MRCC - Earnings call transcript Q2 2018 | Monroe Capital Corporation

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Operator

Welcome to Monroe Capital Corporation's Second Quarter 2018 Earnings Conference Call.

Before we begin, I would like to take a moment to remind our listeners that remarks made during this call today may concern -- excuse me, may contain certain forward-looking statements, including statements regarding our goals, strategies, beliefs, future potential, operating results or cash flows.

Although we believe these statements are reasonable based on management's estimates, assumptions and projections as of today, August 8, 2018, these statements are not guarantees of future performance. Further, time-sensitive information may no longer be accurate as of the time of any replay or listening. Actual results may differ materially as a result of risks, uncertainty or other factors, including, but not limited to, the factors described, from time to time, in the company's filings with the SEC. obligation or no statements. these takes Capital to revise update forward-looking Monroe will over Monroe Officer conference turn Capital Ted I the Executive to now Koenig, Chief Corporation. of

Theodore Koenig

on everyone day, filed our Peck, our release SEC. second Chief evening, the has Good quarter you, Last and today. to XX-Q Officer. issued thank joined with with and CFO us and we our Investment Aaron XXXX call I'm press who our earnings

to speak we to moment Before our take detail, results Monroe want I about discuss in platform. Capital a

Monroe a that you and EBITDA in with sponsored As find to primarily market debt founded is equity a Capital successful borrowers challenge this in focused specializing reminder, was to of the a more in $XX leading segment lending companies, is senior private of nonsponsored XXXX to million both provider platform market. and of and I lower-middle below.

approximately its under returns Our our platform, platform predictable and is risk-adjusted have billion a consistent track investors. Across generating of $X.X in for record we management. assets

secured We offices Monroe of in our year each pipeline. of benefit significantly management of around that we from closes to can over well X,XXX a primarily deliver for protect this value. investors on our under in therefore, deal capable and of assets funds, our accomplish flow asset reason average, transactions across irrespective experienced a the both management stable perform consider. than terms business These to deal market of origination And our portfolio platform X Monroe We groups have potential our dedicated the the debt the originating and professionals management. platform, generate Capital companies of by is the our professionals MRCC, comprises and XX% net Across to and and U.S. XX exist distributions to year from deals overall cycle. less in origination the XX depth over one with BDC, portfolio to in investments and per diversified have long-term to believe that goal of or total senior largest firm scale

quarter XX to and underwriters we with both that investors. loans structure on can issues. to our value deals, that have loan our coverage enterprise but we're end, provide to covenants, detection covenants cash results. with covenants in goals deliver pleased Our solid mind, warning fake meaningless early or financial or and to portfolio talented ensure covenants in With not flow very significant us of And have for of potential we real group that another of managers announced that problems loan cushions these

dividend process. quarter, been per investment our net of by origination the to able we adjusted generated covered exceeding in any dividend consecutive in $X.XX credit our to $X.XX adjusted and underwriting late quarter per proud IPO XXth This testament share dividend fully have management income. per we second income have covered capabilities share. our our investment very We're dividend This For maintain quarter the represents our adjusted a our share, net to $X.XX without of a and unique XXXX. portfolio since is reduction with NII

to quarter on $XX.XX share primarily the to Operating, during net quarter XX, Our slightly adjustment the a as valuation of value per share mark-to-market June during book decreased unrealized due TPP per Inc. negative

the sold investments and its debt in company our X, most operations down wrote we quarter, as ceased its assets. of TPP to the During

the industry news XX-Q I for is with in overall portfolio that TPP. While from value the on invested challenges credit, are slight pleased us. behind XX XX result the Form refer a prior individual and the in our increase quarter-end, the At about different had to investment quarter-end, am now fair this investment company's was good borrower million, a additional of classifications. companies not the associated concerning Please across this company's information $XXX.X

largest of our represented the and portfolio, were positions of XX.X% largest the X.X% portfolio. Our position XX

portfolio Our approximately loans. is portfolio secured was our secured heavily loans of concentrated in senior secured. consists XX% secured first first particular, lien loans, and of XX% in lien

and very cycle. secured pleased the are nature in point at investment We with portfolio construction, our the the diversity senior this credit of

weighted at As of increased -- the of quarter borrowing from the portfolio in increased Life venture's prior portfolio quarter. The of the of the the end in at loan the substantial the on growth to increases value, fair end $XX.X Much second had in quarter, from with average this the through joint quarter. million leverage senior-secured from portfolio million our venture prior at Group fair experienced to the a of during National yield the X.X% facility. value the end X.X% joint $XX.X was growth

quarter-end, of a rate the or outstanding of debt had of venture at As X.X% leverage plus its facility $XX.X joint on X.XX. million LIBOR

interest future of As most floors. invested floating we in all debt past, have is is portfolio loan rate well rate of MRCC LIBOR discussed our positioned in increases, for the

