Monroe Capital Corporation BDC Announces Strong Q3 Financial Results

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November 08, 2017, 07:08 AM

Filed Under: Corporate Earnings

Related: BDC, Earnings, Monroe Capital

Monroe Capital Corporation announced its financial results for the third quarter ended September 30, 2017.

Third Quarter 2017 financial highlights include:

Net investment income of $6.9 million, or $0.34 per share
Adjusted Net Investment Income (a non-GAAP measure described below) of $7.0 million, or $0.35 per share
Net increase in net assets resulting from operations of $6.3 million, or $0.31 per share
Net asset value ("NAV") of $283.5 million, or $14.01 per share
Paid quarterly dividend of $0.35 per share on September 29, 2017

Chief Executive Officer Theodore L. Koenig commented, "We are pleased to report another quarter of strong earnings for the third quarter of 2017, with Adjusted Net Investment Income of $0.35 per share, representing the 14th straight quarter where per share Adjusted Net Investment Income met or exceeded our quarterly per share dividend. We have also made our 20th consecutive quarterly dividend payment to our shareholders without any reduction in our distributions. As of quarter end, our portfolio totaled $431.1 million in investments at fair value, which represented a slight decline from the end of the second quarter due to significant prepayment activity during the third quarter, particularly near the end of the quarter. However, since the end of the quarter we have added approximately $23.0 million of investments to the portfolio, net of prepayments. Our available capacity on our revolving credit facility and remaining SBA-guaranteed debentures will allow us to continue to grow our portfolio and create long term value for our shareholders. We are also very excited about our new joint venture with NLV Financial Corporation, the parent of National Life Insurance Company, for our MRCC Senior Loan Fund, which we believe will complement our existing investment portfolio and provide very attractive risk-adjusted returns for our shareholders."

Monroe Capital Corporation is the business development company affiliate of the award winning private debt investment firm and lender, Monroe Capital LLC.