Medley Capital (MCC) CEO Brook Taube on Q3 2014 Results - Earnings Call Transcript

Aug. 1.14 | About: Medley Capital (MCC)

Medley Capital Corporation (NYSE:MCC)

Q3 2014 Results Earnings Conference Call

August 1, 2014; 10:00 a.m. ET

Executives

Brook Taube - Chairman & Chief Executive Officer

Rick Allorto - Chief Financial Officer

Analysts

Douglas Harter - Credit Suisse

Terry Ma - Barclays Capital

Michael Sam - Ladenburg

Chris York - JMP Securities

Christopher Nolan - MLV & Company

Casey Alexander - Gilford Securities

Greg Mason - KBW

Vernon Plack - BB&T Capital Markets

Ron Jewsikow - Wells Fargo Securities

Operator

Good day ladies and gentlemen and welcome to the Medley Capital Corporation, Third Quarter Fiscal 2014 Financial Results Conference Call.

Today’s call is being recorded for replay purposes. At this time, all participants are in a listen-only mode. (Operator Instructions).

This conference call may contain statements that to the extent they are not recitations of historical facts constitute forward-looking statements. Actual outcomes and results could differ materially from those forecast due to the impact of many factors. The company does not undertake to update these forward-looking statements unless required by law.

The third quarter 2014 investor presentation is available in the Investor Relations section of the company’s website at www.medleycapitalcorp.com.

I would now like to turn the call over to the company’s Chief Executive Officer, Mr. Brook Taube. Please proceed Mr. Taube.

Brook Taube

Thank you very much and welcome everyone to Medley Capital Corporation’s quarterly earnings conference call. We are pleased to be here today and thank you for taking the time to join us. We are delighted to have a record quarter to report.

A quick agenda; today we are going to discuss the following first: The recently declared dividend of $0.37 for the quarter ending June 30. Second, we’ll provide you an update on originations and on the pipeline, including a review of the origination activity for this quarter and our current outlook for the quarters ahead.

Third, an update on our recently amended and extended credit facility; four, an update on our SBIC activity and we’ll also discuss liquidity and capital availability for new investments and then finally, a review of our results for the quarter ended June 30.

First, on the dividend, on July 30 the Board of Directors declared a dividend of $0.37 per share for the quarter ended June 30. The dividend will be payable on September 12 to shareholders of record on 27th August. As we’ve stated in the past, we expect net investment income will meet or exceed the current dividend as we look forward, assuming we’re able to deploy capital as planned.

On the origination side, during the quarter we originated $206 million in 11 new investments and six existing investments. This was a record growth origination for the team, so we’re very pleased with that result. We did receive amortizations and repayments of $117 million during the quarter, resulting in net portfolio growth of $89.4 million.

Pricing on the non-sponsored investment opportunities remain stable and we continue to find attractive risk adjusted returns in the market. Our pipeline remains strong and we expect to continue to deploy capital in a steady and consistent manner.

Our portfolio which consists primarily of senior secured loans remains stable and well diversified. We currently have 74 portfolio companies across 25 industries. Our expectation is that we’ll continue to diversify as we grow the overall size of the portfolio.

As we mentioned on our prior call, we intend to increase the floating rate portion of the portfolio and during this past quarter, 84% of our new investments were floating rate. So as of June 30 the percentage of our portfolio invested in floating and fixed rate assets were 66% and 34% respectively. Overall the credit quality of the portfolio remains stable.

Turning now to the credit facility, on June 2 we amended and extended our revolver and term loan and highlights of this change include the following: One, we increased our borrowing capacity on the revolver from $245 million to $346 million and we extended the maturity to June 2018. Importantly the interest rate on the revolver was reduced from LIBOR plus 3.25%, down to LIBOR plus 2.75%.

We also increased our term loan from $120 million to $171.5 million and we extended the maturity to June of 2019. The interest rate on the term loan also was reduced and that was from LIBOR plus 4% down to LIBOR plus 325 basis points. The aggregate accordion feature was increased from $400 million up to $600 million.