Given situated we and benefit the all LIBOR LIBOR increase in any going from therefore, to on loans, interest level, meaningfully current virtually floors believe rates surpassed we short-term the the of level forward. our have MRCC is

which to detail. carried a debentures, to in which financial discuss in have which a dividend turn share results our pleased call million approximately of the us the consistent with increase am quarterly any cushion second Aaron, quarter. shareholders we interest the undistributed very more and the value, is maintain Operating, X allow now who debt LIBOR future. going rate to in our we continue addition, now results for significant returning per over are capital. provides to ability Currently, $X.XX we our net to outstanding of In to the maintain in will in $XXX investment view, adjustments I valuation without payment our at mark-to-market Inc., TPP going arbitrage But on is the from fixed-rate to significant income, SBA

Aaron Peck

Ted. you, Thank

a add-on and existing we several and on new $XX.X fundings investments, to funded revolver quarter, the loan X total was deals. in deals million due of During which

complete we revolving funded on $XX.X $XXX prepayments June senior At $X.X quarter. during in secured partial to had deals on and facility offset million aggregated the Additionally, and XX, $XXX.X venture. of portfolio million under was X total debentures the which our million of joint other we by This loan assets, equity credit million. borrowings repayments growth payable SBA

which net June million value March of XX, As as from the our of asset net was million, $XXX.X $XXX asset down was XX. in slightly value

a $XX.XX borrower, mark-to-market at from decreased valuation share adjustment June of the $XX.XX share per to This as Operating, NAV as Inc. XX. share March XX primarily per per decrease result unrealized was X TPP on of Our

our results. to Turning

June compared quarter share, net or level, $X.XX of income, adjusted share. $X.XX this a the investment quarter. At non-GAAP a $X.X adjusted was our comfortably share per when quarterly $X.X dividend the XX, of ended million per share per prior to or For decrease exceeded million measure, $X.XX per NII

venture total investment statement our decrease income quarter quarter to was $XX.X for income offset was primarily the $XX operations, a dividend during our of a quarter. from accretion prepayment to gains. as an loan The partially of Looking secured investment in the slight compared million in the in result total senior for prior million income reduction an by increase and joint discount the in increase in period,

in $X financing in rate the expenses the an other in LIBOR seen fees the other base of expense agreement. expenses total Total million average the quarter. driven expenses, second total the during Like slight management $X.X requirement, million fees, during higher increase would fees quarter in a administrative the $X.X by $X.X million incentive and side. our our and of Without quarter million return increase increased return in we interest were in interest incentive due first included fees the million paid quarter by fees the quarter, quarter, expenses. expense, in $X.X additional during million million $X.X driven for Total incentive requirement primarily limited general, in have to approximately the incentive a over management to debt quarter. Moving and $X.X and during by

as for revolving XX, of liquidity, June of facility. our approximately million we As had credit capacity under our $XX.X

we quarter, drawn of the fully had SBA our all of available of debentures. million $XXX As end in the

of $XX.X grow over of to now turn a would Ted million. venture next fair different for million the in before X.X%. continue As We expect questions. secured our loan XX, rate quarters. approximately under of senior the investments to the venture $XX.X XX joint made with some remarks interest few line aggregating credit we will borrowings at back loan facility nonrecourse for call I to joint open the closing June senior the average joint had had venture weighted We value secured borrowers,

