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StoneCastle Financial Corp. Reports Fourth Quarter 2020 Results

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

DENVER, March 01, 2021 (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 fourth fiscal quarter ended December 31, 2020.   
Fourth Quarter 2020 Investment Highlights:Invested approximately $42.5 million in seven investmentsRealized proceeds of $12.2 million from the full calls of two investmentsRealized proceeds of $7.0 million from the sale of one investmentRealized proceeds from partial paydowns of $3.7 million from four 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.Subsequent to the end of the quarter, the Company invested approximately $13.5 million in five investments and received partial paydowns of $3.0 million.The estimated annualized yield generated by the invested portfolio as of December 31, 2020 (excluding cash and cash equivalents) was approximately 9.65%.Fourth Quarter 2020 Financial Results
Net investment income was $3,046,401 or $0.46 per share, comprised of $4,668,621 gross income and $1,622,220 of expenses.  Net Assets at quarter end were $140,789,132.  The Company’s Net Asset Value was $21.44 per share, up $0.55 from the prior quarter.
In the fourth quarter, the Company paid a cash distribution of $0.43 per share, comprised of a $0.38 regular dividend and a $0.05 special dividend.  The distribution was paid on January 5, 2021 to shareholders of record at the close of business on December 21, 2020.   
The Company had $43.0 million outstanding on its $62.0 million credit facility at the quarter end, which represents approximately 23% 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 December 31, 2020, the Company had total assets of $188,360,866 consisting of total investments of $178,362,337, cash and other assets of $9,998,529.  
During the quarter, the Company invested a total of $42.5 million in seven bank-related investments.  The Company invested a total of $37.5 million in six alternative capital securities, and $5.0 million in one community bank preferred stock.  The Company received proceeds of $12.2 million from the full calls of two investments, received $7.0 million from the sale of one investment and received partial paydowns of $3.7 million from four investments.
Quarterly Conference Call
StoneCastle Financial will host a webcast and conference call on March 1, 2021 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 March 15, 2021. 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 13716278. 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.com. Investor Contact:Julie Muraco212-468-5441


 

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