MCG Capital earnings


MCG Capital (MCGC +2.1%) net operating income (before investment gains/losses) of $7.6M up 35% Y/Y, helped by $2.1M decline in G&A expense thanks to $1.8M in severance costs a year ago

Spread to Libor on loan portfolio of 12.1% vs. 10.7% a year ago

$70.9M in fundings vs. $15.9M in Q1

Monetized $19.8M in debt portfolio

$96.6M in cash on hand for new investments

Outlook: Monetizations of $30M-$50M for rest of 2013, with $20M-$30M expected to reduce borrowings; new originations expected at $500M-$530M

Previous: Earnings, $0.125/share distribution declared

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