Theodore Koenig

loan that that since our an reinvestment dividends. both for of portfolio of in elite return compare our that on dividends of a shareholders. affiliated a changes our with committed one for almost is momentum the public Aaron. in in shares both Thanks, X, for and On generated we're very in management. of of external we around investment located IPO, Capital favorably consistent no small our we net ask in shareholder-friendly XX% under shareholder Based in MRCC attractive core manager shareholders by venture. term. four, pays our throughout MRCC best-in-class the August long this We XXXX, the have IPO rate value. is and net proprietary on the increase joint of other these external and management BDCs those returns incentive adviser our return Two, open material a for following opportunity U.S., X.X% Corporation by XX% And in our year, XXXX. secured and Three, offices have achieved coverage and stockholders result our fully questions. for One, cash-on-cash for the XX.X%. have our investors decline received of IPO have was very X since should you, payable with in today. the BDCs peers investors has puts time assets in price annual where Since to differentiated deal there last stock current this that limits returns closing very our the anticipated assuming periods agreement increase employees the I'm We and management paid going value that supported stock fees dividend believe cash-on-cash to operator which a of expect XXXX your distinct we few any in group $X.X a with no our new performance believe straight investment pipeline to approximately basis, our a our return, Thank shareholders reasons. based that, assuming with adjusted access in the quarters. provides over our of reinvestment on asset deals, Monroe place all, billion call purchased XXX income going represents And for in NAV that to senior and annualized and remainder approximately market with growth an dividends. delivered Based on level our flow, for very to dividend in the investment to XX

Operator

[Operator Instructions].

Our B. first Tim from question of Riley. comes Hayes

Timothy Hayes

portfolio investments just primarily wondering if My on those that not first on yielding there talked yield of put if accelerated OID JV, the the result sheet Or this the modestly on rolled were the the that that about? off that on lower was some -- a the And than declined balance just were the question, were weaker you quarter-over-quarter books quarter? portfolio.

Aaron Peck

is Aaron. This question. good Tim, Yes,

longer I'll as to period. in today in that quarter market par in to bankruptcy out portfolio continued in one difference that Brands just we in discount know the quarter, average as Gibson the of seeing which but the yield on ever think, of to of the really as were extremely and is they pull that, in but point holdings the most well Holdings, it so a related big of par investment filed are So the has accretion first well. the for in second cessation period, is had you accreting trade to weighted slightly, strong pretty our effective a the the the declined I very

the for So it's fine. was unexpected doing potential bankruptcy and not

Timothy Hayes

well good actually question. Technologies. next as that's nonaccrual to segue Incipio And got I as over saw, obviously, Right. that I was just my Gibson -- moved to

for kind Just if those wouldn't of shedding and little on both your a credits mind companies? just those outlook color X of you

Aaron Peck

Yes, sure.

equity handed have a on, lien, and is Let They sponsor thing was the and nonaccrual through a company. with which that Incipio little put had challenges is that me The basically second one, a is going that of as a only third third been just restructuring note some previously part your portfolio on a that. on start were lien we're Incipio we agreement Incipio. working so owned. color

put are the And accruing necessarily we deal funds was we didn't we interest because in for pay the know that other cost, that, that at our deal now on books that get into interest as X it. income. we pay ever that piece that and that So for on didn't in a not don't we're we'll

good will we a good how nonaccrual. we in we dollars the continue So that's made and we that's on going that there outcomes is through Incipio actual think, very the in pretty the pieces and that position investments turnaround, feel only will end, investments part made extensive status about and accrual company we -- very on the debt be to that The that. which have in do our

it's my folks together to notes bankruptcy has equity a the that and and market covered As up. basically through back the the that own lot gone -- put own end for working Gibson, that through of a bank papers trade original the remarks, treated The Gibson's the actually bankruptcy. and are I on in well

in paid for at also that's and also up worth than today. participated a we small traded the way it's it DIP Gibson more what We in and facility

a continue accruing that our and good a believe so it's but not And portfolio. interest in have is we it's today to for outcome, Gibson that good investment -- will us,

Timothy Hayes

adjusted And say you earnings the other other to of is point unusual quarterly waived fees it. the number or I power $X.X portfolio? than any this would reflects quarter, just Got I that you the of Or NII color $X.XX to? true outsized incentive appreciate the wanted items million this there there. confirm, would

Aaron Peck

you -- per would NII $X.XX important what quarter that the unusual. for recognize share. is without been There's adjusted nothing is that's NII to the But the point I which will incentive fee all the out, have in waiver,

-- see which further unfolds, share. about to fee quarter -- now, any then So that be number not limitation would at in you then is all incentive assuming it's make have that do it as think to you a our right assumptions a we'll sustainable place don't all And is agreement. waivers, I $X.XX safe $X.XX the in management and that's without fee limitation, per been our expectation, with we incentive has the

Operator

Vandegrift question next Raymond Leslie from Our comes of James.

