Proprietary, Trade Secret & Confidential
For professional use only, not for general distribution.
MONROE CAPITAL CORPORATION
(NASDAQ: MRCC)
Q 1 2 0 2 3
WHY INVEST IN MONROE CAPITAL CORPORATION?
Proprietary, Trade Secret & Confidential For professional use only, not for general distribution.
MONROE'S SENIOR MANAGEMENT HAS SUCCESSFULLY INVESTED THROUGH MULTIPLE CREDIT CYCLES
CURRENTLY TRADING AT AN ATTRACTIVE DISCOUNT TO NAV1
FOCUSED ON SAFETY AND SECURITY, WITH APPROXIMATELY 84% OF PORTFOLIO ASSETS IN FIRST LIEN LOANS2
EXPERIENCED TEAM WITH OVER 90 INVESTMENT PROFESSIONALS3
DEEP INDUSTRY EXPERTISE IN THE HIGHLY FRAGMENTED LOWER MIDDLE MARKET
MANAGED BY MONROE CAPITAL BDC ADVISORS, LLC, AN AFFILIATE OF MONROE CAPITAL MANAGEMENT ADVISORS, LLC (TOGETHER WITH MONROE CAPITAL LLC AND THEIR AFFILIATES, "MONROE" OR "MONROE CAPITAL"), AN AWARD- WINNING MANAGER AND LEADING PROVIDER OF SENIOR AND JUNIOR DEBT AND EQUITY CO-INVESTMENTS TO MIDDLE MARKET COMPANIES IN THE U.S. AND CANADA, WITH APPROXIMATELY $15.9 BILLION ASSETS UNDER MANAGEMENT AS OF APRIL 1, 2023.
AWARD WINNING FIRM4
- The Net Asset Value (NAV) is as of December 31, 2022 and based on stock price as of February 28, 2023. These figures will fluctuate and differ depending upon the level of any discount or premium to NAV at which the fund's share traded during the period. Shares of closed-end funds frequently trade at a discount to their net asset value.
- As of March 31, 2023.
- As of March 31, 2023.
- Please refer to the Disclaimer Notice section entitled "Third Party Recognitions and Rankings" (which is integral to the information contained in this slide and are hereby incorporated by reference)
for important additional information regarding Monroe award considerations and specific details about the awards on this slide. | 1 |
FINANCIAL HIGHLIGHTS1-4
Proprietary, Trade Secret & Confidential For professional use only, not for general distribution.
1Q'20 | 2Q'20 | 3Q'20 | 4Q'20 | 1Q'21 | 2Q'21 | 3Q'21 | 4Q'21 | 1Q'22 | 2Q'22 | 3Q'22 | 4Q'22 | 1Q'23 | |
ADJUSTED NET INVESTMENT | $0.33 | $0.62 | $0.27 | $0.25 | $0.25 | $0.25 | $0.30 | $0.25 | $0.25 | $0.25 | $0.33 | $0.26 | $0.32 |
INCOME PER SHARE | |||||||||||||
NET INVESTMENT INCOME PER | $0.33 | $0.61 | $0.26 | $0.25 | $0.25 | $0.24 | $0.29 | $0.25 | $0.25 | $0.23 | $0.29 | $0.25 | $0.31 |
SHARE | |||||||||||||
NET GAIN (LOSS) PER SHARE | ($2.14) | $0.08 | $0.45 | $0.17 | $0.08 | $0.29 | $0.05 | $0.07 | ($0.21) | ($0.57) | ($0.32) | ($0.05) | ($0.15) |
NET INCOME (LOSS) PER SHARE NET ASSET VALUE PER SHARE DISTRIBUTIONS PAID PER SHARE
ADJUSTED NII / DISTRIBUTIONS PER SHARE
($1.81) | $0.69 | $0.71 | $0.42 | $0.33 | $0.53 | $0.34 | $0.32 | $0.04 | ($0.34) | ($0.03) | $0.21 | $0.16 |
$10.04 | $10.37 | $10.83 | $11.00 | $11.08 | $11.36 | $11.45 | $11.51 | $11.30 | $10.71 | $10.43 | $10.39 | $10.29 |
$0.35 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 | $0.25 |
94.3% | 248.0% | 108.0% | 100.0% | 100.0% | 100.0% | 120.0% | 100.0% | 100.0% | 100.0% | 132.0% | 104.0% | 128.0% |
TOTAL INVESTMENTS AT FMV NET ASSETS
TOTAL DEBT
DEBT TO EQUITY AT QUARTER- END
FIRST LIEN DEBT INVESTMENTS AS A % OF FAIR VALUE
