the result of net realized and unrealized gains of $9.5 million, or $0.45 per share.   Net Investment Income was approximately $0.26 share, slightly above the third quarter dividend of $0.25 per share.Below are our estimates of the components of the $0.45 increase in per share NAV for the quarter attributable to net realized and unrealized gains: * $0.30 of the per share increase in NAV was attributable to broad market movements and tightening of credit spreads in the loan markets. Of that $0.30 per share, approximately $0.21 per share was attributable to names held in the portfolio directly, while approximately $0.09 per share was attributable to our investment in MRCC Senior Loan Fund I, LLC (“SLF”). * $0.19 of the per share increase in NAV was attributable to specific credit or fundamental performance of certain underlying portfolio companies. * These increases were offset by a $0.04 per share decrease in NAV attributable to other losses, primarily comprised of unrealized losses associated with foreign currency fluctuations on our borrowings denominated in British pounds. The SLF’s underlying investments are loans to middle-market borrowers that are generally larger than the rest of MRCC’s portfolio, which is focused on lower middle-market companies. These upper middle-market loans held within the SLF experienced higher volatility in valuation during the last three quarters than the rest of the MRCC portfolio. See MRCC Senior Loan Fund below for additional information on SLF. The mark-to-market valuation changes on the SLF portfolio contributed $2.0 million, or $0.09 per share, to the increase in NAV for the third quarter compared with a $4.2 million, or $0.20 per share, increase in the second quarter.During the quarter, MRCC’s regulatory debt-to-equity leverage was reduced from 1.16 times debt-to-equity to 0.90 times, significantly below our March 31, 2020 regulatory leverage of 1.47 times debt-to equity. The decline in leverage was primarily driven by strong repayment activity during the quarter. We continue to focus on managing our investment portfolio and selectively redeploying capital over time to modestly increase MRCC’s leverage.  Selected Financial Highlights (in thousands, except per share data)       September 30, 2020 June 30, 2020      Consolidated Statements of Assets and Liabilities data:(unaudited) Investments, at fair value$522,267  $563,296  Total assets$552,726  $590,097  Net asset value$230,683  $220,596  Net asset value per share$10.83  $10.37        For the quarter ended  September 30, 2020 June 30, 2020      Consolidated Statements of Operations data:(unaudited) Net investment income$5,644  $12,636  Adjusted net investment income (1)$5,769  $12,763  Net gain (loss)$9,541  $1,598  Net increase (decrease) in net assets resulting from operations$15,185  $14,234       Per share data:    Net investment income$0.26  $0.61  Adjusted net investment income (1)$0.27  $0.62  Net gain (loss)$0.45  $0.08  Net increase (decrease) in net assets resulting from operations$0.71  $0.69  ______________________________(1)See Non-GAAP Financial Measure – Adjusted Net Investment Income below for a detailed description of this non-GAAP measure and a reconciliation from net investment income to Adjusted Net Investment Income. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company. Portfolio ReviewThe Company had debt and equity investments in 79 portfolio companies, with a total fair value of $522.3 million as of September 30, 2020, as compared to debt and equity investments in 83 portfolio companies, with a total fair value of $563.3 million, as of June 30, 2020. The Company’s portfolio consists primarily of first lien loans, representing 87.4% of the portfolio as of September 30, 2020, and 89.5% of the portfolio as of June 30, 2020. As of September 30, 2020, the weighted average contractual and effective yield on the Company’s debt and preferred equity investments was 7.6% and 7.6%, respectively, as compared to the weighted average contractual and effective yield of 7.7% and 7.7%, respectively, as of June 30, 2020. Portfolio yield is calculated only on the portion of the portfolio that has a contractual coupon and therefore does not account for dividends on equity investments (other than preferred equity). As of September 30, 2020, 5.2% of the Company’s total investments at fair value were on non-accrual as compared to 4.7% as of June 30, 2020.Financial ReviewNet Investment Income for the quarter ended September 30, 2020 totaled $5.6 million, or $0.26 per share, compared to $12.6 million, or $0.61 per share, for the quarter ended June 30, 2020. Adjusted Net Investment Income was $5.8 million, or $0.27 per share, for the quarter ended September 30, 2020, compared to $12.8 million, or $0.62 per share, for the quarter ended June 30, 2020. Investment income for the quarter ended September 30, 2020 totaled $13.4 million, compared to $20.6 million for the quarter ended June 30, 2020. The $7.2 million decrease during the quarter was primarily the result of the inclusion of a one-time benefit of $7.4 million of previously unrecorded interest and fee income associated with the Company’s investment in Rockdale during the quarter ended June 30, 2020. Total expenses for the quarter ended September 30, 2020 totaled $7.7 million, compared to $8.0 million for the quarter ended June 30, 2020. The $0.3 million decrease during the quarter was primarily driven by lower interest expense as a result of lower average debt outstanding. Incentive fees were fully limited due to the total return requirement during the quarters ended September 30, 2020 and June 30, 2020. Please refer to the Company’s Form 10-Q for additional information on the incentive fee calculation.Net gain (loss) was $9.5 million for the quarter ended September 30, 2020, compared to $1.6 million for the quarter ended June 30, 2020.   During the quarter ended September 30, 2020, credit spreads tightened and U.S. loan prices continued to rebound. The Company’s portfolio increased in value by 0.9%, from 89.7% of amortized cost as of June 30, 2020 to 90.6% of amortized cost as of September 30, 2020.Net increase (decrease) in net assets resulting from operations was $15.2 million, or $0.71 per share, for the quarter ended September 30, 2020, compared to $14.2 million, or $0.69 per share, for the quarter ended June 30, 2020.Liquidity and Capital ResourcesAt September 30, 2020, the Company had $4.4 million in cash, $19.1 million in restricted cash at Monroe Capital Corporation SBIC LP (“MRCC SBIC”), $99.4 million of debt outstanding on its revolving credit facility, $109.0 million of debt outstanding on its 2023 Notes, and $115.0 million in outstanding Small Business Administration (“SBA”) debentures. As of September 30, 2020, the Company had approximately $155.6 million available for additional borrowings on its revolving credit facility, subject to borrowing base availability. The amendment the Company closed on its revolving credit facility on May 21, 2020 included certain temporary restrictions on the utilization of cash during the COVID-19 relief period.  The Company exited the COVID-19 relief period during the three months ended September 30, 2020 and as such the Company is no longer subject to those restrictions.SBIC SubsidiaryAs of September 30, 2020, MRCC SBIC had $57.6 million in leverageable capital, $19.1 million in cash and $137.3 million in investments at fair value. Additionally, MRCC SBIC has fully drawn all available debentures and as of September 30, 2020 had $115.0 million in SBA debentures outstanding. The SBA debentures are long-term, fixed rate financing with the advantage of being excluded from the Company’s 150% asset coverage test under the Investment Company Act of 1940.MRCC Senior Loan FundSLF is a joint venture with NLV Financial Corporation (“NLV”), the parent of National Life Insurance Company. SLF invests primarily in senior secured loans to middle market companies in the United States. The Company and NLV have each committed $50.0 million of capital to the joint venture. As of September 30, 2020, the Company had made net capital contributions of $42.2 million in SLF with a fair value of $37.5 million, as compared to net capital contributions of $42.2 million in SLF with a fair value of $35.6 million at June 30, 2020. During the quarter ended September 30, 2020, the Company received an income distribution from SLF of $1.1 million, compared to the $0.9 million received during the quarter ended June 30, 2020. As discussed earlier, the SLF’s underlying investments are loans to middle-market borrowers that are generally larger than the rest of MRCC’s portfolio which is focused on lower middle-market companies. These upper middle-market loans held within the SLF experienced higher volatility in valuation during the quarter than the rest of the MRCC portfolio. The SLF’s portfolio increased value by 1.2% during the quarter, from 93.6% of amortized cost as of June 30, 2020 to 94.8% of amortized cost as of September 30, 2020.  