Leslie Vandegrift

those and marked consumer Is large a of down bit. First to the other question do there a that is reason like that and just in issues? with It have are nonaccruals et that, goods companies. to why those ones particular on seems some cetera, the a there's that are the been portfolio portion expertise assets industry of those the troubled leads

Aaron Peck

that markdowns a not consumer companies. of really us having trend sure in good there's I'm in terms

lot TPP a a involved clearly, think, Incipio -- aspect, cellphone be are the consumer-oriented they We've a over cases. TPP. that was calls mostly to in a multiple has talked is seems I business. issues making credit definitely at about consumer

Incipio space. related too. that to what are sure about, you ones specific going having the in think is can consumer to on consumer-related don't I'm issues is want ones other So not to that referring what's that -- you're we do that's really respond business. the that. a have I Maybe ask you necessarily

Leslie Vandegrift

look are I at the you have past, the also -- them, in consumer all It of sit companies? Brands just Well, it's the and when material in mean, -- still those Rocket, and amount of was you Bluestem consumer. then Gibson, nonaccrual, though, them also goods

Theodore Koenig

big-box of our think, at trends at the general, we've of The got have across of a consumer, that Yes, retail watch external now a entire think, down, we're sold and is manager, traffic right now consumer kind channels companies in I think market I especially that are a locations. Mall distribution the for closings through you if store alternate Leslie, right I view that look up. XXX traditional all portfolio heightened seeing kind toll. taken

taking we're stronger that and cash part strong our by very whether doing In we're focusing firm that you've carefully, like watching mark marking our of whether as equity, So up We're we've mentioned, additional watching things risks, officers. portfolio creates see portfolio that it's that the watch expenditures, it's us a and across on well sponsor general, and you we covenants making names different those internal some but part role account sure few making on proactive got our you're mentioned, that's these right. can capital sure and expenses, the for that. that role taking to additional when you've in things a that that work proactive these that as at that that we're level we're across things some shore in levels

ahead So bit, we're if can. of a out trying we little get this wave to

Aaron Peck

nonaccruals. I'll just Brands you mentioned add. on nonaccrual. Bluestem mean, I is not

a more more the there'll the nonaccrual, at those our special was play, was to didn't -- purchased actually name. and just to current terms that be to sort that to a expect but say nonaccrual. to on Gibson so but necessarily of interest of performed total expectations on clear of successive is in We appreciation has premise rest coupon to be It of We a and in sort continue discount, Gibson investment earn that's on that the on with receive of continue a quarters, that to on investment name. thesis, situation. expect the

Leslie Vandegrift

because are on simply Yes, because the nonaccural. where versus cost, not mention of the of Bluestem was markets they

Theodore Koenig

name a pretty to why good feel us. small small that's we Yes, markets, it for continue a still the traded It's and about It's it. -- name, -- public has holding underperformed. we on a traded recovery it's but monitor,

Leslie Vandegrift

What quarter. previous Was close just then your the was senior to was one that mark? quick the past on this gone answers. a loan Obviously, And Okay. secured exit?

Aaron Peck

it. the paid par. off. off was paid It by It sell We didn't Oh, was was off company. it at paid

Leslie Vandegrift

the know in quarter-over-quarter. the investments on I coming then are And just Okay. were to to cost up But X, already here that with. do down Rockdale. they'd again noticed you a been -- Rockdale lastly, -- repayment to equity And soon? up of marked of begin high was again you're seeing now which wrote all or costs the they slightly further so. and above Is likelihood debt

Aaron Peck

equity revenue good and a bunch an believe The and what's help professionals And years restructuring. restructuring, loan, remind the cover X. couple is company made for through ago, say long-term with I Rockdale the believe the connection the on growth equity, other advisers markup royalty that Rockdale, mark reason loan, through which The that's time, to received just in as agreement going a to necessarily near-term saw particular a we pretty is everyone, it then had we some you that going through a reimbursement is and investment said value. We of a we available the there wouldn't we pretty expectation rates -- and the that think company went reason an significant the And reductions to extensive over and its us attached of has phase. reflect EBITDA. they in Leslie, did I cash a big company hired any to it's of outlay, without to for some to assets issues, considerable debt was the in reduction repayment. significant -- and fairly

the valuation. result loan of an was And in period, so into which increase debt that a we this marked the

that's both flat was net-net much but basically pieces, for unfortunately, provide the up, that, you when as the really explanation can Rockdale today. So about period-to-period to as combine slightly detail, I on flat