So turning now to the SBIC; as of June 30 our SBIC subsidiary had $98 million invested in nine portfolio companies, with an average position size of $10.9 million and we had drawn a total of $48 million in SBIC leverage.

As we have communicated on prior calls, we may in the future increase our regulatory capital at the subsidiary to a total of $75 million. Again, that’s an increase of $25 million and this would allow us to borrow an incremental $50 million from the SBA, bringing the total leverage to $150 million for the SBIC subsidiary.

As of today our liquidity for new investments, including the proceeds, our equity offering in the past quarter is approximately $271 million. This includes $22 million of undrawn SBIC leverage.

I would now like to turn the call over to Rick Allorto, our Chief Financial Officer to review the third quarter financial results.

Rick Allorto

Thank you, Brook. For the three months ended June 30, the company’s net investment income and net income were $21 million and $16.6 million or $0.41 per share and $0.33 per share respectively. The net asset value per share was $12.65 at June 30, compared to $12.69 at March 31.

For the quarter, total investment income was $38 million and was comprised of $29.5 million of interest income and $8.6 million of fee income. Total operating expenses were $17.4 million and consisted of $9.8 million in base and incentive management fees, $5.3 million in interest and financing expenses, and $2.3 million in professional fees, administrator expenses and general and administrative expenses.

For the quarter, the company reported net unrealized depreciation of $4.9 million. This includes the provision for income taxes on the unrealized gains on investments and a net realized gain from investments of $0.8 million.

As of June 30, the company’s total debt outstanding equaled $408.6 million, including $85.6 million outstanding on the revolving credit facility, $171.5 million term loan payable, $103.5 million in notes payable and $48 million of SBA debentures. The company’s debt-to-equity ratio excluding the SBIC debt was 0.55 times. As of today our liquidity for new investments is approximately $271 million, and this includes $22 million of undrawn SBIC leverage.

That concludes my financial review. I will now turn the call back over to Brook.

Brook Taube

Thank you, Rick. Again, we’re very pleased with the performance in our third fiscal quarter. NAV is stable, net investment income is high, and we have a forward outlook that is very promising. The team remains focused on originating a portfolio of high quality loans at attractive yields that would generate a stable and consistent dividend for our shareholders in the quarters ahead.

And again, I’d like to thank all of the shareholders for their continued support and we can now open the call for questions.

Question-and-Answer Session

Operator

Thank you. (Operator Instructions). And your first question comes from the line of Douglas Harter with Credit Suisse. Please proceed.

Douglas Harter - Credit Suisse

Thanks. Brook you’ve now mix – your net investment income has exceeded the dividend through about 10% for the first three quarters of this year and your outlook said you expect to continue it. Now how do envision the dividend path going forward?

Brook Taube

Well, I think I’ll just comment to say that we iterate, we expect that net investment income can meet or exceed the current dividend on average in the quarters ahead. We’ve obviously had some very positive performance in our return, our position to drive fees. So I think on balance we have set the dividend or recommended the dividend policy to the Board that we think is stable or consistent over time and I think I will stick with that comment for now.

Douglas Harter - Credit Suisse

Great, and I guess given the combination of your available liquidity with the stock trading right around NAV, do you envision sort of being able to continue to put new investments to work at a similar pace to what you have been doing recently?

Brook Taube

Yes, sure. As we looked out now, we’ve planned for a consistent origination volume. As we’ve said, I believe consistently we expect to increase the portfolio as much as two or three times in a steady and consistent manner. If you look at the overall growth in the portfolio in number and visually it’s been measured and we’ve said that, and this is now coming up into the second half of our fourth year. I think you’ll continue to see us recommend and deliver measured and consistent growth. That’s our view about the appropriate origination policy overtime.

Douglas Harter - Credit Suisse

Great, thank you.

Brook Taube

Thanks Doug.

Operator

And your next question comes from the line of Terry Ma with Barclays. Please proceed.

Terry Ma - Barclays Capital

Hi. Just given the strong pace to your originations over the last few quarters, can you just maybe comment on what channels that higher volume is coming from and also what you’re seeing in the competitive environment?