As of September 30, 2020, SLF had total assets of $216.7 million (including investments at fair value of $207.0 million), total liabilities of $141.7 million (including borrowings under the $170.0 million secured revolving credit facility with Capital One, N.A. (the “SLF Credit Facility”) of $142.1 million) and total members’ capital of $75.0 million. As of June 30, 2020, SLF had total assets of $224.4 million (including investments at fair value of $219.0 million), total liabilities of $153.3 million (including borrowings under the SLF Credit Facility of $153.7 million) and total members’ capital of $71.1 million.Rockdale Blackhawk, LLCIn May 2020, an arbitrator issued a final award in favor of the estate of Rockdale (the “Estate”) in the legal proceeding between the Estate and a national insurance carrier. In June 2020, the Company received $33.1 million as an initial payment of proceeds from the legal proceedings from the Estate, of which $19.5 million was recorded as a reduction in the cost basis of the Company’s investment in Rockdale, $3.9 million was recorded as the collection of previously accrued interest, $7.4 million, or $0.36 per share, was recorded as investment income for previously unaccrued interest and fees and $2.3 million, or $0.11 per share, was recorded as realized gains. Additionally, as an offset, the Company recorded net change in unrealized (loss) of ($8.2) million, or ($0.40) per share, primarily as a result of the reversal associated with the collection of proceeds from the Estate. Total net income associated with the Company’s investment in Rockdale was $1.5 million, or $0.07 per share, during the quarter ended June 30, 2020. As of September 30, 2020, the Company’s has a remaining investment in Rockdale associated with residual proceeds currently expected from the Estate of $1.8 million.Non-GAAP Financial Measure – Adjusted Net Investment IncomeOn a supplemental basis, the Company discloses Adjusted Net Investment Income (including on a per share basis) which is a financial measure that is calculated and presented on a basis of methodology other than in accordance with generally accepted accounting principles of the United States of America (“non-GAAP”). Adjusted Net Investment Income represents net investment income, excluding the net capital gains incentive fee and income taxes. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company. The management agreement with the Company’s advisor provides that a capital gains incentive fee is determined and paid annually with respect to realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized capital losses for such year. Management believes that Adjusted Net Investment Income is a useful indicator of operations exclusive of any net capital gains incentive fee as net investment income does not include gains associated with the capital gains incentive fee.The following table provides a reconciliation from net investment income (the most comparable GAAP measure) to Adjusted Net Investment Income for the periods presented: For the quarter ended  September 30, 2020 June 30, 2020  Amount Per Share Amount Amount Per Share Amount           (in thousands, except per share data) Net investment income$5,644  $0.26  $12,636  $0.61  Net capital gains incentive fee -   -   -   -  Income taxes, including excise taxes 125   0.01   127   0.01  Adjusted Net Investment Income$5,769  $0.27  $12,763  $0.62           Adjusted Net Investment Income may not be comparable to similar measures presented by other companies, as it is a non-GAAP financial measure that is not based on a comprehensive set of accounting rules or principles and therefore may be defined differently by other companies. In addition, Adjusted Net Investment Income should be considered in addition to, not as a substitute for, or superior to, financial measures determined in accordance with GAAP.Third Quarter 2020 Financial Results Conference CallThe Company will host a webcast and conference call to discuss these operating and financial results on Thursday, November 5, 2020 at 2:00 pm ET. The webcast will be hosted on a webcast link located in the Investor Relations section of the Company’s website at http://ir.monroebdc.com/events.cfm. To participate in the conference call, please dial (877) 312-8807 approximately 10 minutes prior to the call. Please reference conference ID 3244793.For those unable to listen to the live broadcast, the webcast will be available for replay on the Company’s website approximately two hours after the event.For a more detailed discussion of the financial and other information included in this press release, please also refer to the Company’s Form 10-Q for the quarter ended September 30, 2020 to be filed with the Securities and Exchange Commission (www.sec.gov) on November 4, 2020.  MONROE CAPITAL CORPORATION CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (in thousands, except per share data)       September 30, 2020 June 30, 2020       (unaudited) ASSETS    Investments, at fair value:    Non-controlled/non-affiliate company investments$406,702  $458,276  Non-controlled affiliate company investments 78,041   69,465  Controlled affiliate company investments 37,524   35,555  Total investments, at fair value (amortized cost of: $576,340 and $627,842, respectively) 522,267   563,296  Cash 4,405   7,443  Restricted cash 19,073   13,393  Unrealized gain on foreign currency forward contracts -   15  Interest receivable 5,822   4,859  Other assets 1,159   1,091  Total assets 552,726   590,097       LIABILITIES    Debt:    Revolving credit facility 99,351   146,016  2023 Notes 109,000   109,000  SBA debentures payable 115,000   115,000  Total debt 323,351   370,016  Less: Unamortized deferred financing costs (7,566)  (7,988) Total debt, less unamortized deferred financing costs 315,785   362,028  Interest payable 1,691   2,683  Unrealized loss on foreign currency forward contracts 40   -  Management fees payable 2,414   2,434  Accounts payable and accrued expenses 2,075   2,356  Directors' fees payable 38   -  Total liabilities 322,043   369,501  Net assets$230,683  $220,596       ANALYSIS OF NET ASSETS    Common stock, $0.001 par value, 100,000 shares authorized, 21,304 and 21,270 shares issued and outstanding, respectively$21  $21  Capital in excess of par value 295,344   295,116  Accumulated undistributed (overdistributed) earnings (64,682)  (74,541) Total net assets$230,683  $220,596  Net asset value per share$10.83  $10.37         MONROE CAPITAL CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data)       For the quarter ended  September 30, 2020 June 30, 2020       (unaudited) Investment income:    Non-controlled/non-affiliate company investments:    Interest income$9,992  $14,461  Payment-in-kind interest income 553   855  Dividend income 5   (92) Fee income 26   2,823  Total investment income from non-controlled/non-affiliate company investments 10,576   18,047  Non-controlled affiliate company investments:    Interest income 659   45  Payment-in-kind interest income 1,010   1,609  Dividend income 40   41  Total investment income from non-controlled affiliate company investments 1,709   1,695  Controlled affiliate company investments:    Dividend income 1,100   900  Total investment income from controlled affiliate company investments 1,100   900  Total investment income 13,385   20,642       Operating expenses:    Interest and other debt financing expenses 4,358   4,555  Base management fees 2,414   2,434  Professional fees 201   322  Administrative service fees 321   314  General and administrative expenses 284   214  Directors' fees 38   40  Total expenses 7,616   7,879  Net investment income before income taxes 5,769   12,763  Income taxes, including excise taxes 125   127  Net investment income 5,644   12,636       Net gain (loss):    Net realized gain (loss):    Non-controlled/non-affiliate company