Monroe Capital Corporation Announces First Quarter 2021 Business Development Company Results
May 5, 2021
Source: Monroe Capital Corporation
First Quarter 2021 Financial Highlights:
• Paid quarterly dividend of $0.25 per share
• Current annual cash dividend yield to shareholders of approximately 9.5%1
• Shares trading at a Price to NAV of 0.95x2
• Net investment income of $5.3 million, or $0.25 per share
• Adjusted Net Investment Income (a non GAAP measure described in our press release) of $5.4 million, or $0.25 per share
• Net increase in net assets resulting from operations of $7.1 million, or $0.33 per share
• NAV of $236.2 million, or $11.08 per share
• Issued $130.0 million in 4.75% senior unsecured notes (the “2026 Notes”) and fully redeemed all of the $109.0 million outstanding 5.75% 2023 Notes
1. Based on an annualized dividend and closing share price as of May 4, 2021
2. Based on closing share price as of May 4, 2021 and book value per share as of March 31, 2021
Chief Executive Officer Theodore L. Koenig commented, “We are pleased to report another quarter of strong financial results. During the first quarter, we reported another increase in our Net Asset Value and we again fully covered our dividend with Net Investment Income. Consistent with the last three quarters, we have seen continued recovery and stabilization in many of our portfolio companies and the vast majority of our portfolio companies have strong long-term outlooks. We have a strong pipeline and are well positioned to deploy recent repayment activity into current yielding assets, which should positively contribute to earnings in future quarters. Additionally, we are excited about the reduction in our debt financing costs as a result of the recent refinance of our 2023 Notes. As always, we continue to be focused on the interests of our shareholders and will remain focused on generation of Net Investment Income, preservation of capital and creation of shareholder value.”
To read the First Quarter Press Release in its entirety, please click on the following link:
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.monroebdc.com.
ABOUT MONROE CAPITAL LLC
Monroe Capital LLC ("Monroe") is a premier boutique asset management firm specializing in private credit markets across the various strategies, including direct lending, asset-based lending, specialty finance, opportunistic and structured credit, and equity. Since 2004, the firm has been successfully providing capital solutions to clients in the U.S. and Canada. Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors. Monroe's platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality "alpha" returns irrespective of business or economic cycles. The firm is headquartered in Chicago and maintains offices in Atlanta, Boston, Los Angeles, New York, and San Francisco.
Monroe has been recognized by both its peers and investors with various awards including Private Debt Investor as the 2020 Lower Mid-Market Lender of the Year, 2020 Lender of the Year, and 2020 CLO Manager of the Year, Americas; Creditflux as the 2020 Best U.S. Direct Lending Fund; Pension Bridge as the 2020 Private Credit Strategy of the Year; and Global M&A Network as the 2020 Small Middle Markets Lender of the Year. For more information, please visit www.monroecap.com.
