Phenixfin Corporation · NASDAQ:PFX
Phenixfin — Medley Capital — Q1 2020 Earnings Presentation
14 slides from Phenixfin's earnings presentation, 2020
Slide 1: Medley Capital Corporation Investor Presentation
Medley Capital Corporation (NYSE: MCC) Investor Presentation Quarter Ended December 31, 2019
Slide 2: Important Notice
Important Notice This presentation contains “forward looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to risks and uncertainties. Actual outcomes and results could differ materially from those suggested by this presentation du
Slide 3: Diversified AUM Across Multiple Funds
Diversified AUM Across Multiple Funds • Broad distribution through public and private vehicles • Permanent capital, long-dated funds and managed accounts not subject to traditional outflows MEDLEY (NYSE: MDLY) Public Vehicles Institutional Capital Medley Capital Sierra Corporation Long-Dated Funds a
Slide 4: Investment Strategy Shift Overview
Investment Strategy Shift Overview Beginning in 2015, the MCC lending platform shifted its focus to first lien loans provided to larger, sponsor backed borrowers • Results have been strong - New investments post Q2 2015 have produced an IRR of 11.6%1 - New investments post Q2 2015 have experienced 0
Slide 5: Investment Strategy Shift
Investment Strategy Shift • Originations post Q2 2015 continue to perform well with higher asset level IRRs and lower annualized realized loss rates compared to the earlier vintage • MCC invested total capital of $392 million in post Q2 2015 vintage investments MCC Annualized Realized & Unrealized M
Slide 6: Diversified Senior Secured Floating Rate Portfolio
Diversified Senior Secured Floating Rate Portfolio Investment Type1 Floating vs Fixed Rate2 First Lien 5% Second Lien 29% Unsecured Debt Floating 60% Fixed Equities/Warrants 1% 10% 95% Industry3 Geography Construction & Building 4% 6% 21% 20% Northeast Multisector Holdings 13% West Services: Busines
Slide 7: Portfolio by Issuer
Portfolio by Issuer Top 20 Investments: 87% MCC Senior Loan Strategy JV I LLC JFL-NGS Partners, LLC 1888 Industrial Services, LLC 13% URT Acquisition Holdings Corporation 19% Avantor, Inc. 1% Autosplice, Inc. 1% 2% Path Medical, LLC 2% InterFlex Acquisition Company, LLC 2% Impact Group, LLC 2% US Mu
Slide 8: Debt Maturity Profile
Debt Maturity Profile ($ in millions) • MCC’s liabilities are 100.0% fixed rate $300.0 $250.0 $200.0 DB Facility $179.31 $150.0 $100.0 $50.0 2021 Notes $74.0 2023 Notes Israeli Notes $77.8 $56.0 $- 2020 2021 2022 2023 1. Facility is maintained at MCC Senior Loan Strategy JV I LLC and is not consolid
Slide 9: MCC Financial Results
MCC Financial Results
Slide 10: Performance Overview
Performance Overview • Net asset value of $4.05 per share for the quarter ended 12/31/19, up 2.0% from $3.97 at 9/30/19 • Net investment income of $0.06 per share for the quarter ended 12/31/19 • Adjusted net investment loss per share excluding merger related expenses, legal discounts and reimbursem
Slide 11: Financial & Portfolio Highlights
Financial & Portfolio Highlights Financial Highlights 12/31/19 9/30/19 6/30/19 3/31/19 12/31/18 Net investment income (loss) per share $ 0.06 $ (0.15) $ (0.07) $ (0.19) $ 0.03 Net realized gains (losses) per share $ (0.03) $ (0.66) $ (0.16) $ (0.19) $ (1.04) Loss on extinguishment of Debt $ (0.02) $
Slide 12: Select Financial & Portfolio Information
Select Financial & Portfolio Information As of and for the Three Months Ended (dollars in millions, except per share data) 12/31/19 9/30/19 6/30/19 3/31/19 12/31/18 Net investment income (loss) per share - basic & diluted $ 0.06 $ (0.15) $ (0.07) $ (0.19) $ 0.03 Net realized and unrealized gains (lo
Slide 13: Balance Sheet
Balance Sheet As of (dollars in thousands, except per share data) 12/31/19 9/30/19 6/30/19 3/31/19 12/31/18 ASSETS (Unaudited) (Audited) (Unaudited) (Unaudited) (Unaudited) Investments at fair value Non-controlled/non-affiliated investments $ 138,892 $ 189,895 $ 229,402 $ 351,330 $ 372,306 Affiliate
Slide 14: Corporate Information
Corporate Information Board of Directors Corporate Officers Corporate Headquarters BROOK TAUBE BROOK TAUBE 280 Park Avenue, 6th Floor East Chairman & Chief Executive Officer Chairman & Chief Executive Officer New York, NY 10017 (212) 759-0777 SETH TAUBE RICHARD T. ALLORTO, JR. Director Chief Financi