investments (10)  2,461  Foreign currency forward contracts (15)  22  Foreign currency and other transactions 3   (1) Net realized gain (loss) (22)  2,482       Net change in unrealized gain (loss):    Non-controlled/non-affiliate company investments 3,048   (5,220) Non-controlled affiliate company investments 5,456   98  Controlled affiliate company investments 1,969   4,230  Foreign currency forward contracts (55)  (24) Foreign currency and other transactions (855)  32  Net change in unrealized gain (loss) 9,563   (884)      Net gain (loss) 9,541   1,598       Net increase (decrease) in net assets resulting from operations$15,185  $14,234       Per common share data:    Net investment income per share - basic and diluted$0.26  $0.61  Net increase (decrease) in net assets resulting from operations per share - basic and diluted$0.71  $0.69  Weighted average common shares outstanding - basic and diluted 21,303   20,637       Additional Supplemental Information:The composition of the Company’s investment income was as follows (in thousands): For the quarter ended  September 30, 2020  June 30, 2020      Interest income$10,179  $13,531  Payment-in-kind interest income 1,563   2,464  Dividend income 1,145   849  Fee income 26   2,823  Prepayment gain (loss) 192   639  Accretion of discounts and amortization of premiums 280   336  Total investment income$13,385  $20,642       The composition of the Company’s interest expense and other debt financing expenses was as follows (in thousands): For the quarter ended  September 30, 2020  June 30, 2020      Interest expense - revolving credit facility$1,218  $1,488  Interest expense - 2023 Notes 1,567   1,567  Interest expense - SBA debentures 991   980  Amortization of deferred financing costs 582   520  Total interest and other debt financing expenses$4,358  $4,555       ABOUT MONROE CAPITAL CORPORATION Monroe Capital Corporation is a publicly-traded specialty finance company that principally invests in senior, unitranche and junior secured debt and, to a lesser extent, unsecured debt and equity investments in middle-market companies. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation. The Company’s investment activities are managed by its investment adviser, Monroe Capital BDC Advisors, LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and an affiliate of Monroe Capital LLC. To learn more about Monroe Capital Corporation, visit www.monroecap.com.ABOUT MONROE CAPITAL LLC Monroe Capital LLC (“Monroe”) is a private credit asset management firm specializing in direct lending and opportunistic private credit investing. Since 2004, the firm has provided private credit solutions to borrowers in the U.S. and Canada. Monroe’s middle market lending platform provides debt financing to businesses, special situation borrowers, and private equity sponsors. Investment types include cash flow, enterprise value and asset-based loans; unitranche financings; and equity co-investments. Monroe is committed to being a value-added and user-friendly partner to business owners, senior management, and private equity and independent sponsors. The firm is headquartered in Chicago and maintains offices in Atlanta, Boston, Los Angeles, New York, and San Francisco.Monroe has been recognized by Creditflux as the 2020 Best U.S. Direct Lending Fund; Pension Bridge as the 2020 Private Credit Strategy of the Year; Global M&A Network as the 2020 Small Middle Markets Lender of the Year; Private Debt Investor as the 2018 Lower Mid-Market Lender of the Year; M&A Advisor as the 2016 Lender Firm of the Year; and the U.S. Small Business Administration as the 2015 Small Business Investment Company (SBIC) of the Year. For more information, please visit www.monroecap.com.FORWARD-LOOKING STATEMENTS This press release may contain certain forward-looking statements. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.SOURCE:   Monroe Capital CorporationInvestor Contact: Aaron D. Peck   Chief Investment Officer and Chief Financial Officer   Monroe Capital Corporation   (312) 523-2363   Email: apeck@monroecap.com     Media Contact: Caroline Collins   BackBay Communications   (617) 963-0065   Email: caroline.collins@backbaycommunications.com
Wed, 28 Oct 2020
16:32:04 +0000
Earnings Preview: Monroe Capital (MRCC) Q3 Earnings Expected to Decline
Monroe Capital (MRCC) 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.
Thu, 22 Oct 2020
21:06:00 +0000
Monroe Capital Corporation Schedules Third Quarter 2020 Earnings Release and Conference Call
CHICAGO, Oct. 22, 2020 (GLOBE NEWSWIRE) -- Monroe Capital Corporation (the “Company”) (NASDAQ: MRCC) announced today that it will report its third quarter 2020 financial results on Wednesday, November 4, 2020, after the close of the financial markets. The Company will host a webcast and conference call to discuss these operating and financial results on Thursday, November 5, 2020 at 2:00 pm ET. The webcast will be hosted on a webcast link located in the Investor Relations section of our website at http://ir.monroebdc.com/events.cfm. To participate in the conference call, please dial (877) 312-8807 approximately 10 minutes prior to the call. Please reference conference ID 3244793. For those unable to listen to the live broadcast, the webcast will be available for replay on the Company’s website approximately two hours after the event.ABOUT MONROE CAPITAL CORPORATION Monroe Capital Corporation is a publicly-traded specialty finance company that principally invests in senior, unitranche and junior secured debt and, to a lesser extent, unsecured debt and equity investments in middle-market companies. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation. The Company’s investment activities are managed by its investment adviser, Monroe Capital BDC Advisors, LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and an affiliate of Monroe Capital LLC. To learn more about Monroe Capital Corporation, visit www.monroecap.com.ABOUT MONROE CAPITAL LLC Monroe Capital LLC (“Monroe”) is a private credit asset management firm specializing in direct lending and opportunistic private credit investing. Since 2004, the firm has provided private credit solutions to borrowers in the U.S. and Canada. Monroe’s middle market lending platform provides debt financing to businesses, special situation borrowers, and private equity sponsors. Investment types include cash flow, enterprise value and asset-based loans; unitranche financings; and equity co-investments. Monroe is committed to being a value-added and user-friendly partner to business owners, senior management, and private equity and independent sponsors. The firm is headquartered in Chicago and maintains offices in Atlanta, Boston, Los Angeles, New York, and San Francisco.Monroe has been recognized by Creditflux as the 2020 Best U.S. Direct Lending Fund; Pension Bridge as the 2020 Private Credit Strategy of the Year; Global M&A Network as the 2020 Small Middle Markets Lender of the Year; Private Debt Investor as the 2017 Lower Mid-Market Lender of the Year; M&A Advisor as the 2016 Lender Firm of the Year; and the U.S. Small Business Administration as the 2015 Small Business Investment Company (SBIC) of the Year. For more information, please visit www.monroecap.com.FORWARD-LOOKING STATEMENTS This press release may contain certain forward-looking statements. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.SOURCE:         Monroe Capital CorporationInvestor Contact:Aaron D. Peck Chief Investment Officer and Chief Financial Officer Monroe Capital Corporation (312) 523-2363 Email: apeck@monroecap.com    Media Contact:Caroline Collins BackBay Communications (617) 963-0065 Email: caroline.collins@backbaycommunications.com
Fri, 04 Sep 2020
20:02:00 +0000
Monroe Capital Corporation Announces Third Quarter Distribution of $0.25 Per Share
