MRCC - Earnings call transcript Q3 2019 | Monroe Capital Corporation

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Operator

Welcome to Monroe Capital Corporation’s Third Quarter 2019 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 contain certain forward-looking statements, including statements regarding our goals, strategies, beliefs, future potentials, operating results or cash flows.

Although we believe these statements are reasonable based on management’s estimates, assumptions and projections as of today, November 7, 2019, these statements are not guarantee 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, uncertainties 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

ahead. would over Monroe Officer go conference turn Capital Ted Please I the Executive to now Koenig, Chief Corporation. of

Ted Koenig

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

fund investment third growth net income of with dividend we growth contributed This investments, the our lien $X.XX $X.XX of attributable quarter the quarter, was $X.X million later. new in describe we grown $XX.X with million existing company the Approximately and per attributable loan million our represents $XX.X expansion. as adjusted on net line adjusted For was secured in income. of last to We’ve loan portfolio share, $XX.X by million of new first senior this our generated This basis. dividend in more have investment to covered quarter JV new per portfolio equity our investment Aaron detail investments of the to a net XXnd will equity quarterly XXX,XXX consecutive share. in senior

own Given investments. portfolio the an has market to dynamics, fund proprietary loan ample competitive our provided opportunity us with

cycle remain to which expansion and specific. in in U.S. sector more limited which in the companies of signs some to later EBITDA we market, as are the a on be of tend million below. economy. part the continue to remains more believe lower weakness, we we that industry specific, long to and market dollars of Despite sector innings be solid aware business middle Turning we $XX the likely overall market, that the of of generating time sorry, define which seeing – tends industry EBITDA conditions We

what of divisive the Campaign. added Presidential In Election we will uncertainty XXXX at likely addition, have be

to been focus companies believe follow careful past As and measure, extremely have loose average the pushing up defensive with and efforts a are and origination or over and we either deals our we market continued no less we leverage cyclical not to structuring covenants. on have larger the industries several covenants quarters, that

remained have continue which underwriting We packages, with structure we covenant in our believe important. is disciplined origination and and strong to deals

the our located ability this Our to and which direct areas, of equity middle deals offices remain teams industry maintain and broad proprietary the origination consists technology, our estate, the and in real in is course market coverage multiple U.S. vertical in healthcare, we of following professionals community. selective media, origination XX discipline the private team, deal close result the specialty throughout business of software, services, finance,

of quarter effective investment fees agreements, advisory announce management to pleased of XXXX, our adjustment shareholders. have made an the of as fee for that which base third are We we beginning the to our reduces

which base allows X% of result For regardless invested in A significant agreement, management per X.XX% our from fees of leverage. leverage assets reduction one-to-one, annum. management gross for reduced that we have gross invested to current of above base fees regulatory assets

income with This to ensure our strong the MRCC’s dividend order meeting. net demonstrates in by coverage alignment of by managements in most was fees our approved shareholders. a management incentive recent change directors was continued of waiving amendment independent our This initiated Board voluntarily with coupled consistent and investment history

share, and investors Monroe of history over in strong low in recent was and period operating direct $XX.XX small share dividend Monroe declines Despite per lending we of our happy recoveries the our end the of coverage, X.X% the NAV time quarter, defaults not in consistent from direct with a prior investment our growth that end NAV. the loans. has At and per continued enjoyed XX-year per the third Capital quarter. decline a are share Capital very have

consistent recent not experience Our NAV history. firm’s with is the long-term investment successful

we are to borrowers, issues few has are credit amount our unrealized our idiosyncratic declines that senior respect management related While with of with of analyzing a many this mark-to-market specific a our do strategies recent team workout time two. credits spent and significant select believe they

have on We these on are focused marked down. singularly realizing been recovery assets that

management We also improve and portfolio continue credit and process. to our analyze

very with with NAV our devote a today affiliated Monroe as on platform. marks, well to number MRCC whatever Capital Despite advantage NAV credit middle long-term the strategic prospects private current the enjoys bullish is resources we This very the in billion market focus improve being over Monroe. the assets it to at Monroe of necessary MRCC Capital MRCC are as the recent one strong the are for forward. of continued firm best-in-class $X management. asset going management performance under rest

walk through our I’m call is results. who now turn Aaron, going to financial to over the going to

Aaron Peck

Ted. you, Thank

of $XX.X in under million a draw $XX.X to the $X.X loans. consisting million total lines existing revolving to in loans borrowers existing million $XX.X credit funded investments, of During equity fundings borrowers, term in existing and in new of we investments, million fundings in delayed new new million quarter, $XX.X and

of the our SBIC of revolving debentures growth subsidiary. portfolio and facility revolving credit notes remaining funded At future partial borrowings $XXX aggregated payable the growth under Additionally, credit SLF. in the cash $X.X had $XX.X September we predominantly be by portfolio which million and our million on XXXX the assets, outstanding XX, uninvested in funded substantial $XXX.X million of total availability quarter. and during repayments million, SBA under will was $XXX by million held facility, we sales Any This our to $XXX.X equity million. offset including our