Brook Taube

Yes, sure. So our higher volume as I said on the prior call is not a higher volume at Medley on the platform. We’ve just allocated a larger portion of our origination volume to Medley Capital Corporation. The team is now over 70 people and we have over 35 investment professionals. So we have a very consistent and robust pipeline. MCC as it gets bigger, holding constant our idea that we should originate at a constant rate, will consume a larger share.

The volumes have been high across the board. I think last year we looked at 1,035 investment opportunities, that’s on a trailing 12 month basis. There has not been much volatility quarter-over-quarter in the number of investments we’ve seen.

For the prior two quarters we saw stable pricing. I would characterize this recent quarter as also stable pricing, although I would say on average it’s down 10 or 20 basis points, not material, but it’s trended down on the margin. Most of that has come from the sponsor driven origination. We have active dialogue with 100 sponsors and we’ve invested with I think 100 sponsor investments over the last 10 years.

We’ve seen that volume pick-up. There’s certainly been activity. You’ve heard us comment that we’ve seen steady and increasing growth, so our revenue comps have been just under 5% and our EBITDA comps are just over 5% and that’s a backdrop against I think a recent print of 4% in GDP.

So again, a couple of years ago when we were talking about growth and volume increases and positive backdrop that was lonely, it’s becoming less lonely a point of view. But we remain constructive on the economy and on the volumes we are seeing and continue to believe this is a good time to be providing credit in the middle market.

Terry Ma - Barclays Capital

Thanks, that’s good color, and can you may be just give us a split between your sponsored and unsponsored deals or maybe in the pipeline and just given a 10 to 20 points lower on pricing. Can you maybe just talk about the relative value or the spread differential between those two channels?

Brook Taube

Sure. It’s been relatively balanced. Quarter-over- quarter, I wouldn’t read too much into it, but I would say over half is sponsor in the recent past and therefore under half has been on the direct or non-sponsor. We’ve seen a little compression actually in the non-sponsor.

So a couple of years back it was over 200 basis points, the differences is now around 200 or slightly under 200. We track this pretty carefully, but again, I wouldn’t read too much into a quarter-over-quarter. So our origination between the channels is relatively balanced. As we look out on a forward basis, I would say it’s coming from equal – balanced equally from sponsor and non-sponsor channel.

Terry Ma - Barclays Capital

Okay, got it, thanks. That’s it from me.

Brook Taube

Okay, thanks Terry.

Operator

And your next question comes from the line of Michael Sam (ph) with Ladenburg. Please proceed.

Michael Sam - Ladenburg

Good morning, Brook and Rick. Can you hear me?

Brook Taube

Yes.

Michael Sam - Ladenburg

I’d like to get your thoughts on what major assumptions management made towards the end of the last fiscal year when you raised the dividend. How did you think about the downside case if you were for example, temporarily shut out of the equity markets and in particular, given the size of your portfolio turnover at this point; what seemed to be a pretty important in terms of your ability to generate future theme to help cover the dividend?

Brook Taube

Great, thank you Mike. We’ve been at this now for over 10 years as a team. We have a pretty good visibility on the forward pipeline and an understanding of how both portfolios and origination behaves.

So I think as I said initially, I sort of answered part of this question when Doug asked it. We’ve come up with a dividend policy that we think is a good proxy for what we expect to able to deliver over time. So impounded in that would be some assessment of not raising capital, either by choice or because of the market.

We have said that we are not going to raise capital below book. We said that since we came public. So the idea that we wouldn’t do that and may have a period of time where we couldn’t, we have a couple of levers and I’ll go through them: (a) liquidity, meaning we are not fully levered, (b) we have access to our SBCI facility and you should expect that we’ll both, the dropdown, the additional regulatory capital, access the additional debt and then seek a second license. That takes time and it’s not certain but we have reasonable basis to assume that.