CHICAGO, Sept. 04, 2020 (GLOBE NEWSWIRE) -- Monroe Capital Corporation (the “Company”) (NASDAQ: MRCC) announced today that its Board of Directors has declared a distribution of $0.25 per share for the third quarter of 2020, payable on September 30, 2020 to stockholders of record as of September 16, 2020. The Company has adopted a dividend reinvestment plan that provides for reinvestment of distributions on behalf of its stockholders, unless a stockholder elects to receive cash prior to the record date. As a result, when the Company declares a cash distribution, stockholders who have not opted out of the dividend reinvestment plan prior to the record date will have their distribution automatically reinvested in additional shares of the Company’s capital stock. The specific tax characteristics of the distribution will be reported to stockholders on Form 1099 after the end of the calendar year and in the Company’s periodic report filed with the Securities and Exchange Commission.ABOUT MONROE CAPITAL CORPORATION Monroe Capital Corporation is a publicly-traded specialty finance company that principally invests in senior, unitranche and junior secured debt and, to a lesser extent, unsecured debt and equity investments in middle-market companies. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation. The Company’s investment activities are managed by its investment adviser, Monroe Capital BDC Advisors, LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and an affiliate of Monroe Capital LLC. To learn more about Monroe Capital Corporation, visit www.monroecap.com.ABOUT MONROE CAPITAL LLC Monroe Capital LLC (“Monroe”) is a private credit asset management firm specializing in direct lending and opportunistic private credit investing. Since 2004, the firm has provided private credit solutions to borrowers in the U.S. and Canada. Monroe’s middle market lending platform provides debt financing to businesses, special situation borrowers, and private equity sponsors. Investment types include cash flow, enterprise value and asset-based loans; unitranche financings; and equity co-investments. Monroe is committed to being a value-added and user-friendly partner to business owners, senior management, and private equity and independent sponsors. The firm is headquartered in Chicago and maintains offices in Atlanta, Boston, Los Angeles, New York, and San Francisco.Monroe has been recognized by Creditflux as the 2020 Best U.S. Direct Lending Fund; Global M&A Network as the 2020 Small Middle Markets Lender of the Year; Private Debt Investor as the 2018 Lower Mid-Market Lender of the Year; M&A Advisor as the 2016 Lender Firm of the Year; and the U.S. Small Business Administration as the 2015 Small Business Investment Company (SBIC) of the Year. For more information, please visit www.monroecap.com.FORWARD-LOOKING STATEMENTS This press release may contain certain forward-looking statements. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.SOURCE:       Monroe Capital Corporation Investor Contact:Aaron D. Peck Chief Investment Officer and Chief Financial Officer Monroe Capital Corporation (312) 523-2363 Email: apeck@monroecap.com    Media Contact:           Caroline Collins BackBay Communications (617) 963-0065 Email: caroline.collins@backbaycommunications.com
Wed, 05 Aug 2020
20:12:00 +0000
Monroe Capital Corporation BDC Announces Second Quarter 2020 Results
CHICAGO, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Monroe Capital Corporation (Nasdaq: MRCC) (“Monroe”) today announced its financial results for the second quarter ended June 30, 2020. Except where the context suggests otherwise, the terms “Monroe,” “we,” “us,” “our,” and “Company” refer to Monroe Capital Corporation.Second Quarter 2020 Financial Highlights * Net Investment Income of $12.6 million, or $0.61 per share * Adjusted Net Investment Income (a non-GAAP measure described below) of $12.8 million, or $0.62 per share * Net increase in net assets resulting from operations of $14.2 million, or $0.69 per share * Net Asset Value (“NAV”) of $220.6 million, or $10.37 per share * Paid quarterly dividend of $0.25 per share on June 30, 2020Chief Executive Officer Theodore L. Koenig commented, “In a challenging environment, we are extremely pleased to report strong financial results.  During the second quarter, we reported record Net Investment Income, an increased Net Asset Value, significantly reduced leverage and again, fully covered our dividend with Net Investment Income.  Last quarter we discussed our near term goals of reducing leverage and maintaining stability within our investment portfolio.  Primarily through paydowns on the portfolio, including a significant recovery on our investment in Rockdale Blackhawk, LLC (“Rockdale”), we were able to materially reduce leverage during the quarter.  We continue to believe the vast majority of our portfolio companies have strong long-term outlooks and will recover from the short-term challenges they are facing as a result of the COVID-19 pandemic.  As market volatility resulting from uncertainty related to the impacts of COVID-19 has declined when compared to the end of the first quarter, we saw spreads tighten and valuations for portfolio companies without significant long-term COVID-19 impact rebound during the quarter.  As always, we continue to be focused on the interests of our shareholders and will operate with caution and remain focused on generation of Net Investment Income, preservation of capital and creation of shareholder value.”Monroe Capital Corporation is a business development company affiliate of the award winning private credit investment firm and lender, Monroe Capital LLC.Management Commentary Monroe’s large and experienced credit team continues to be focused on actively managing our portfolio and working with our portfolio company borrowers and their respective financial sponsors and management teams to ensure we provide the right support for our portfolio companies through this pandemic and ultimately, obtain the best possible outcome for our shareholders. Given the continued uncertainty in the long-term economic impacts associated with COVID-19, the unprecedented levels of unemployment, and the potential for a COVID-19 induced recession of uncertain length, we have been primarily focused on reducing leverage and maintaining a strong liquidity position to allow us to continue to support our portfolio companies.In this volatile and uncertain period, we are pleased to report Adjusted Net Investment Income of $12.8 million or $0.62 per share for the quarter ended June 30, 2020. This compares with $6.8 million or $0.33 per share for the quarter ended March 31, 2020.  Adjusted Net Investment Income for the quarter ended June 30, 2020 includes $7.4 million, or $0.36 per share, of previously unrecorded interest and fees associated with our investment in Rockdale.  See Rockdale Blackhawk, LLC below for a detailed discussion of the impacts of the recovery related to the Rockdale investment on our results of operations for the quarter ended June 30, 2020.  See Non-GAAP Financial Measure – Adjusted Net Investment Income discussion below.NAV increased by $0.33 per share, or 3.3%, to $220.6 million or $10.37 per share as of June 30, 2020, compared to $205.4 million or $10.04 per share as of March 31, 2020.  The NAV increase of $0.33 per share was primarily the result of $1.5 million, or $0.07 per share, of net income associated with our investment in Rockdale (described in further detail below) and net realized and unrealized gains of $7.5 million, or $0.36 per share, excluding the impacts of our investment in Rockdale.  These NAV increases were partially offset by the impacts of recent share issuances under the ATM program, which had the effect of reducing our per share NAV by approximately $0.10 per share.  During the quarter, we issued 825,460 shares under our ATM program totaling approximately $6.3 million in net proceeds.  Net investment income, excluding the impacts of Rockdale, was approximately $0.25 share, consistent with the second quarter dividend of $0.25 per share. Below are our estimates of the components of the $0.36 increase in per share NAV for the quarter attributable to net realized and unrealized gains, excluding the impacts of Rockdale: * $0.46 of the per share increase in NAV was attributable to broad market movements and tightening of credit spreads in the loan markets. Of that $0.46 per share, approximately $0.26 per share, was attributable to names held in the portfolio directly, while approximately $0.20 per share was attributable to our investment in MRCC Senior Loan Fund I, LLC (“SLF”). * $0.01 of the per share increase in NAV was attributable to other gains which are primarily attributable to unrealized gains associated with foreign currency associated with our borrowings denominated in British pounds. * These increases were offset by a $0.11 per share per share decrease in NAV attributable to  specific credit or fundamental performance of certain underlying portfolio companies, a significant portion of which is a result of the impact of the COVID-19 pandemic on individual credit performance.The SLF’s underlying investments are loans to middle-market borrowers that are generally larger than the rest of MRCC’s portfolio, which is focused on lower middle-market companies. These upper middle-market loans held within the SLF experienced higher volatility in valuation during the last two quarters than the rest of the MRCC portfolio. See MRCC Senior Loan Fund below for additional information on SLF.  