Phenixfin Corporation · NASDAQ:PFX
Phenixfin — Medley Capital — Q3 2019 Earnings Presentation
14 slides from Phenixfin's earnings presentation, November 2019
Slide 1: Medley Capital Corporation Investor Presentation
Medley Capital Corporation (NYSE: MCC) Investor Presentation Quarter Ended September 30, 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 Long-Dated Funds and Corporati
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 4% 24% First Lien Second Lien Unsecured Debt Floating 1% Fixed Equities/Warrants 9% 66% 96% Industry3 Geography Multisector Holdings 4% 18% 6% Construction & Building Northeast 28% 12% West Services: Business
Slide 7: Portfolio by Issuer
Portfolio by Issuer Top 20 Investments: 84% MCC Senior Loan Strategy JV I LLC JFL-NGS Partners, LLC 16% 18% URT Acquisition Holdings Corporation 1888 Industrial Services, LLC DataOnline Corp. 2% Avantor, Inc. 2% Barry's Bootcamp Holdings, LLC 2% Autosplice, Inc. 2% 11% InterFlex Acquisition Company,
Slide 8: Debt Maturity Profile
Debt Maturity Profile • MCC’s liabilities are 100.0% fixed rate • Chart below is pro-forma for a $15.0 million amortization payment on the 2021 Israeli Notes effective 10/2/19 $300.0 $250.0 $200.0 DB Facility $179.32 SBA $150.0 Debenture Notes2 $85.0 $100.0 2021 Notes (Israeli) $50.0 2021 Notes 2023
Slide 9: MCC Financial Results
MCC Financial Results
Slide 10: Performance Overview
Performance Overview • Net investment loss of $0.15 per share for the quarter ended 9/30/19 • Adjusted net investment income of $0.00 per share excluding merger-related expenses1 • Net asset value of $3.97 per share for the quarter ended 9/30/19 • The board of directors did not declare a dividend th
Slide 11: Financial & Portfolio Highlights
Financial & Portfolio Highlights Financial Highlights 9/30/19 6/30/19 3/31/19 12/31/18 9/30/18 Net investment income (loss) per share $ (0.15) $ (0.07) $ (0.19) $ 0.03 $ 0.01 Net realized gains (losses) per share $ (0.66) $ (0.16) $ (0.19) $ (1.04) $ (0.57) Loss on extinguishment of Debt $ (0.00) $
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) 9/30/19 6/30/19 3/31/19 12/31/18 9/30/18 Net investment income (loss) per share - basic & diluted $ (0.15) $ (0.07) $ (0.19) $ 0.03 $ 0.01 Net realized and unrealized gains (los
Slide 13: Balance Sheet
Balance Sheet As of (dollars in thousands, except per share data) 9/30/19 6/30/19 3/31/19 12/31/18 9/30/18 ASSETS (Audited) (Unaudited) (Unaudited) (Unaudited) (Audited) Investments at fair value Non-controlled/non-affiliated investments $ 189,895 $ 229,402 $ 351,330 $ 372,306 $ 393,149 Affiliated i
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