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Medley Capital Corp (MCC) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Medley Capital Corp

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CIK: 1490349 Ticker: MCC


Exhibit 99.1

Medley Capital Corporation Announces June 30, 2018 Financial Results; Board Declares Dividend of $0.10 Per Share for the Fiscal Third Quarter of 2018

NEW YORK, NY (August 9, 2018) - Medley Capital Corporation (NYSE: MCC) (TASE: MCC) (the “Company”) today announced financial results for its fiscal third quarter ended June 30, 2018.

Third Quarter Highlights

•
Net asset value (“NAV”) of $6.43 per share
•
Declared a dividend of $0.10 per share
•
Net investment income of $0.02 per share
•
Legacy Assets declined from 20.4% to 10.9%

Portfolio Investments

The total value of our investments was $634.9 million at June 30, 2018. During the quarter ended June 30, 2018, the Company originated $29.8 million of investments and had $117.7 million of repayments resulting in net repayments of $87.9 million. As of June 30, 2018, the Company had investments in securities of 62 portfolio companies with approximately 63.7% consisting of senior secured first lien investments, 7.5% consisting of senior secured second lien investments, 0.2% in unsecured debt, 12.3% in MCC Senior Loan Strategy JV and 16.3% in equities / warrants. As of June 30, 2018, the weighted average yield based upon the cost basis of our income bearing portfolio investments, excluding cash and cash equivalents, was 10.0%.

Results of Operations

For the three months ended June 30, 2018, the Company reported net investment income per share and net loss per share of $0.02 and $(0.49), respectively, calculated based upon the weighted average shares outstanding. For the nine months ended June 30, 2018, the Company reported net investment income per share and net loss per share of $0.21 and $(1.60), respectively, calculated based upon the weighted average shares outstanding. As of June 30, 2018, the Company’s NAV was $6.43 per share.

Investment Income

For the three months ended June 30, 2018, total investment income was $13.9 million and consisted of $11.2 million of portfolio interest income, $1.9 million of dividend income, and $0.8 million of fee income.

For the nine months ended June 30, 2018, total investment income was $51.6 million and consisted of $42.9 million of portfolio interest income, $5.5 million of dividend income, and $3.2 million of fee income.

Expenses

For the three months ended June 30, 2018, total expenses were $13.0 million and consisted of the following: base management fees of $3.5 million, interest and financing expenses of $6.8 million, professional fees of $0.7 million, administrator expenses of $0.9 million, directors’ fees of $0.5 million, and other general and administrative related expenses of $0.6 million.

For the nine months ended June 30, 2018, total expenses net of the voluntary base management fee waiver were $39.8 million and consisted of the following: base management fees net of fees waived under the voluntary waiver of $11.0 million, interest and financing expenses of $21.0 million, professional fees of $1.8 million, administrator expenses of $2.8 million, directors’ fees of $0.9 million, and other general and administrative related expenses of $2.3 million.

Net Investment Income

For the three and nine months ended June 30, 2018, the Company reported net investment income of $0.9 million and $11.7 million, respectively, or $0.02 and $0.21, respectively, on a weighted average per share basis.

Net Realized and Unrealized Gains/Losses

For the three and nine months ended June 30, 2018, the Company reported net realized losses from investments of $(35.0) million and $(58.4) million, respectively.


The following information was filed by Medley Capital Corp (MCC) on Thursday, August 9, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Medley Capital Corp's 10-Q Quarterly Report:

Material Contracts, Statements, Certifications & more

Medley Capital Corp provided additional information to their SEC Filing as exhibits

Exhibit 21.1: Subsidaries Of The Registrant
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Ticker: MCC
CIK: 1490349
Form Type: 10-Q Quarterly Report
Accession Number: 0001490349-18-000033
Submitted to the SEC: Thu Aug 09 2018 5:24:46 PM EST
Accepted by the SEC: Thu Aug 09 2018
Period: Saturday, June 30, 2018
Industry: 1490349

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