The mark-to-market valuation changes on the SLF portfolio contributed $4.2 million, or $0.20 per share, to the increase in NAV for the second quarter compared with an $11.1 million, or $0.54 per share, decrease in the first quarter. During the quarter, we reduced MRCC’s regulatory debt-to-equity leverage from 1.47 times debt-to-equity to 1.16 times, returning to approximately the same level of regulatory leverage as of December 31, 2019.  The decline in leverage was primarily driven by strong repayment activity during the quarter, including the realization on Rockdale. We continue to focus on managing our investment portfolio at the appropriate risk-adjusted leverage level.Rockdale Blackhawk, LLC In May 2020, an arbitrator issued a final award in favor of the estate of Rockdale (the “Estate”) in the legal proceeding between the Estate and a national insurance carrier.  The Company’s share of the net proceeds from the award exceeded the contractual obligations due to the Company as a result of its right to receive excess proceeds pursuant to the terms of a sharing agreement between the lenders and the Estate.  In June 2020, the Company received $33.1 million as an initial payment of proceeds from the legal proceedings from the Estate, of which $19.5 million was recorded as a reduction in the cost basis of the Company’s investment in Rockdale, $3.9 million was recorded as the collection of previously accrued interest, $7.4 million, or $0.36 per share, was recorded as investment income for previously unaccrued interest and fees and $2.3 million, or $0.11 per share, was recorded as realized gains.  Additionally, as an offset, the Company recorded net change in unrealized (loss) of ($8.2) million, or ($0.40) per share, primarily as a result of the reversal associated with the collection of proceeds from the Estate.  Total net income associated with the Company’s investment in Rockdale was $1.5 million, or $0.07 per share, during the quarter ended June 30, 2020.   As of June 30, 2020, the Company’s has a remaining investment in Rockdale associated with residual proceeds currently expected from the Estate of $1.8 million.  Selected Financial Highlights (in thousands, except per share data)           June 30, 2020 March 31, 2020      Consolidated Statements of Assets and Liabilities data:(unaudited) Investments, at fair value$563,296 $590,837  Total assets$590,097 $620,415  Net asset value$220,596 $205,352  Net asset value per share$10.37 $10.04        For the quarter ended            June 30, 2020 March 31, 2020      Consolidated Statements of Operations data:(unaudited) Net investment income$12,636 $6,782  Adjusted net investment income (1)$12,763 $6,802  Net gain (loss)$1,598 $(43,632) Net increase (decrease) in net assets resulting from operations$14,234 $(36,850)      Per share data:    Net investment income$0.61 $0.33  Adjusted net investment income (1)$0.62 $0.33  Net gain (loss)$0.08 $(2.14) Net increase (decrease) in net assets resulting from operations$0.69 $(1.81)      ______ (1)     See Non-GAAP Financial Measure – Adjusted Net Investment Income below for a detailed description of this non-GAAP measure and a reconciliation from net investment income to Adjusted Net Investment Income. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company.Portfolio ReviewThe Company had debt and equity investments in 83 portfolio companies, with a total fair value of $563.3 million as of June 30, 2020, as compared to debt and equity investments in 83 portfolio companies, with a total fair value of $590.8 million, as of March 31, 2020. The Company’s portfolio consists primarily of first lien loans, representing 89.5% of the portfolio as of June 30, 2020, and 90.9% of the portfolio as of March 31, 2020. As of June 30, 2020, the weighted average contractual and effective yield on the Company’s debt and preferred equity investments was 7.7% and 7.7%, respectively, as compared to the weighted average contractual and effective yield of 8.0% and 8.1%, respectively, as of March 31, 2020. The decrease in portfolio yield is primarily attributable to general decreases in LIBOR; Three month LIBOR has reduced from 1.45% at March 31, 2020 to 0.30% as of June 30, 2020.  Portfolio yield is calculated only on the portion of the portfolio that has a contractual coupon and therefore does not account for dividends on equity investments (other than preferred equity).   As of June 30, 2020, 4.7% of the Company’s total investments at fair value are on non-accrual as compared to 7.4% as of March 31, 2020.Financial ReviewNet investment income for the quarter ended June 30, 2020 totaled $12.6 million, or $0.61 per share, compared to $6.8 million or $0.33 per share for the quarter ended March 31, 2020. Adjusted Net Investment Income was $12.8 million, or $0.62 per share, for the quarter ended June 30, 2020, compared to $6.8 million, or $0.33 per share, for the quarter ended March 31, 2020. Investment income for the quarter ended June 30, 2020 totaled $20.6 million, compared to $15.0 million for the quarter ended March 31, 2020. The $5.6 million increase during the quarter was primarily the result of the inclusion of $7.4 million of previously unrecorded interest and fee income associated with the Company’s investment in Rockdale, partially offset by declines in LIBOR and the size of the investment portfolio during the period.  Total expenses for the quarter ended June 30, 2020 totaled $8.0 million, compared to $8.2 million for the quarter ended March 31, 2020. The $0.2 million decrease during the quarter was primarily driven by lower interest expense as a result of lower average debt outstanding and a reduction in LIBOR rates. Incentive fees were fully limited due to the total return requirement during the quarters ended June 30, 2020 and March 31, 2020. Please refer to the Company’s Form 10-Q for additional information on the incentive fee calculation. Net gain (loss) was $1.6 million for the quarter ended June 30, 2020, compared to ($43.6) million for the quarter ended March 31, 2020.  Excluding the impact of Rockdale, net gains for the quarter ended June 30, 2020 totaled $7.5 million. During the quarter ended March 31, 2020, the U.S. loan market exhibited a heightened level of volatility with the economic ramifications of COVID-19 and credit spread widening leading to a decline in U.S. loan prices during the quarter.  During the quarter ended June 30, 2020, spreads tightened and U.S. loan prices began to rebound.  Excluding the Company’s investment in Rockdale, the Company’s portfolio increased in value by 1.0%, from 88.4% of amortized cost as of March 31, 2020 to 89.4% of amortized cost as of June 30, 2020.   Net increase (decrease) in net assets resulting from operations was $14.2 million, or $0.69 per share, for the quarter ended June 30, 2020, compared to ($36.9) million, or ($1.81) per share, for the quarter ended March 31, 2020.Liquidity and Capital ResourcesAt June 30, 2020, the Company had $7.4 million in cash, $13.4 million in restricted cash at Monroe Capital Corporation SBIC LP (“MRCC SBIC”), $146.0 million of debt outstanding on its revolving credit facility, $109.0 million of debt outstanding on its 2023 Notes, and $115.0 million in outstanding Small Business Administration (“SBA”) debentures. As of June 30, 2020, the Company had approximately $109.0 million available for additional borrowings on its revolving credit facility, subject to borrowing base availability.  Revolver draw requests from borrowers subsided during the three months ended June 30, 2020, from the significant increase in draw requests the Company experienced during the quarter ended March 31, 2020. The Company has met all borrower draw requests and expects to meet future requests.Revolving Credit Facility Amendment On May 21, 2020, the Company amended and restated its revolving credit facility with ING Capital LLC, as agent. The amendment provided certain relief during a temporary COVID-19 relief period of up to nine months, including expanded borrowing base capacity, flexibility within the asset coverage ratio definition to utilize an expanded base of assets to determine compliance and flexibility for the Company to utilize SEC COVID-19 relief for the calculation thereof.  