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

unrealized a valuation from Our NAV share share primarily $XX.XX mark-to-market of XX. X.X% was XX June $XX.XX result per September per as at per decrease to share decreased adjustments. of This as

NII a $X.X million ended share to adjusted of investment results covered the or this Turning quarterly dividend income, adjusted per measure share, At was per $X.XX our quarter’s prior the quarter higher for than our share. level, net slightly non-GAAP September XX, $X.XX per results.

our statement amount investment of levels, the quarter, income to to of increase interest the Fee primarily result by remained during an principally lower a driven increased Looking portfolio total in growth. quarter activity income primarily our due average during quarter. during a as small income, the historical than prepayment only of operations,

an was partially increase in the income LIBOR non-accrual loans Interest growth during in the and status by on placed offset decline quarter.

on we our quarter, positions Curion, non-accrual put the Luxury status. and Worth Optical, During in

this were non-accrual quarter. Curion the reminder, on notes already a As promissory prior status to

credit for all these these of it prudent names, expect is par, positive interest. While the fair given of was assets that stop to resolutions we accruing continue below value significantly to

Total our the side. quarter by increase the the borrowings primarily Moving in expenses support over result for portfolio. an increased of interest and to other growth to a driven as expense – growth expenses in debt the financing of

the recent in payable with to in the prior As order made ensure the manager portion dividend we incentive quarters, a coverage fees decision waive to of to NII.

capacity as liquidity, facility. Regarding of approximately our of had we $XX under September credit revolving XX, million

fully debt-to-equity. nearing quarter, end approximately the SBA debentures. is of our the As in $XXX This quarter, our the we the end the X.XX of of portfolio the prior At of top This close end were had of million drawn leverage all of regulatory available we which leverage that was targeted quarters. temporary aware higher lever leverage as of range were occurred. to quarter have after we a you on expected have end, since shortly couple paydowns of guided to was

reinvest total decreased. end, well XX. our of fourth With total repayments of portion have a repayments total leverage quarter as assets expect these Since received to since in XXXX. September would of as both $XX.X million quarter the We

million XX, capacity a weighted $XX.X approximately fair value aggregating of million X.X%. average investments this had SLF borrowings facility SLF our XX As of different non-recourse interest rate September with million $XXX.X available credit of borrowers and The facility. the under had in credit under at $XXX.X of

this At the yield our partner. over to of MRCC SLF generating equity level and dividend JV XX% in of a is the funding,

is as a the insurance large amount a Blackhawk, of claim That calls, prior with healthcare Rockdale know Blackhawk. an you loan payer receivable with in Rockdale pending for collateral private is Regarding from to accounts arbitration amount there MRCC dispute. a material

mid-August due submitted September. the were final and to arbitrator late proceedings arbitration in were and underlying The trial briefs in completed

render order sometime in no that While this case. we the we deadline is formal expect counsel but can assurance the quarter, for to decision, have a fourth been arbitrator there in they informed will the that no make be by

for process, we on could claim possible believe resolution While will the our If appropriate like are there proceeding be time. important updates arbitration an it positive that the to or the the either a other is not we negative, this any note at recovery of continue this there litigation. of outcome to via have to that shareholders of position, value effect predict it the that other update will any material positive is

will now for I questions. line back open for call to the some closing remarks the before turn Ted we

Ted Koenig

you, Thank Aaron.

for Number by and with Capital external assets XX any $X in XXX to three, pays Monroe higher stock limits XX%. fees with at as supported are management income the external management friendly investment number a best-in-class We rate where quarters. XX, shareholders the our incentive around one, have we throughout a manager management we believe continue located reduced And leverage approximately a material of Corporation base under Number Number to employees XXXX. four, billion is September offices our investors other dividend provides two, following adjusted for have advisory the asset last shareholder that in affiliated attractive and opportunity place fully net a periods fees agreement net and that value our and very of in over investment payable U.S. dividend coverage there our decline very been points. reasons. current is

all call questions. I to today going for operator time open with the I’m want the thank ask to you that and your for

Operator

Hayes B. [Operator the from line Riley question comes Instructions] FBR. Your of Tim with first

Tim Hayes

I questions. to on you guys. else three companies grow status specifically, the start I can interest first credit, good my triggered what paying My first did morning, maybe or that moving Hey, guess these for or stop two quarter new around specifically? cash with taking that not this we’ll triggered on one non-accruals, anything Thanks the touch guess any actually

Aaron Peck

question, Tim. good Yes,

at migrate than you principal amount and non-accrual always at then very about to its look potential thoughtful its able As for you a have what repaid is and amount, plus to that are that how likely And fair any value your recover fair that is amount. and more to be to looking value down at have be par considering status, significant full below starts you of you recovery a your look when likelihood interest being name consider due. to when this

we what do about we know credit. And on that as by on know a basis you name quarter every that name individual based

And so the able our of of it a currently it’s whether at the isn’t necessarily to do likelihood of assessment payments being really interest period. paid at deal. receiving from resolution to a lot cash borrower more has outcome a any if not being we’re with tied directly accrued of a that It all receive to internal

