PhenixFIN (PFX) 13 May 192019 Q2 Earnings call transcript

Welcome and thank you for joining the Medley Capital Corporation's Fiscal Second Quarter 2019 Conference Call. The Company would like to remind everyone that today's call is being recorded. Please note that this call is the property of Medley Capital Corporation and that any unauthorized broadcast of this call in any form is strictly prohibited. Audio replay of the call will be available by using the telephone numbers and PIN provided in the Company's earnings press release. At this time, all participants are in a listen-only mode, but will be prompted for a question-and-answer session following the prepared remarks. Capital today Allorto, Capital of CFO; Sam Head call Taube, are Investing; the Anderson, Rick CEO; Dean of on from Corporation Medley Brook and Participating Markets. Crowe, Head

actual the to would that statements forward-looking Before we the of Safe forward-looking which statements statement conference regarding and disclosure Company Harbor call release, www.medleycapitalcorp.com. results the to of differ other from not filings release subject your the their press information. Please update attention does projections, customary in with statement. Company's unless may Company's like reason, the any risks in any forward-looking fact SEC and begin, those expressed Any press constitute filings to call could may than Company's undertake the and Company statements uncertainties. website the Today's by historical copies to also visit for are forward-looking include obtain disclosed a statements law. materially note To as forward-looking the most The at those required latest Company's SEC. such Company's please recent by the

in addition, the Events/Investor fiscal the XXXX section quarter Presentation Presentations available In in Relations Investor section second is of company's the website. Investor Company's the

Sierra the on transactions proxy I like Company the over SEC regarding XX, contain statement Brook the and information of entirety XXXX, the to they filed MDLY. During to the may matters. to companies December make the read any the these amendments with important call MDLY, by would Sierra filings Company's to as documents proposed you companies The in the the statements turn proposed supplements and their Company related Taube. the now carefully merger well Company as call other SEC or encourages the Mr. and about because and

certain XX, Corporation's evening, results XXXX. we the quarter Medley call. announced welcome March Thank quarterly to per ended for investment of share expenses. net Capital operator, income you, financial adjusted our and $X.XX earnings merger-related for We everyone reported On Friday when

to We in including with also separately due marks per for in costs to asset expense, would excess related of items, of as share split out the credit to was due that and related well dividend I’d the NAV been The share certain decline net merger $X.XX a litigation value just $X.XX merger period. as $X.XX $X.XX for payment reported the adjusted if NII $X.XX. including due per have litigation. NAV point

and that I'd of MDLY not of Board announced quarter like announced XX, Our amendments March not the shareholder on necessary and Sierra, dividend brief to on Company Sierra. terminated, update was proceed. by to At the the to did agreements MCC postponed. related to XX. the merger April Directors provide mergers vote been pursue acquisition for merger ended have a the point, On agreement to continues the merger previously this declare a the and between it for the

to on and now a portfolio. update Turning quick the investing,

which of million invested $XX majority senior joint During within loan in the venture. just existing and million, new to MCC under $XX.X borrowers the borrowers quarter, our

borrowers previous in attractive now opportunities and deal generate investment structures, rising have Again, we're environment. a sensible we quarters, discussed As larger income primarily durable are that in protect on downside, rate sponsor-backed terms. capitalized, are targeting focused well that

quarterly assets. portfolio now MCC results. to we As the in call sit our Chief like over Rick to consists to review $XXX I'd million Financial the the Officer turn here just of today, over Allorto,

Thank you, Brook.

was net or loss Net after $X.XX XX, March per related XX. of at reported expenses. for ended months per adjusting $X.XX a at of loss net three $X.XX asset $XX.X share. share March income The merger a the was the XX, Company December compared $X.XX value million per and share per share $XX.X $X.XX million investment to investment net For or

interest investment was of comprised total $XX.X quarter, of $X.X $XX.X million million and income fee the of million $X million dividend income, of For income. was income, and

expenses in reimbursement expenses fees in Delaware for insurance $X.X coverage the $XX.X interest were million quarter, of base in against the professional merger. administrator the professional Company litigation-related to $X million, of expense. were $X.X is total be $X.X expenses. $XX.X reimbursements expenses, to related and million $X.X administrative million fees, finally fees, million million $X expenses expenses the of consisting million related netted management For million and seeking $XX.X Litigation general and and under operating The and of any million the will and pending of of the in financing its Included

$X.X the For million. million of of a net and $XX.X reported quarter, loss realized Company depreciation unrealized net the

have As $XXX $XXX XX XX, debt March in times million fully debt-to-equity of That of the debentures. the outstanding outstanding my March debentures equaled approximately The million, turn the over back review. million now at Brook. million $XXX as March Company's to and end, concludes excluding total XX. SBA SBA payable Company's notes Post of been including debt I'll financial call X.XX repaid. SBIC was $XXX ratio, quarter of

and for you all thank your Rick, time Thanks today.

to open Our team the announced we for committed Operator, the look plans. growing and now to call a can questions. business, at successful we path the existing management merger remains the forward do for

Brook I'd like over back for And Taube to turn Okay. to the remarks. call closing Instructions] [Operator

your everybody you, Thank for operator. support. Again, thanks

proposed questions forward We continue mentioned, quarter. you to again, up. to I much. we people a are next the business have to at speaking to if plans. as and very available management Thanks for look And forward grow to I our to look questions following answer their merger pathway

This your thank gentlemen, and program. in you concludes today's the Ladies participation conference. for

a great now day. disconnect. one, have may Every You