Additionally, the amendment provided for certain permanent amendments, including removing the liquidity covenant and reducing the total net assets and net worth requirements.  The amendment also set out certain temporary restrictions during the period that the Company utilizes the temporary COVID-19 relief.As conditions of the amendment, the Company agreed to certain pricing considerations, including an increase in the stated interest rate from LIBOR plus 2.375% to LIBOR plus 2.625%, the introduction of a LIBOR floor of 0.50% and the payment of certain conditional fees based on usage of the expanded borrowing base and usage of the asset coverage ratio flexibility. The size and other significant terms of the credit facility remain unchanged. SBIC SubsidiaryAs of June 30, 2020, MRCC SBIC had $57.6 million in leverageable capital, $13.4 million in cash and $141.5 million in investments at fair value. Additionally, MRCC SBIC has fully drawn all available debentures and as of June 30, 2020 had $115.0 million in SBA debentures outstanding. The SBA debentures are long-term, fixed rate financing with the advantage of being excluded from the Company’s 150% asset coverage test under the Investment Company Act of 1940.MRCC Senior Loan FundSLF is a joint venture with NLV Financial Corporation (“NLV”), the parent of National Life Insurance Company. SLF invests primarily in senior secured loans to middle market companies in the United States. The Company and NLV have each committed $50.0 million of capital to the joint venture. As of June 30, 2020, the Company had made net capital contributions of $42.2 million in SLF with a fair value of $35.6 million, as compared to net capital contributions of $42.2 million in SLF with a fair value of $31.3 million at March 31, 2020. During the quarter ended June 30, 2020, the Company received an income distribution from SLF of $0.9 million, compared to the $1.2 million received during the quarter ended March 31, 2020. As discussed earlier, the SLF’s underlying investments are loans to middle-market borrowers that are generally larger than the rest of MRCC’s portfolio which is focused on lower middle-market companies.  These upper middle-market loans held within the SLF experienced higher volatility in valuation during the quarter than the rest of the MRCC portfolio.  The SLF’s portfolio increased value by 3.1% during the quarter, from 90.5% of amortized cost as of March 31, 2020 to 93.6% of amortized cost as of June 30, 2020. As of June 30, 2020, SLF had total assets of $224.4 million (including investments at fair value of $219.0 million), total liabilities of $153.3 million (including borrowings under the $170.0 million secured revolving credit facility with Capital One, N.A. (the “SLF Credit Facility”) of $153.7 million) and total members’ capital of $71.1 million. As of March 31, 2020, SLF had total assets of $222.5 million (including investments at fair value of $217.2 million), total liabilities of $159.9 million (including borrowings under the SLF Credit Facility of $150.7 million) and total members’ capital of $62.6 million.Non-GAAP Financial Measure – Adjusted Net Investment IncomeOn a supplemental basis, the Company discloses Adjusted Net Investment Income (including on a per share basis) which is a financial measure that is calculated and presented on a basis of methodology other than in accordance with generally accepted accounting principles of the United States of America (“non-GAAP”). Adjusted Net Investment Income represents net investment income, excluding the net capital gains incentive fee and income taxes. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company. The management agreement with the Company’s advisor provides that a capital gains incentive fee is determined and paid annually with respect to realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized capital losses for such year. Management believes that Adjusted Net Investment Income is a useful indicator of operations exclusive of any net capital gains incentive fee as net investment income does not include gains associated with the capital gains incentive fee.The following table provides a reconciliation from net investment income (the most comparable GAAP measure) to Adjusted Net Investment Income for the periods presented: For the quarter ended  June 30, 2020 March 31, 2020  Amount Per Share Amount Amount Per Share Amount           (in thousands, except per share data) Net investment income$12,636 $0.61 $6,782 $0.33 Net capital gains incentive fee -  -  -  - Income taxes, including excise taxes 127  0.01  20  - Adjusted Net Investment Income$12,763 $0.62 $6,802 $0.33          Adjusted Net Investment Income may not be comparable to similar measures presented by other companies, as it is a non-GAAP financial measure that is not based on a comprehensive set of accounting rules or principles and therefore may be defined differently by other companies. In addition, Adjusted Net Investment Income should be considered in addition to, not as a substitute for, or superior to, financial measures determined in accordance with GAAP. Second Quarter 2020 Financial Results Conference CallThe Company will host a webcast and conference call to discuss these operating and financial results on Thursday, August 6, 2020 at 12:00 pm ET. The webcast will be hosted on a webcast link located in the Investor Relations section of the Company’s website at http://ir.monroebdc.com/events.cfm. To participate in the conference call, please dial (877) 312-8807 approximately 10 minutes prior to the call. Please reference conference ID 7495377.For those unable to listen to the live broadcast, the webcast will be available for replay on the Company’s website approximately two hours after the event.For a more detailed discussion of the financial and other information included in this press release, please also refer to the Company’s Form 10-Q for the quarter ended June 30, 2020 to be filed with the Securities and Exchange Commission (www.sec.gov) on August 5, 2020.MONROE CAPITAL CORPORATION CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (in thousands, except per share data)         June 30, 2020 March 31, 2020         (unaudited) ASSETS    Investments, at fair value:     Non-controlled/non-affiliate company investments$458,276  $501,494   Non-controlled affiliate company investments 69,465   58,018   Controlled affiliate company investments 35,555   31,325   Total investments, at fair value (amortized cost of: $627,842 and $654,491, respectively) 563,296   590,837  Cash 7,443   9,320  Restricted cash 13,393   9,892  Unrealized gain on foreign currency forward contracts 15   39  Interest receivable 4,859   9,568  Other assets 1,091   759    Total assets 590,097   620,415        LIABILITIES    Debt:     Revolving credit facility 146,016   192,046   2023 Notes 109,000   109,000   SBA debentures payable 115,000   115,000   Total debt 370,016   416,046   Less: Unamortized deferred financing costs (7,988)  (7,569)  Total debt, less unamortized deferred financing costs 362,028   408,477  Interest payable 2,683   1,807  Management fees payable 2,434   2,551  Accounts payable and accrued expenses 2,356   2,193  Directors' fees payable -   35    Total liabilities 369,501   415,063    Net assets$220,596  $205,352        ANALYSIS OF NET ASSETS    Common stock, $0.001 par value, 100,000 shares authorized, 21,270 and 20,445 shares    issued and outstanding, respectively$21  $20  Capital in excess of par value 295,116   288,850  Accumulated undistributed (overdistributed) earnings (74,541)  (83,518)   Total net assets$220,596  $205,352  Net asset value per share$10.37  $10.04        MONROE CAPITAL CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data)       For the quarter ended  June 30, 2020 March 31, 2020  (unaudited) Investment income:    Non-controlled/non-affiliate company investments:    Interest income$14,461  $12,347  Payment-in-kind interest income 855   71  Dividend income (92)  16  Fee income 2,823   198  Total investment income from non-controlled/non-affiliate company investments 18,047   12,632  Non-controlled affiliate company investments:    Interest income 45   190  Payment-in-kind