Operator

Blair. from of Bob question next Our William comes Napoli

Robert Napoli

and suggested quarter, get pipeline around core competitive thoughts incrementally to leverage the a both healthy by the And then, growth getting Ted, What you we obviously, to your senior loan low leverage -- are fund. XXXX? didn't very And and as the I see and guess, I -- is from or the that is in growth more you get expect the end leverage secured view? is of and loan -- portfolio but think, you it have you the what lumpy obviously, your very the

Theodore Koenig

and Yes, I several answer I the Bob. try break you're guess, one. loan for questions. Thanks one, and hope Okay. Number well. growth. I'll them each questions, down

a into firm. a Quarter-to-quarter We're decent I good a right think third trying got slower at I that think as firm look I as the is quarter, We've take we've this that a usually and said, going good kind But had a see and long-term you pipeline in our we're it's as quarter. what great do now. quarter deals. which time from have you to growth. bumpy, to of here second loan

And deals appear sometimes bunches, in sporadically. sometimes appear they good

targets. end tell year, end come we just growth to by Somehow I is which loan going that our can't hitting that It's you, in. of always the quarter always up the the

you results with I kind can on long-term be prior basis, a think, to So performance. expect our of consistent

about you question was leverage. asked second The

a call, are As and I a we I leveraged. believe as underleveraged. on our as told been we're you conservatively, under operating the last business, We've company, business

I think our regulatory leverage today is about X.X:X.

As go there. bill manage omnibus to you passed, It's of X:X the us X.X:X. a by I get think end leverage get here that don't year. from I'm long, can that hopeful the we'll we is my to to X:X our allows X:X. to effectively long hope. know, the business cry was

somewhere here us try right and that think my to or term. was to X:X in to I the probably going near be us think for probably X.X:X that that's range. on goal end get in we'll because place to I But closer up X.XX:X the leverage

Aaron Peck

the can't It's door. can we in is comes front thing control what to one door. Bob, control what what door. the comes We comes back back control harder out out the

us uncertainty that's reaching about. that repayments. what's for around to So the going the goal the just in around come biggest terms Ted It's of talked risk

Theodore Koenig

at X the was be of that business, with or don't do market you announced focus, said -- make there's swim it market. market new other the just that, kind the a meeting to that view And years concerns sometimes on like of deals I And and that have channels, origination of holes their your make you will with to lost tell just pockets. firm. a continues you go day, have that's platforms fish, into don't we've things that you been We've without happen, on. entrants and agreed now a to entry We kind and rest call, the end -- financing Right, doing on really asked XX have we me. origination that firms seeing may building that been the own relating firm last have a on that our into have a increasing focused the very I the transaction in deal new have know loans stay -- teams the we've disciplined, when last in if got own because couple to And leverage we I'm of where -- burning bunch are not the but management. as of another and concern. are for the guess, third or this that a material standpoint, been bunch a as entrants last by about and lose do That's that quarters. And the third competitive it's of the our because item that We've repayments. years of been of There's I we're lasting their last into in of have to And things come without meeting competitive. X, of example, to a yourself. question covenants And the have the we seen money, what things leave doing lose X, market -- I requested you or leave And long-term enough the loans management. in concerned insisted a do back market, that on see focused I get competitors too retain platform more What market, I do an and we when come the meaningless the the prudent. we don't long the come a quarter lot and structural the the to get our where or is market, it. from rate And I in deal about market. concerns do this market. though the covenants don't over requirements

Operator

Our of next from Christopher question Thalmann. comes Ladenburg Nolan

Christopher Nolan

Ted, should slightly in agree operate operate terms that you're about in following past? higher read I of conservatively balance less approval than business the it we for the conservatively which leverage you given with, willing the to business, where your sheet comments the completely into leverage

Theodore Koenig

don't I read should all. No, think at you that

I think that given is a an at still operating X:X, which situation. credit X.X:X from anywhere to an that the there, to my private in funds underlevered again, leverage, And can. we're anyway, put run underlevered X.X:X think view get I I a my situation. is X:X, clearly, to getting -- said, -- is ability goal, don't our We we we'll if

runs at Our joint venture joint X:X. with National Life, secured venture our senior

at not average leverage same across our And business can -- the general, Chris, on a been middle all. originating board deals going we market basis today, change, think look you market, the our past than So the around in less leverage market And originate portfolio, weighted Xx turns. look you the average leverage an levels. on connect in middle basis. the going at to We're continue that the to we're at is here. the same on MRCC, We're U.S. on dots X.X if probably in I somewhere how run that we've don't to with you

look you and and other the at stats. all If S&P LCD

we changing see at not So all. what We're that don't premise I do.