Third, we have some positions that we would characterize as liquid. That has always been a part of our portfolio that is there both, to provide liquidity, as well as to allow us to stay in the market and active if we weren’t raising capital. And I think the final point which bears repeating is what I believe is what you said, is that a portfolio of loans that has a 3.5 year average life will naturally role. So in any given year, looking forward we would expect a reasonable portion of the portfolio to roll and that too would give rise to further origination.

So it’s hard to predict the future; we don’t even try. But we do have a very, very clear perspective on how the business works and our capabilities and our dividend approach that we recommend to the board, impounds all of that. And again I’ll reiterate, we have a reasonable expectation that our NII on average will meet that dividend or exceed it overtime.

Michael Sam - Ladenburg

I appreciate that color Brook. Just one follow-up question. Now that MCC is becoming a lit bit more mature, we are starting to see inevitability some deterioration in some credits, which is part of the business. Is there any scope for the portfolio to get more exposure to equity to help mitigate some of that risk as the company continues to grow?

Brook Taube

Sure. I mean, to backup a minute, we do have exposure to change in the book and on a net realized basis, it’s been positive, so our net realized gains or losses, our net realized gains since inception. At the moment we do have obviously like anyone, positions that are marked below book, but those are marks-to-market, not necessarily realized and I’ll also comment that we have positions that are marked above book and we have in the recent quarter one warrant position that is significantly in the money and post quarter end it has been fully realized.

So, just to give an example, Geneva, we did realize at the mark. That produced a realized loss. We have a position that was above the mark that produced a realized gain and with those two taken in combination, still have a position that is a net realized positive.

So, I think this needs to be looked at holistically. We’ve had a NAV that’s up since inception. That’s a good proxy for a credit and we are driving an 11% plus dividend yield.

So I think as you consider this over time, there will be upsides on a number of fronts. Our hope and expectation is those will mitigate downsides and we’re going to protect the NAV and drive a steady dividend. And people I believe as we enter and finish our fourth year and go into our fifth year, having been through many cycles as a team, I think that will increasingly become obvious and valued by investors.

Michael Sam - Ladenburg

Very good. I appreciate your time this morning. Thank you.

Brook Taube

Thank Mikey.

Operator

And your next question comes from the line of Chris York with JMP Securities. Please proceed.

Chris York - JMP Securities

Good morning, thanks for taking my questions. So, I just wanted to get some clarification Brook. As you alluded to, that you realized your gain in U.S. did well in services post quarter end, is that correct?

Brook Taube

It was U.S. Well, that’s right.

Chris York - JMP Securities

Okay, and then secondly, so Geneva Wood’s was exited at a realized loss as well post quarter end?

Brook Taube

That’s correct.

Chris York - JMP Securities

Okay. And then how are you thinking about the maturity of Calloway Labs over the next five months. What are your expectations for repayment in the investment?

Brook Taube

Sure, I don’t have lot of caller to provide. We and the other lenders continue to work closer with the management and the sponsor to improve the performance and the value of the company. We’ve commented before we are saying sample volume stability and some positive outlooks for profitability are beginning to come through. We need additional performance there and we have a team actively working on it. So I have no further comment at this point.

Chris York - JMP Securities

Okay. And then just one last one. It looks like Prestige was given some flexibility through a potential amendment in terms going from cash pay topic. Could you talk about the reasons for this amendment and the recent performance at Prestige?

Brook Taube

Sure, the sponsors supported there, and we as always try to provide the support for the borrowers. That more capital has been injected in there, they do have a plan to both return and enhance the value there and as we always are in the market supportive of our borrowers and our sponsors.

Chris York - JMP Securities

Got it. That’s it from me, thanks.

Brook Taube

Thanks Chris.

Operator

And your next question from the line of Christopher Nolan with MLV & Company. Please proceed.

Christopher Nolan - MLV & Company

Thanks for taking my call. In the quarter it seems like the investment mix changed slightly, favoring more unsecured loans and less first lean loan. But the overall yield is flat. Any particular color you can give us on this?

Brook Taube

I think that, I wouldn’t read too much into the volatility. We had one position, NCM that we did which was larger and was the first for a not secured position. That’s a high quality opportunity with a high quality sponsor. I think that slightly shaded the number. It’s over $22 million. We’re very positive and optimistic on that credit, but I wouldn’t read anything into the mix shift, just on this quarter.