interest income 1,609   1,005  Dividend income 41   25  Total investment income from non-controlled affiliate company investments 1,695   1,220  Controlled affiliate company investments:    Dividend income 900   1,150  Total investment income from controlled affiliate company investments 900   1,150    Total investment income 20,642   15,002       Operating expenses:    Interest and other debt financing expenses 4,555   4,830  Base management fees 2,434   2,551  Professional fees 322   215  Administrative service fees 314   338  General and administrative expenses 214   231  Directors' fees 40   35  Total expenses 7,879   8,200  Net investment income before income taxes 12,763   6,802  Income taxes, including excise taxes 127   20  Net investment income 12,636   6,782       Net gain (loss):    Net realized gain (loss):    Non-controlled/non-affiliate company investments 2,461   94  Foreign currency forward contracts 22   (4) Foreign currency and other transactions (1)  (15) Net realized gain (loss) 2,482   75       Net change in unrealized gain (loss):    Non-controlled/non-affiliate company investments (5,220)  (20,355) Non-controlled affiliate company investments 98   (13,707) Controlled affiliate company investments 4,230   (11,087) Foreign currency forward contracts (24)  98  Foreign currency and other transactions 32   1,344  Net change in unrealized gain (loss) (884)  (43,707)      Net gain (loss) 1,598   (43,632)      Net increase (decrease) in net assets resulting from operations$14,234  $(36,850)      Per common share data:    Net investment income per share - basic and diluted$0.61  $0.33  Net increase (decrease) in net assets resulting from operations per share - basic and diluted$0.69  $(1.81) Weighted average common shares outstanding - basic and diluted 20,637   20,445       Additional Supplemental Information: The composition of the Company’s investment income was as follows (in thousands): For the quarter ended  June 30, 2020 March 31, 2020      Interest income$13,531 $11,979 Payment-in-kind interest income 2,464  1,076 Dividend income 849  1,191 Fee income 2,823  198 Prepayment gain (loss) 639  214 Accretion of discounts and amortization of premiums 336  344 Total investment income$20,642 $15,002      The composition of the Company’s interest expense and other debt financing expenses was as follows (in thousands): For the quarter ended  June 30, 2020 March 31, 2020      Interest expense - revolving credit facility$1,488 $1,798 Interest expense - 2023 Notes 1,567  1,567 Interest expense - SBA debentures 980  981 Amortization of deferred financing costs 520  484 Total interest and other debt financing expenses$4,555 $4,830      ABOUT MONROE CAPITAL CORPORATION Monroe Capital Corporation is a publicly-traded specialty finance company that principally invests in senior, unitranche and junior secured debt and, to a lesser extent, unsecured debt and equity investments in middle-market companies. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation. The Company’s investment activities are managed by its investment adviser, Monroe Capital BDC Advisors, LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and an affiliate of Monroe Capital LLC. To learn more about Monroe Capital Corporation, visit www.monroecap.com.ABOUT MONROE CAPITAL LLC Monroe Capital LLC (“Monroe”) is a private credit asset management firm specializing in direct lending and opportunistic private credit investing. Since 2004, the firm has provided private credit solutions to borrowers in the U.S. and Canada. Monroe’s middle market lending platform provides debt financing to businesses, special situation borrowers, and private equity sponsors. Investment types include cash flow, enterprise value and asset-based loans; unitranche financings; and equity co-investments. Monroe is committed to being a value-added and user-friendly partner to business owners, senior management, and private equity and independent sponsors. The firm is headquartered in Chicago and maintains offices in Atlanta, Boston, Los Angeles, New York, and San Francisco.Monroe has been recognized by Creditflux as the 2019 Best US Direct Lending Fund; Global M&A Network as the 2019 Small Middle Markets Lender of the Year; Private Debt Investor as the 2018 Lower Mid-Market Lender of the Year; M&A Advisor as the 2016 Lender Firm of the Year; and the U.S. Small Business Administration as the 2015 Small Business Investment Company (SBIC) of the Year. For more information, please visit www.monroecap.com.FORWARD-LOOKING STATEMENTS This press release may contain certain forward-looking statements. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.SOURCE:       Monroe Capital Corporation Investor Contact:  Aaron D. Peck   Chief Investment Officer and Chief Financial Officer   Monroe Capital Corporation   (312) 523-2363   Email: apeck@monroecap.com     Media Contact:  Caroline Collins   BackBay Communications   (617) 963-0065   Email: caroline.collins@backbaycommunications.com
Wed, 29 Jul 2020
13:15:00 +0000
Monroe Capital Corporation Schedules Second Quarter 2020 Earnings Release and Conference Call
CHICAGO, July 29, 2020 (GLOBE NEWSWIRE) -- Monroe Capital Corporation (the “Company”) (NASDAQ: MRCC) announced today that it will report its second quarter 2020 financial results on Wednesday, August 5, 2020, after the close of the financial markets. The Company will host a webcast and conference call to discuss these operating and financial results on Thursday, August 6, 2020 at 12:00 pm ET. The webcast will be hosted on a webcast link located in the Investor Relations section of our website at http://ir.monroebdc.com/events.cfm. To participate in the conference call, please dial (877) 312-8807 approximately 10 minutes prior to the call. Please reference conference ID 7495377. For those unable to listen to the live broadcast, the webcast will be available for replay on the Company’s website approximately two hours after the event.ABOUT MONROE CAPITAL CORPORATION Monroe Capital Corporation is a publicly-traded specialty finance company that principally invests in senior, unitranche and junior secured debt and, to a lesser extent, unsecured debt and equity investments in middle-market companies. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation. The Company’s investment activities are managed by its investment adviser, Monroe Capital BDC Advisors, LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and an affiliate of Monroe Capital LLC. To learn more about Monroe Capital Corporation, visit www.monroecap.com.ABOUT MONROE CAPITAL LLC Monroe Capital LLC (“Monroe”) is a private credit asset management firm specializing in direct lending and opportunistic private credit investing. Since 2004, the firm has provided private credit solutions to borrowers in the U.S. and Canada. Monroe’s middle market lending platform provides debt financing to businesses, special situation borrowers, and private equity sponsors. Investment types include cash flow, enterprise value and asset-based loans; unitranche financings; and equity co-investments. Monroe is committed to being a value-added and user-friendly partner to business owners, senior management, and private equity and independent sponsors. The firm is headquartered in Chicago and maintains offices in Atlanta, Boston, Los Angeles, New York, and San Francisco.Monroe has been recognized by Creditflux as the 2019 Best US Direct Lending Fund; Global M&A Network as the 2019 Small Middle Markets Lender of the Year; Private Debt Investor as the 2018 Lower Mid-Market Lender of the Year; M&A Advisor as the 2016 Lender Firm of the Year; and the U.S. Small Business Administration as the 2015 Small Business Investment Company (SBIC) of the Year. For more information, please visit www.monroecap.com.FORWARD-LOOKING STATEMENTS This press release may contain certain forward-looking statements. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.SOURCE:       Monroe Capital Corporation Investor Contact:Aaron D. Peck  Chief Investment Officer and Chief Financial Officer  Monroe Capital Corporation  (312) 523-2363  Email: apeck@monroecap.com    Media Contact:Caroline Collins  BackBay Communications  (617) 963-0065  Email: caroline.collins@backbaycommunications.com
Tue, 28 Jul 2020
16:33:04 +0000
Analysts Estimate Monroe Capital (MRCC) to Report a Decline in Earnings: What to Look Out for
Monroe Capital (MRCC) 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.
