StoneCastle Financial Corp. Reports Fourth Quarter 2019 Results
Fourth Quarter 2019 Investment Highlights:
- Invested
$700,000 inF.N.B.C. of La Grange, Inc. , Subordinated Debt, 6.38%, due1/1/2030 with an effective yield of 9.08% - Realized a capital gain of
$425,000 from the partial call of$1.8 million ofMMCaps Funding I, Ltd , Fixed Rate Senior Notes, 6.34%, due6/8/2031 - Realized a capital gain of
$366,000 on the sale of Howard Bancorp common stock
A complete listing of investments as of the end of the quarter can be found on the Company’s website at www.stonecastle-financial.com.
The estimated annualized yield generated by the invested portfolio as of
Fourth Quarter 2019 Financial Results
Total earnings for the fourth quarter were
In the fourth quarter, the Company paid a cash distribution of
The Company had
Portfolio and Investment Summary
As of the close of business on
During the quarter, the Company purchased
Quarterly Conference Call
The conference call can be accessed by dialing 1-877-407-9039 for domestic callers or 1-201-689-8470 for international callers. Participants may also access the call via live webcast by visiting
About
Disclaimer and Risk Factors:
There is no assurance that
The Annual Report, Semi-Annual Report and other regulatory filings of the Company with the
CONTACT:
Investor Contact:
212-468-5441
Statement of Assets and Liabilities | |||||||||||
Assets | |||||||||||
Investments in securities, at fair value (cost: |
$ | 162,264,915 | $ | 166,898,025 | |||||||
Cash | 35,328 | 118,193 | |||||||||
Interest and dividends receivable | 1,784,784 | 1,533,447 | |||||||||
Prepaid assets | 618,350 | 653,468 | |||||||||
Total assets | 164,703,377 | 169,203,133 | |||||||||
Liabilities | |||||||||||
Loan payable | 17,700,000 | 25,200,000 | |||||||||
Dividends payable | 2,492,424 | - | |||||||||
Investment advisory fee payable | 726,500 | 746,924 | |||||||||
Loan interest payable | 38,976 | 38,541 | |||||||||
Directors fee payable | 20,325 | 825 | |||||||||
Accrued expenses payable | 525,918 | 536,219 | |||||||||
Total liabilities | 21,504,143 | 26,522,509 | |||||||||
Net Assets | $ | 143,199,234 | $ | 142,680,624 | |||||||
Net Assets consist of: | |||||||||||
Common stock at par ( |
$ | 6,559 | $ | 6,559 | |||||||
144,875,823 | 143,864,020 | ||||||||||
Total distributable earnings / (loss) | (1,683,148 | ) | (1,189,955 | ) | |||||||
Net Assets | $ | 143,199,234 | $ | 142,680,624 | |||||||
Net Asset Value Per Share: | |||||||||||
Common Stock Shares Outstanding | 6,559,010 | 6,559,010 | |||||||||
Net asset value per common share | $ | 21.83 | $ | 21.75 | |||||||
Market price per share | $ | 22.30 | $ | 22.16 | |||||||
Market price premium to net asset value per share | 2.15% | 1.89% | |||||||||
Statement of Operations | ||||||||||||||||||
For The Three Months Ended 2019 |
For The Three Months Ended 2019 |
|||||||||||||||||
Investment Income | ||||||||||||||||||
Interest | $ | 3,023,153 | $ | 3,053,901 | ||||||||||||||
Dividends | 909,992 | 774,108 | ||||||||||||||||
Origination fee income | 27,553 | 13,828 | ||||||||||||||||
Other Income (service fees and due diligence fees) | 153,903 | 119,326 | ||||||||||||||||
Total Investment Income | 4,114,601 | 3,961,163 | ||||||||||||||||
Expenses | ||||||||||||||||||
Investment advisory fees | 726,500 | 746,924 | ||||||||||||||||
Interest expense | 263,564 | 258,348 | ||||||||||||||||
Professional fees | 40,760 | 66,760 | ||||||||||||||||
Transfer agent, custodian fees and administrator fees | 73,159 | 73,159 | ||||||||||||||||
Directors' fees | 77,879 | 66,827 | ||||||||||||||||
Bank administration fees | 40,457 | 40,457 | ||||||||||||||||
ABA marketing and licensing fees | 37,846 | 37,845 | ||||||||||||||||
Investor relations fees | 31,204 | 31,205 | ||||||||||||||||
22,943 | 22,943 | |||||||||||||||||
Insurance expense | 18,148 | 18,148 | ||||||||||||||||
Valuation fees | 15,153 | 15,152 | ||||||||||||||||
Printing | 14,671 | 14,670 | ||||||||||||||||
Due diligence expense | 45,400 | - | ||||||||||||||||
Miscellaneous fees (proxy, rating agency, etc.) | 43,739 | 69,225 | ||||||||||||||||
Total expenses | 1,451,423 | 1,461,663 | ||||||||||||||||
Net Investment Income | $ | 2,663,178 | $ | 2,499,500 | ||||||||||||||
Realized and Unrealized Gain / (Loss) on Investments | ||||||||||||||||||
Net realized gain on investments | $ | 790,815 | $ | 922,827 | ||||||||||||||
Net change in unrealized appreciation on investments | (442,960 | ) | (1,224,760 | ) | ||||||||||||||
Net realized and unrealized gain / (loss) on investments | 347,855 | (301,933 | ) | |||||||||||||||
Net Increase in Net Assets Resulting From Operations | $ | 3,011,033 | $ | 2,197,567 |
Financial Highlights | ||||||||
For The Three Months Ended 2019 |
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Per Share Operating Performance | ||||||||
Net Asset Value, beginning of period | $ | 21.75 | ||||||
Net investment income(1) | $ | 0.41 | ||||||
Net realized and unrealized gain / (loss) on investments(1) | $ | 0.05 | ||||||
Total from investment operations | $ | 0.46 | ||||||
Less distributions to shareholders | ||||||||
From net investment income | $ | (0.38 | ) | |||||
Total distributions | $ | (0.38 | ) | |||||
Net asset value, end of period | $ | 21.83 | ||||||
Per share market value, end of period | $ | 22.30 | ||||||
Total Investment Return (2) | ||||||||
Based on market value | 2.35% | |||||||
Based on net asset value | 2.08% | |||||||
Ratios and Supplemental Data | ||||||||
Net assets, end of period (in millions) | $ | 143.2 | ||||||
Ratios (as a percentage to average net assets): | ||||||||
Expenses before waivers(3)(4)* | 4.03% | |||||||
Expenses after waivers(5)* | 4.03% | |||||||
Net investment income(6)* | 7.39% | |||||||
Portfolio turnover rate ** | 2% | |||||||
Revolving Credit Agreement | ||||||||
Total revolving credit agreement outstanding (000's) | $ | 17,700 | ||||||
Asset coverage per |
9,090 |
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(1) | Based on the average shares outstanding during quarter. |
(2) | Reflects reinvestment of distributions at the price obtained under the Dividend Reinvestment Plan. Total return does not include sales load and offering expenses and are not annualized. |
(3) | Excluding interest expense, the ratio would have been 3.30%. |
(4) | Ratio of expenses before waivers to average managed assets equals 3.45%. |
(5) | Ratio of expenses after waivers to average managed assets equals 3.45%. |
(6) | Ratio of net investment income to average managed assets equals 6.33%. |
(7) | Calculated by subtracting the Company's total liabilities (excluding the loan) from the Company's total assets and dividing the amount by the loan outstanding in 000's. |
* | Annualized |
** | Not-annualized |
Source: StoneCastle Financial Corp.