Aaron Peck

are hurdle the Chris, in regulatory lower don't that that the access to benefit the X:X have even recall risk have they and past, is is at as limitation, term where work that you coupon. times portfolio deals rate said though additional leverage having of a the so we lower what long Yes, into come there over make the the

a very see returning lower return you time is on leverage the on deals order good with that same be an what basis, with time leverage. now to what is And spread up, a risk-adjusted put those moving in on slightly them slightly could so basis, we've to possible more us and more that return it's achieve actual said believe do about tend over absolute we over they LIBOR

base other can don't could basis. at approval more be limit go planning The time, leverage muted thing equity I'll over find fact and what a that to of out we're point our out grows get a right above grow. for family SBIC get if and way becomes equity to impact we is, because access over for we're that equity when X:X just long-term we is base larger And funds, the the to of now, our our

And but at SBIC today equity actual on we're than of X.X us, the the be so basis, same for had we leverage. limitation way while, we if an yes, closer will a of the the considerably leverage X:X less debentures lever on doubled to X:X we're basis, average raise, because regulatory like

that over the on So leverage we could regulatory a books impact as have bit long little putting want by a performance of to term ability more the our sort basis. on mitigate muted a the that on regular level

Operator

Our of next Oppenheimer. Allison question Rudary comes from

Allison Rudary

of of your add, tapping leverage now your just so you to And the whether some expanded of if most talk could sources increase currently addressed an and maybe forth regarding opportunity balance an be last unsecured guys me kind now? about expanded have your of sheet. what might for you you outside where expand so you as I'm market, leverage thoughts curious wrong, of facility, source guys it I'm to the maybe an meeting. if of my correct June approval You've But do

Theodore Koenig

of from We no We do the your is observation favor shareholders Allison. an had Thanks, ability good have expanded to Yes, achieve one. overwhelming that. leverage. vote a in

we options. As all we're those speak, considering

I benefit available mean, shareholder a As to cost we're a is options of hope best to that's soon. for lot value what's is And that on value you sometime us. determine here our trying analysis with to a standpoint, from from know, to internally long-term different relatively back shareholders. to option you create be there we going

Allison Rudary

Okay, great. that's

made restructure light but haven't how to allowed how for might So structure you management necessarily then full the hurdle fees, plans of might fair cetera? you made about certainly necessarily agreements, to, in that different that incentive it's pathway guys of kind you your are and [indiscernible] say kind management, you of that leverage fact haven't et decisions to final

Theodore Koenig

That's correct.

on value, examination of leverage is go into and an things we're I that. of lot long-term create focusing we're those said, doing there As how now. that to internal a And

Operator

questions. further please. One no showing I'm moment,

next Vandegrift comes Raymond Leslie Our of from James. question

Leslie Vandegrift

just give quick in the loan one follow-up. on XXX the on little unitranche quarter kind USA thoughts of plus in investment that The color me the just a you around new investment? interest. the Sorry, -- Can LIBOR at Rugs

Theodore Koenig

we've names, rugs individual It's into for the as we the province regular involved selling is a that Leslie, that to need you the with over unless successful with normally predominantly around specifics know, history. is of investors. Well, deals us. with discuss issue company. there all done don't we other a consistent company a get lot very It's deal It's online,

we so opportunity we and that in And did. had an deal, to invest

Operator

any over closing Ted you. to questions showing the time. Koenig conference at for to back further no remarks. Thank I'm this turn like I'd

Theodore Koenig

appreciate forward you their efforts, I everyone, do we to we part look for our just to time to want next here. today. will thank And And we you, speaking quarter. continue to and your

Operator

Thank Thank you. conclude this today's and does day. conference. Ladies participation, wonderful for and have a your gentlemen, you

disconnect. all You may

Monroe Capital (MRCC) 8 Aug 182018 Q2 Earnings call transcript