NEW YORK, Nov. 09, 2017 (GLOBE NEWSWIRE) -- StoneCastle Financial Corp. (Nasdaq:BANX), an investment company registered with the Securities and Exchange Commission, today announced results for the third fiscal quarter ended September 30, 2017.
Third Quarter 2017 Investment Highlights:
- Received full call proceeds of $13.0 million from one investment
- Received pay-downs of $37,752 from six investments
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 September 30, 2017 (excluding cash and cash equivalents) was approximately, 9.06% up from 8.96%, year over year.
Third Quarter 2017 Financial Results
Net investment income was $2,601,835 or $0.40 per share, comprised of $4,359,828 in gross income and $1,757,993 of expenses. Realized capital losses were ($147,236).
Net Assets at quarter end were $141,078,696, up from $140,419,836 in the previous quarter. The Company’s Net Asset Value was $21.56 per share, up $0.09 from the prior quarter. The value of the invested portfolio increased $630,018.
In the third quarter, the Company paid a cash distribution of $0.38 per share, up $0.01 from the prior quarter. The distribution was paid on September 28, 2017 to shareholders of record at the close of business on September 21, 2017.
The Company had $36.5 million outstanding on its $62.0 million credit facility at the quarter end, which represents approximately 20.4% of total assets. According to regulated investment company rules, the Company may borrow only up to 33.3% of its total assets.
Portfolio and Investment Summary
As of the close of business on September 30, 2017, the Company had total assets of $178,703,715 consisting of total investments of $174,745,784, cash of $248,128 and other assets of $3,709,803. Other assets include interest and dividends receivable of $2,600,690 and prepaid assets of $1,109,113.
During the quarter, the Company received one call and six pay-downs for a total of $13,074,627.
About StoneCastle Financial Corp.
StoneCastle Financial is an SEC registered non-diversified, closed-end management investment company listed on the NASDAQ Global Select Market under the symbol "BANX." StoneCastle Financial intends to make long-term, passive, non-control investments in community banks seeking capital for organic growth, acquisitions, share repurchases and other refinancing activities. Its investment objective is to provide current income and, to a lesser extent, capital appreciation. StoneCastle Financial is managed by StoneCastle Asset Management LLC.