Christopher Nolan - MLV & Company

Great, and can you give us an update in terms of the target thresholds for debt-to-equity ratio, any change there?

Brook Taube

Sure, no change. We’ve said it 0.6 to 0.7 is the range, that’s excluding SBIC debt. No change to our target there.

Christopher Nolan - MLV & Company

Great, thank you for taking my questions.

Brook Taube

Thanks Chris.

Operator

And your next question comes from the line of Casey Alexander with Gilford Securities. Please proceed.

Casey Alexander - Gilford Securities

Good morning. You’ve answered most of the questions that I have already, so that’s been very helpful, thank you. I would ask that since you are in touch with such a broad swap of companies across the general economy, what kind of economic feel are you getting from your companies, and specifically from their results and what type of EBITDA growth are you seeing to the portfolio. Presumably across the portfolio, if the economy is operating well, you’d be seeing some EBITDA growth and that would be bringing some of your multiples down actually?

Brook Taube

Yes. That’s a good question. I think that the general sense as we said before, we said that it’s for a number of quarters, going back may be two years, we’re beginning to see action. People have kind of given up on feeling bad and there’s activity.

Our revenue comps were just under 5%, our EBITDA comps were just over 5%. So those are trending ahead of the most recent GDP print of plus four. We don’t really track it relative to GDP. It is always a little bit of an art to read it. There’s clearly still pressure in the system, whether its healthcare or competition, but on balance we’re seeing activity both on the refinance, capital to grow plant and equipment, working capital, as well as on the strategic acquisition sides, so all in all, constructive.

Casey Alexander - Gilford Securities

And, is there a general nature to your add-on investments? Have they been for acquisitions or for organic growth plans? Kind of, do you have a feel for what the nature of your add-ons were?

Brook Taube

Yes. I mean the add-ons were planned, but primarily I’d say like 95% of it was for planned addition. In one case it was financing, this increase in working capital, another case was construction. I’m just thinking right now, another was purchase of additional assets. In one case it was involving a refinancing, but it was an accretive refinancing. Again, this was capital we had previously made available. So the disproportionate maturity of our almost $23 million follow on and I think by that I mean over $21 million or $22 million of it was to follow-on on prior commitments, so it’s been positive. It all feeds in almost on all three of those examples that I had mentioned.

Casey Alexander - Gilford Securities

Great. The rest of my questions were already answered, so thank you for taking my call.

Brook Taube

Okay, thanks Casey.

Operator

And your next question comes from the line of Greg Mason with KBW. Please proceed.

Greg Mason - KBW

Great, thanks. Good morning guys. First, I wanted to retouch on Calloway Labs. I know in your Q you talk about revenue recognitions saying you are not going to accrue PIK if the portfolio company evaluations indicate the PIK is not collectable and as we look at Calloway, the fair value, dollar basis was unchanged, but the cost basis went up for the PIK.

I guess my question is, what’s the risk that ultimately that stops accruing that pick income, based on what we’re seeing as your policy and the fair value not moving? Can you help us understand the risk there?

Brook Taube

Good morning. We are currently accruing at the mark, so we have a partial reserve against that PIK. The risk is if we see deterioration in the enterprise value, deterioration in the underlying business, then it likely would need to go on full non-accrual, for the full PIK piece.

Greg Mason - KBW

Okay. So you’re only accruing, call it 60% of that PIK amount. Am I understanding that correctly?

Brook Taube

That’s correct.

Greg Mason - KBW

Okay, great. And then one other portfolio question, United Road Towing I know had the maturity right at June 30. Can you give us any update on it was amended or extended or anything post quarter end with URT.

Brook Taube

Sure. We are working very closely with the management and sponsor. We’ll be able to announce something on the next call, but we’re encouraged by the company’s recent financial performance and the prospects.

