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Monroe Capital Corporation Announces First Quarter 2013 Financial Results

Stocks in this article: MRCC

CHICAGO, May 14, 2013 (GLOBE NEWSWIRE) -- Monroe Capital Corporation (Nasdaq:MRCC) ("Monroe") today announced its financial results for the first quarter ended March 31, 2013.

Except where the context suggests otherwise, the terms "Monroe," "we," "us," "our," and "Company" refer to Monroe Capital Corporation.

First Quarter 2013 Financial Highlights

  • Net increase in net assets resulting from operations of $3.3 million, or $0.57 per share
  • Net investment income of $1.5 million, or $0.26 per share
  • Adjusted net investment income (1) of $1.7 million, or $0.29 per share
  • Net asset value (NAV) of $85.2 million, or $14.78 per share
  • Paid quarterly dividend of $0.34 per share on March 28, 2013

(1) Supplemental Information Regarding Adjusted Net Investment Income:

On a supplemental basis, we provide information relating to adjusted net investment income which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income. Adjusted net investment income represents net investment income excluding our net unrealized capital gains incentive fee. The management agreement with our advisor provides that a capital gains incentive fee is determined and paid annually with respect to realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized capital losses for such year. As such, we believe that adjusted net investment income is a useful indicator of operations exclusive of any net unrealized capital gains incentive fee. We note that such amount is excluded from the adjusted net investment income amount presented below. The following table provides a reconciliation of net investment income to adjusted net investment income for the three months ended March 31, 2013:

    For the three months  ended March 31, 2013
    Amount Per Share Amounts
     (in thousands, except per share data)
Net investment income     $ 1,503  $ 0.26
Net unrealized capital gains incentive fee  169  $ 0.03
Adjusted net investment income    1,673  $ 0.29

Portfolio Review

As of March 31, 2013, we had debt and equity investments in 28 portfolio companies, with a total fair value of $134.3 million. As of March 31, 2013, the weighted average contractual yield on our debt investments was 9.8% and the effective yield was 11.2%.

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