$590,837 | $563,296 | $522,267 | $547,039 | $521,379 | $529,989 | $553,744 | $561,693 | $545,989 | $536,039 | $508,018 | $541,040 | $532,100 |
$205,352 | $220,596 | $230,683 | $234,434 | $236,163 | $244,797 | $246,650 | $249,471 | $244,901 | $232,121 | $225,956 | $225,019 | $222,961 |
$416,046 | $370,016 | $323,351 | $350,559 | $309,791 | $343,568 | $331,325 | $337,945 | $318,300 | $320,000 | $301,200 | $334,600 | $332,800 |
2.03x | 1.68x | 1.40x | 1.50x | 1.31x | 1.40x | 1.34x | 1.35x | 1.30x | 1.38x | 1.33x | 1.49x | 1.49x |
90.9% | 89.5% | 87.4% | 85.8% | 84.5% | 84.9% | 84.8% | 84.6% | 83.1% | 83.8% | 83.3% | 84.0% | 83.7% |
- The Net Asset Value (NAV) as of March 31, 2023 is $10.29 per share. These figures will fluctuate and differ depending upon the level of any discount or premium to NAV at which the fund's share traded during the period. Shares of closed-end funds frequently trade at a discount to their net asset value.
- Distributions are not guaranteed and may be suspended, modified or terminated at the discretion of the board of directors.
- Adjusted Net Investment Income - Non-GAAP Financial Measure ("Adjusted NII"). The Company discloses Adjusted NII (including on a per share basis) in its press releases and latest Form 8-K, which is a financial measure that is calculated and presented on a basis of methodology other than in accordance with generally accepted accounting principles of the U.S. ("non-GAAP"). Adjusted NII represents net investment income, excluding the net capital gains incentive fee and income taxes, including excise taxes. Adjusted NII may not be comparable to similar measures presented by other companies, as it is a non- GAAP financial measure that is not based on a comprehensive set of accounting rules or principles and therefore may be defined differently by other companies. In addition, Adjusted NII should be considered in addition to, not as a substitute for, or superior to, financial measures determined in accordance with GAAP. See the Company's press releases at www.monroebdc.com for a reconciliation from net investment income to Adjusted NII.
4. In thousands, except per share data. | 2 |
Proprietary, Trade Secret & Confidential | |||
ORIGINATION TEAM | For professional use only, not for general distribution. | ||
TOM ARONSON
VICE CHAIRMAN, HEAD OF ORIGINATIONS
39 Years Experience
CHRIS BABICK | CAREY DAVIDSON |
MANAGING DIRECTOR | MANAGING DIRECTOR |
(SOUTHEAST FOCUS) | (CAPITAL MARKETS) |
BRAD BERNSTEIN | MATTHEW EVANS |
MANAGING DIRECTOR | MANAGING DIRECTOR |
(INDEPENDENT SPON.) | (HEALTHCARE) |
SAN
FRANCISCO,
CA
STEWART HANLON
MANAGING DIRECTOR
(TECHNOLOGY)
LOS
ANGELES,
CA
ALEX PATIL
MANAGING DIRECTOR, REGION HEAD
(WEST COAST FOCUS)
STEVE HINRICHS
MANAGING DIRECTOR
(WEST COAST &
SOUTHWEST FOCUS)
WALTER WILLIAMS
VICE PRESIDENT
(WEST COAST FOCUS)
Geographic Focus
Industry Focus
CHRIS LARSON | MATT LONDON | JEREMY SIMMONS |
MANAGING DIRECTOR | MANAGING DIRECTOR | MANAGING DIRECTOR |
(INDEPENDENT SPON.) | (INDEPENDENT SPON.) | (DIRECT) |
DAN LETIZIA | TOMMY RYAN | MARK SOLOVY |
MANAGING DIRECTOR | MANAGING DIRECTOR | MANAGING DIRECTOR |
(MIDWEST FOCUS) | (HEALTHCARE) | (TECHNOLOGY) |
HQ: | ||
CHICAGO, | ||
IL |
JARED RUBENSTEIN
DIRECTOR
(INDEPENDENT SPON.)