Greg Mason - KBW

Okay great, and then on the SBIC, that’s obviously very attractive capital. Over the last six months you’ve drawn $4 million of debentures. Is there something kind of technical of not drawing that or investments not fitting in the bucket? Just curious of why the ramp hasn’t happened a little fast and are we going to see that ramp occur in the SBIC?

Brook Taube

Yes, I wouldn’t read too much into that. I think we’ll be on our phase, that is to say we’ll catch up against that $25 million quarterly estimate we had offered earlier. Again, we are trying to give averages. We did have a repayment which is positive, which drove it down. We then had one deal that should have been in this quarter, slipped to the next quarter. So you should see more activity this quarter and I think keeping the idea of hitting that $25 million per quarter or more, we’ll be back on that.

Greg Mason - KBW

Okay, and then one final question on capital availability. You said $271 million of capital availability. Kind of my back of the math you said target range is 0.6 to 0.7 debt to equity with current equity. It kind of gives you 100 million of regulatory debt to be drawn, plus the SBIC. What other numbers are going into the capital availability for new deals?

Brook Taube

Greg, did you factor in – because our numbers included the recent equity raise subsequent to the quarter.

Greg Mason - KBW

Okay, I apologies. All right great, that’s it. Thanks guys.

Brook Taube

Thanks Greg.

Operator

And your next question comes from the line of Vernon Plack with BB&T Capital Markets. Please proceed.

Vernon Plack - BB&T Capital Markets

Thanks. Most of my questions have been answered. I’m not sure if I missed this in the beginning, but was most of the unrealized depreciation, was that the result of a Modern and VideoFilm.

Brook Taube

Yes.

Vernon Plack - BB&T Capital Markets

Okay. All right, that’s it. Thank you.

Brook Taube

Thanks Vernon.

Operator

And your next question comes from the line of Ron Jewsikow with Wells Fargo Securities. Please proceed.

Ron Jewsikow – Wells Fargo Securities

Yes, good morning and thanks for taking my questions. Most of my questions have been asked by the other callers. But just a quite asset level question if you can provide additional clarity. We’ve seen a lot of capitals kind of maturing here in the next five to six months and they was to call it a 10% write-down this quarter in net asset. I was just wondering if you can give us a little clarity on that business if it’s possible.

Brook Taube

Sure, the change quarter-over-quarter related to an increase in a discount rate that was used to value the position. At this point I don’t have any further color on that.

Ron Jewsikow – Wells Fargo Securities

Does that discount rate have to do with the nature of the business being in Latin-American or is that the – am I thinking of the business correctly.

Brook Taube

It had to with yes, the underlying business.

Ron Jewsikow – Wells Fargo Securities

Okay. I just wondered if maybe it was because it was foreign. And then I guess almost the other questions have been asked. Thanks for taking my questions guys.

Brook Taube

Okay, thanks Ron.

Operator

(Operator Instructions) And now we have a follow up from Mr. Chris York. Please proceed.

Chris York - JMP Securities

Yes, just a quick follow up here. You had a large amount of prepayment fees in the quarter, yet it’s kind of been volatile over the last seven quarters. How do you think about the normal contributions of this line for your portfolio in terms of setting a dividend?

Brook Taube

It’s hard to measure. What we’ve observed over 12, 13 years now is that you can expect 10% to 15% of the book to role. But some advance, meaning prepay earlier than expected. It’s never certain, and when it does it typically leads to prepayment. We don’t factor in a lot of it, but its reasonability expected that some will come on average in the course of a year. Not certain in any quarter, but on average we do get additional fees that are driven by prepayments and other restructurings, etc.

Chris York - JMP Securities

Okay, that’s it from me. Thanks.

Brook Taube

Thanks Chris.

Operator

And at this time we have no questions. With that, I will like to turn the call back to Mr. Taube.

Brook Taube

Thank you very much everyone for your time today. It’s been a terrific quarter and the outlook looks very strong. The team’s hard at work and as usual we’re available for follow-up questions, so feel free to reach out and we wish you all a good weekend. Thanks very much.

Operator

Ladies and gentlemen, that concludes today’s conference. Thank you for your participation. You may now disconnect and have a great day.

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