StoneCastle Financial Corp. Reports Second Quarter 2019 Results
Second Quarter 2019 Investment Highlights:
- Invested
$4.5 million in two investments - Received full call proceeds of
$12.9 million from three investments
Investment Activity in the Second Quarter 2019 Included:
- Invested
$4.4 million inFidelity Federal Bancorp , Fixed Rate Cumulative Perpetual Preferred Stock Series A, 9% - Invested
$51,000 inFidelity Federal Bancorp , Fixed Rate Cumulative Perpetual Preferred Stock, Series B, 9%
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
Second Quarter 2019 Financial Results
Net investment income was
In the second 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 invested a total of
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:
347-887-0324
STONECASTLE FINANCIAL CORP. | |||||||||||
Statement of Assets and Liabilities (unaudited) | |||||||||||
June 30, 2019 | March 31, 2019 | ||||||||||
Assets | |||||||||||
Investments in securities, at fair value (cost: $164,361,636 and $173,545,428 respectively) | $ | 165,115,844 | $ | 173,064,511 | |||||||
Cash | 159,250 | 5,566,326 | |||||||||
Interest and dividends receivable | 2,226,763 | 1,936,971 | |||||||||
Prepaid assets | 651,965 | 749,793 | |||||||||
Total assets | 168,153,822 | 181,317,601 | |||||||||
Liabilities | |||||||||||
Loan payable | 24,000,000 | 38,000,000 | |||||||||
Investment advisory fee payable | 733,082 | 783,180 | |||||||||
Loan interest payable | 3,672 | 238,916 | |||||||||
Directors fee payable | 5,876 | 1,534 | |||||||||
Accrued expenses payable | 473,855 | 505,662 | |||||||||
Total liabilities | 25,216,485 | 39,529,292 | |||||||||
Net Assets | $ | 142,937,337 | $ | 141,788,309 | |||||||
Net Assets consist of: | |||||||||||
Common stock at par ($0.001 per share) | $ | 6,557 | $ | 6,555 | |||||||
Paid-in-Capital | 143,826,543 | 143,778,146 | |||||||||
Total distributable earnings / (loss) | (895,763 | ) | (1,996,392 | ) | |||||||
Net Assets | $ | 142,937,337 | $ | 141,788,309 | |||||||
Net Asset Value Per Share: | |||||||||||
Common Stock Shares Outstanding | 6,557,261 | 6,554,983 | |||||||||
Net asset value per common share | $ | 21.80 | $ | 21.63 | |||||||
Market price per share | $ | 21.81 | $ | 21.43 | |||||||
Market price premium / (discount) to net asset value per share | 0.05% | -0.92% | |||||||||
STONECASTLE FINANCIAL CORP. | |||||||||
Statement of Operations (unaudited) | |||||||||
For The Three Months Ended June 30, 2019 |
For The Three Months Ended March 31, 2019 |
||||||||
Investment Income | |||||||||
Interest | $ | 2,826,558 | $ | 3,056,839 | |||||
Dividends | 1,091,134 | 1,056,299 | |||||||
Origination fee income | 41,127 | 13,527 | |||||||
Other Income (service fees and due diligence fees) | 84,618 | 108,885 | |||||||
Total Investment Income | 4,043,437 | 4,235,550 | |||||||
Expenses | |||||||||
Investment advisory fees | 733,081 | 783,180 | |||||||
Interest expense | 361,786 | 527,794 | |||||||
Professional fees | 88,773 | 113,772 | |||||||
Transfer agent, custodian fees and administrator fees | 72,364 | 51,031 | |||||||
Directors' fees | 58,835 | 56,959 | |||||||
Bank administration fees | 40,017 | 36,251 | |||||||
ABA marketing and licensing fees | 37,434 | 36,875 | |||||||
Investor relations fees | 30,865 | 30,526 | |||||||
Delaware franchise tax | 22,694 | 21,420 | |||||||
Insurance expense | 17,951 | 17,753 | |||||||
Valuation fees | 14,988 | 16,707 | |||||||
Printing | 14,511 | 8,648 | |||||||
Miscellaneous fees (proxy, rating agency, etc.) | 83,894 | 52,804 | |||||||
Total expenses | 1,577,193 | 1,753,720 | |||||||
Net Investment Income | $ | 2,466,244 | $ | 2,481,830 | |||||
Realized and Unrealized Gain / (Loss) on Investments | |||||||||
Net realized loss on investments | $ | (109,845 | ) | $ | (91,503 | ) | |||
Net change in unrealized appreciation on investments | 1,235,125 | 1,414,753 | |||||||
Net realized and unrealized gain / (loss) on investments | 1,125,280 | 1,323,250 | |||||||
Net Increase in Net Assets Resulting From Operations | $ | 3,591,524 | $ | 3,805,080 | |||||
STONECASTLE FINANCIAL CORP. | ||||||||
Financial Highlights (unaudited) | ||||||||
For The Three Months Ended June 30, 2019 |
||||||||
Per Share Operating Performance | ||||||||
Net Asset Value, beginning of period | $ | 21.63 | ||||||
Net investment income(1) | $ | 0.38 | ||||||
Net realized and unrealized gain on investments(1) | $ | 0.17 | ||||||
Total from investment operations | $ | 0.55 | ||||||
Less distributions to shareholders | ||||||||
From net investment income | $ | (0.38 | ) | |||||
Total distributions | $ | (0.38 | ) | |||||
Net asset value, end of period | $ | 21.80 | ||||||
Per share market value, end of period | $ | 21.81 | ||||||
Total Investment Return (2) | ||||||||
Based on market value | 3.59% | |||||||
Based on net asset value | 2.59% | |||||||
Ratios and Supplemental Data | ||||||||
Net assets, end of period (in millions) | $ | 142.9 | ||||||
Ratios (as a percentage to average net assets): | ||||||||
Expenses before waivers(3)(4)* | 4.44% | |||||||
Expenses after waivers(5)* | 4.44% | |||||||
Net investment income(6)* | 6.95% | |||||||
Portfolio turnover rate ** | 3% | |||||||
Revolving Credit Agreement | ||||||||
Total revolving credit agreement outstanding (000's) | $ | 24,000 | ||||||
Asset coverage per $1,000 for revolving credit agreement(7) | 6,956 |
(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 3.42%.
(4) Ratio of expenses before waivers to average managed assets equals 3.62%.
(5) Ratio of expenses after waivers to average managed assets equals 3.62%.
(6) Ratio of net investment income to average managed assets equals 5.66%.
(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.