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Monroe Capital Corporation BDC Announces Third Quarter 2020 Financial Results

November 06, 2020, 08:10 AM
Filed Under: Industry News

Monroe Capital Corporation BDC announces third quarter 2020 financial results.
Third Quarter 2020 Financial Highlights:

  • Paid quarterly dividend of $0.25 per share;
  • Current annual cash dividend yield to shareholders of approximately 15.3%1;
  • Shares trading at a Price to NAV of 0.60x2;
  • Net Investment Income of $5.6 million, or $0.26 per share; 
  • Adjusted Net Investment Income of $5.8 million, or $0.27 per share; and
  • Net increase in net assets resulting from operations of $15.2 million, or $0.71 per share
    1. Based on an annualized third quarter dividend of $0.25 per share and closing share price as of November 4, 2020
    2. Based on closing share price as of November 4, 2020 and book value per share as of 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.”

To read the Third Quarter Press Release in its entirety, please click on the following link:

Monroe Capital Corporation 3rd Quarter 2020 Earnings Press Release

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