Sat, 11 Jul 2020
19:13:51 +0000
Edited Transcript of MRCC earnings conference call or presentation 11-May-20 3:00pm GMT
Q1 2020 Monroe Capital Corp Earnings Call
Thu, 11 Jun 2020
14:09:48 +0000
3 Big Dividend Stocks Yielding Over 8%; Oppenheimer Says ‘Buy’
Wall Street observers hoped recent gains signaled the arrival of blue skies, but the COVID-19 storm is thundering on. Stocks started shedding gains this week on fears of a possible second wave of coronavirus infections and a grim forecast for the economy from the Federal Reserve.A situation like this is tailor-made for defensive stock plays – and that will naturally bring investors to look at high-yield dividend stocks. But not all dividend stocks are created equal. Top analysts from Oppenheimer have chimed in – and they are recommending high-yield dividend stocks for investors looking to find protection for their portfolio. Using TipRanks database, we’ve pulled up the details on some of Oppenheimer's recommendations. These are stocks with a specific set of clear attributes, that frequently indicate a strong defensive profile: a high dividend yield, over 8%; a Moderate Buy consensus view; and a considerable upside potential -- over 20%. So let’s take a closer look at three of Oppenheimer's picks.Monroe Capital (MRCC)We’ll start in the financial sector, with Monroe Capital. This private equity firm invests in the healthcare, media, retail, and tech sectors. These companies promote demographics that have less access to traditional capital resources; Monroe has stepped in to address the need.The company’s earnings took a hit in Q1, which was no surprise. The coronavirus economic hit was broad based and deep, so it was no surprise that MRCC reported 33 cents per share, or 5.7% below the forecasts. Revenue, at $16.2 million, was 2.5% below estimates, but up 8% year-over-year. Through all of that, Monroe has maintained its dividend payment. The company has an 8-year history of keeping the dividend reliable – an enviable record. Current earnings were not enough to keep the dividend at its 35-cent quarterly level; the next payment, due out on June 12, will be 25 cents per share. The downward adjustment is to keep the dividend in line with earnings. Even with the reduction, the dividend gives an annual yield of 12.2%, which is just plain stellar. Oppenheimer's Chris Kotowski sees plenty of reasons for optimism in MRCC’s long-term prospects. The 5-star analyst writes of the company, "We see relatively comfortable coverage in the next several quarters, a ~$10 NAV by year-end 2021 and see the stock as oversold relative to those expectations.""…management expects payment in 2Q20 on its $19M Rockdale Blackhawk position (currently in bankruptcy) following a favorable judgment. Proceeds will boost investment income once rotated into yielding assets or paying down debt. In addition, MRCC had ~$82M of liquidity at 3/31 across cash on balance sheet and its SBIC and the remaining draw on its credit facility, exceeding the unfunded commitment balance of $38.3M,” the analyst added.Kotowski gives MRCC a Buy rating, and his $10 price target suggests an upside of 31% for the coming year. (To watch Kotowski’s track record, click here.)Overall, MRCC shares have a Moderate Buy rating from the analyst consensus, based on 1 Buy and 2 Holds set in recent months. Rapid appreciation in the last couple of sessions has pushed the stock price near the $8 average price target. (See Monroe Capital stock analysis on TipRanks)Solar Senior Capital (SUNS)Next up is another finance company, Solar Senior Capital. SUNS is management investment company, in the externally managed non-diversified segment. Its primary investments are senior secured loans in mid-market companies with credit ratings below investment grade. Solar Senior invests first and second lien debt, as well as unitranche instruments.Solar avoided the big earnings hit that pummeled so many companies in Q1, and reported 35-cents EPS for the fifth quarter in a row. Along with the positive earnings, SUNS reported $234.1 million in net assets for the quarter, and $220 million in available capital.In area, SUNS did respond to the coronavirus epidemic. Starting in May, the company reduced its long-time stable dividend from 12 cents monthly to 10 cents. Management announced that the June payment will also be 10 cents per share. The reduced dividend payment annualizes to $1.20, and gives a yield of 9%. SUNS was reviews by Oppenheimer's Chris Kotowski, who saw reasons for buying in now. “The good news,” he wrote, “is that starting with an underlevered balance sheet and $21M of net repayments in the quarter and a well-priced debt issuance, SUNS has ample capital and liquidity to take advantage of the current market dislocation.”Kotowski rates SUNS a Buy and maintains a $15 price target, which implies a 21% upside potential. (To watch Kotowski’s track record, click here)SUNS has just two recent analyst reviews, but both are Buys, making the Moderate Buy analyst consensus rating unanimous. Shares are priced at $12.40, and the $16 average price target indicates room for 29% upside growth over the next 12 months. (See Solar Senior stock analysis on TipRanks)Outfront Media, Inc. (OUT)Last on our list is Outfront Media, a marketing company with a specialty in billboards and posters. The company uses electronic tech to update these traditional marketing staples, which remain an important part of urban marketing; billboard and posters, especially transit posters, have potential audiences in the millions. Outfront is, technically, a real estate investment trust – it owns advertising location properties, and leases them to the marketers.The economic slump in Q1 was hard on Outfront. The combination of social lockdowns and business and travel restrictions prevented normal operations, and outdoor advertising – which in these conditions did not pay for itself – took deep cuts. Even with that, OUT beat the Q1 earnings estimates. The company reported 28 cents per share, down 62% sequentially but beating the forecast by 33%. Looking ahead, however, analysts see SUNS entering a trough, with Q2 earnings estimated at a 21-cent net loss per share. On the dividend front, OUT paid out 38 cents per share in March, increasing the dividend from its long-term value of 36 cents. The new payment makes the yield 8.76%, a strong attraction for any income-minded investor.Covering this stock for Oppenheimer, analyst Ian Zaffino believes that Outfront holds a good position for long-term recovery, writing, “We continue to view June/July as the bottom and estimate a return to near preCOVID-19 levels sometime in 4Q20. Given OUT’s heavy exposure to the larger markets and national advertisers, it should enjoy a more aggressive recovery than its more local-focused peers.”Zaffino puts a $20 one-year price target on OUT, indicating a 32% upside to go along with his Buy rating. (To watch Zaffino’s track record, click here)What do other analysts say about the ad firm? It’s almost split. TipRanks analytics shows out of 5, 3 analysts are bullish on OUT stock, while 2 are sidelined. The consensus price target of $17.40 shows a potential upside of 14%. (Click here to see OUT's price targets and ratings)To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Mon, 08 Jun 2020
20:07:31 +0000
Monroe Capital Corporation BDC Announces Change of 2020 Annual Meeting of Stockholders to Virtual Format
In an effort to protect the health and well-being of its stockholders, Monroe has determined to hold the Meeting in a virtual format on Wednesday, June 17, 2020 at 2:00 p.m., Central Time. Stockholders will not be able to attend the Meeting in person. As described in the proxy materials for the Meeting previously distributed, stockholders are entitled to participate in and vote at the Meeting if they were a stockholder as of the close of business on April 1, 2020, the record date.
Thu, 04 Jun 2020
21:20:12 +0000
Here is What Hedge Funds Think About Monroe Capital Corp (MRCC)
In this article we will take a look at whether hedge funds think Monroe Capital Corp (NASDAQ:MRCC) is a good investment right now. We check hedge fund and billionaire investor sentiment before delving into hours of research. Hedge funds spend millions of dollars on Ivy League graduates, unconventional data sources, expert networks, and get tips […]
Wed, 13 May 2020
09:31:18 +0000
Monroe Capital (MRCC) Q1 2020 Earnings Call Transcript
MRCC earnings call for the period ending March 31, 2020.
Fri, 08 May 2020
20:01:10 +0000
Monroe Capital Corporation BDC Announces First Quarter 2020 Results
CHICAGO, May 08, 2020 -- Monroe Capital Corporation (Nasdaq: MRCC) (“Monroe”) today announced its financial results for the first quarter ended March 31, 2020. Except where.

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Monroe Capital Corporation (MRCC)