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StoneCastle Financial Corp. Reports First Quarter 2020 Results

DENVER, May 07, 2020 (GLOBE NEWSWIRE) — StoneCastle Financial Corp. (Nasdaq: BANX) (“StoneCastle Financial” or the “Company”), an investment company registered with the Securities and Exchange Commission (“SEC”), today announced results for the first fiscal quarter ended March 31, 2020.   
First Quarter 2020 Investment Highlights:Realized full redemptions of $10.4 million from two investmentsRealized proceeds from a partial call of $1.5 million from one investmentRealized proceeds from paydowns of $1.5 million from two investmentsA complete listing of investments as of the end of the quarter can be found on the Company’s website at www.stonecastle-financial.com.First Quarter 2020 Financial Results
Net investment income was $2,530,138 or $0.39 per share, comprised of $3,685,293 gross income and $1,155,155 of expenses.  For the quarter, net realized capital losses were ($301,223) or ($0.05) per share.  Net Assets at quarter end were $124,676,478.  The unrealized depreciation of the portfolio was ($18,304,949) or ($2.79) per share.  The Company’s Net Asset Value was $19.00 per share, down $2.83 from the prior quarter.  
In the first quarter, the Company paid a cash distribution of $0.38 per share.  The distribution was paid on March 25, 2020 to shareholders of record at the close of business on March 18, 2020.   
The Company had $9.0 million outstanding on its $62.0 million credit facility at the quarter end, which represents approximately 7% 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 March 31, 2020, the Company had total assets of $134,924,421 consisting of total investments of $132,978,058, cash of $62,841, and other assets of $1,883,522.  Other assets include interest and dividends receivable of $1,288,615 and prepaid assets of $594,907.
During the quarter, the Company received a full redemption of $6.5 million from First Alliance Capital Trust I, Junior Subordinated Debt, 10.25%, due 7/25/2031 and $3.9 million of National Bank of Indianapolis, Trust Preferred Security, Series 2015-1, 9.74% Note, due 9/30/2030.  The Company received a partial call of $1.5 million from Central Trust Company Capital Trust I, Junior Subordinated Debt, 10.25%, due 7/25/2031.  Additionally, the Company received paydowns of $1.2 million from Preferred Term Securities, Fixed Rate Mezzanine notes, 9.74%, due 9/15/2030 and $293,553 from M&T Trust Preferred Security, Series 2015-1, 9.74%, Note, due 9/30/2030.Quarterly Conference CallStoneCastle Financial will host a webcast and conference call on May 7, 2020 at 5:00 pm Eastern time.
The conference call can be accessed by dialing 1-877-407-9039 for domestic callers or 1-201-689-8470 for international callers. Participants may also access the call via live webcast by visiting StoneCastle Financial’s investor relations website at www.stonecastle-financial.com. To listen to a live broadcast, go to the website at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. A replay will be available shortly after the call and be available through midnight (Eastern Time) on May 21, 2020. The replay can be accessed by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers. The passcode for the replay is 13701960. The archive of the webcast will be available on the Company’s website for a limited time.
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.”  Its investment objective is to provide stockholders with current income and, to a lesser extent, capital appreciation. StoneCastle Financial is managed by StoneCastle-ArrowMark Asset Management LLC.  To learn more, visit www.stonecastle-financial.com
Disclaimer and Risk Factors:There is no assurance that StoneCastle Financial will achieve its investment objective. StoneCastle Financial is subject to numerous risks, including investment and market risks, management risk, income and interest rate risks, banking industry risks, preferred stock risk, convertible securities risk, debt securities risk, liquidity risk, valuation risk, leverage risk, non-diversification risk, credit and counterparty risks, market at a discount from net asset value risk and market disruption risk. Shares of closed-end investment companies may trade above (a premium) or below (a discount) their net asset value. Shares of StoneCastle Financial may not be appropriate for all investors. Investors should review and consider carefully StoneCastle Financial’s investment objective, risks, charges and expenses. Past performance does not guarantee future results.
The Annual Report, Semi-Annual Report and other regulatory filings of the Company with the SEC are accessible on the SEC’s website at www.sec.gov and on the Company’s website at www.stonecastle-financial.comCONTACT:
Investor Contact:
Julie Muraco
212-468-5441
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