PATRICK MALONE
ASST. VICE PRESIDENT
(DIRECT)
NEW YORK,
NY
BEN MARZOUK
MANAGING DIRECTOR,
REGION HEAD
(NORTHEAST FOCUS)
JACK BERNSTEIN
MANAGING DIRECTOR (EAST COAST FOCUS)
DAVID WELINSKY
MANAGING DIRECTOR
(CAPITAL MARKETS)
AMANDA TALLMAN
VICE PRESIDENT
(DIRECT)
JASON RAINER VICE PRESIDENT (CAPITAL MARKETS)
GORDON SAINT-DENISMANAGING DIRECTOR, HEAD OF SPORTS FINANCE
MATT ROSENBURG
MANAGING DIRECTOR,
HEAD OF
ENTERTAINMENT
LENDING
3
BOOK VALUE PER SHARE AND CUMULATIVE DIVIDENDS PAID1
Proprietary, Trade Secret & Confidential For professional use only, not for general distribution.
AT | |||||||||||||||||||||
IPO | ANNUAL | QUARTERLY | |||||||||||||||||||
$25.00 | |||||||||||||||||||||
$23.36 | $23.67 | $23.71 | $23.37 | $23.34 | $23.55 | $23.70 | |||||||||||||||
$23.02 | |||||||||||||||||||||
$22.49 | |||||||||||||||||||||
$22.26 | $22.16 | ||||||||||||||||||||
$20.38 | $21.03 | $21.32 | |||||||||||||||||||
$20.00 | $18.65 | ||||||||||||||||||||
$17.11 | $12.16 | $12.41 | |||||||||||||||||||
$15.62 | $5.86 | $7.26 | $8.66 | $10.06 | $11.16 | $11.41 | $11.66 | $11.91 | $12.66 | $12.91 | $13.16 | $13.41 | |||||||||
$14.72 | $14.88 | $4.46 | |||||||||||||||||||
$3.06 | |||||||||||||||||||||
$15.00 | $0.34 | $1.70 | |||||||||||||||||||
$10.00 | ||||||||||||||||
$14.72 | $14.54 | $13.92 | $14.05 | $14.19 | $14.52 | $13.77 | ||||||||||
$12.66 | $12.20 | $11.08 | $11.36 | $11.45 | $11.51 | $11.30 | ||||||||||
$5.00 | $11.00 | $10.71 | $10.43 | $10.39 | $10.29 | |||||||||||
$-
At IPO FYE | FYE | FYE | FYE | FYE | FYE | FYE | FYE | FYE | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | ||
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2021 | 2021 | 2021 | 2022 | 2022 | 2022 | 2022 | 2023 | ||
Book Value per Share | Cumulative Dividend Paid per Share | ||||||||||||||||||
1. Distributions are not guaranteed and may be suspended, modified or terminated at the discretion of the board of directors. Distributions may include a return of principal or borrowed funds, which may lower overall returns to the investor and may not be sustainable; Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Please see additional information in the Disclaimer Notice.
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Monroe Capital Corporation published this content on 08 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 June 2023 14:39:02 UTC.