I assessment. the accrued really interest, on Now is that put full we’re at the getting that what we call status up ends judgment any time reality making a change. but mean, the it’s that non-accrual something a we in recovery, including just and based could on know can unpaid

Tim Hayes

And ratings then quarter? were two the the credit luxury, those what at last end understood. of worth Okay, and on on

Aaron Peck

and credit, Optical here which a which has is it let which three-rated is is the credit, – a also changed. Curion Worth four-rated And not me They changed Luxury a see has credit, four-rated changed. not – has not was

Tim Hayes

to doesn’t just trend time the some unrealized companies, weakness broadly I’m these issues new if from correct idiosyncratic say repeat of Yes, talking don’t these it or okay. of this it, read and and be leave lot a And across offenders. this then non-accruals be wrong, or read to spend familiar this got maybe it you about Do of existing seem you in portfolio? there. more handful seems of the the indicative some are need quarter the bulk sorry, of SOI correctly, why I but if me like Okay, you a – depreciation

Aaron Peck

Yes, way constant and I these we with the mean, at monitor portfolio, very work look, then we on every regular at specific individual on look and a we a names very contact management. name and basis look in

terms of of And individual and them relatively moving, – some so lots deals basis but they lot there’s little that to it’s are movement. movements they might the in are be absolutely might aggregate an of add in minor up case they on

we names or assessment see issue are our we on whether the at issues there economy things either to process to point in lot make that just anything the is determine what or individual that movers And of some explanations that these broad an so of it at associated we we with something think each that’s and difficult if – and that can and at the and a of to looking idiosyncratic what you what we is think specific try Rockdale underwriting look are are we idiosyncratic talked with consider all that and that believe based the that of we is fairly names caused difficult sort fairly for that’s about underwrite. we that

are. more better We perfect why always difficult the we underwrite, not determine issues. issues portfolio to and underwrite or very at talk say industry that could’ve we things economy they weakness see there idiosyncratic of things look done trying specific their sort obviously specific and about were that really that weren’t about But are and in much ECA whether more and we’re that much the It’s related to to and more general that’s It’s across statement. what to there’s make weakness. we

that. seeing aren’t We

Tim Hayes

degradation Okay, this lower to tough And yield versus there. be got one might this new it. quantify, much the did but to it the non-accruals? due comments how LIBOR quarter then was Appreciate the

Aaron Peck

to have don’t than try know numbers, to get of if a can both shifts. I answer, library I the definitely contributors. with non-accrual, say but I I but I’d they’re to it Yes. related is specific more believe you back

Tim Hayes

guess do on that, credits? how yielding I especially spreads yields follow-up of as just target have to some going view LIBOR continued the to decline you has as And and trend safer, you trended lower Okay. forward,

Aaron Peck

year. earlier in generally or think and spread seen last so the I the year the compression late part most start quarter of for that of Look, seen last Yes. we’d to spreads we’ve moderate,

Monroe starting entire what’s held but I that not across across platform. see to think just what’s the the we’re MRCC, in portfolio, held

We’re seeing firm. that moderate and

don’t think spread recently we’ve I continued what to a seen lot been of So related has tightening.

do seeing LIBOR our And I down. I a moderated. show have floor think think market, a in spread, as of spreads is you’re on going up bit

the LIBOR quarter. was down points about the in basis think XX I

And a safer, that’s portfolio, we’ve but notice And moderating So and intentionally some seeing we are assets the in rotated the moderate. as are of we’ve as up we spread lower taken that rotated into that are believe are first sizes have what we used secure in lean generally position what into to assets. we versus MRCC also more the you’ll trend here have. leverage

get some spread bit So to yield. diverse we’ve fairly assets more a we bit to and risk portfolio made we the on intentional order and the – lower a take the extra the down little in in to put little believe and generate moves portfolio in hope leverage

Tim Hayes

quick follow-up Okay, back just one great. queue. And and then the hop I’ll in

are they on putting on originations Just on and LIBOR? spot are you interest rate being new all floors put

Aaron Peck

It’s in you you might may before floor, like. name a LIBOR. as tied that your a you when necessarily to process. what to want what different move will you floor on very win as you like. look upfront that levers tend spread it floors It’s that deal the name put on deal spot to we of may or not a there’s virtually of you’re LIBOR keep to do. we It’s LIBOR but had you And decision can lot do the more to imagine, where pull every Yes, we fees, put a but And market competitive trying do by change floor.

So that’s specific. a very of move around deal lot things

on and we’re most to aren’t we get LIBOR there��s LIBOR a So a deals trend are but floor. floor, floors I to that can’t LIBOR what getting doing trying specific tell you

Tim Hayes

again Great. hop the for questions queue. in my I’ll and Thanks back taking

Ted Koenig

Thanks, Tim.

Operator

question comes Your next line from with Napoli William Blair. the of Bob

Bob Napoli

on non-accruals do on and credit very the I mean, think resolution. the just would good morning. be And fee overall thoughts in the credit thing right the on shareholder and and do is I’m And economic and environment. much view you, Thank increase environment? the really timing what appreciated. what’s now environment and to move you the what appreciate that’s your management friendly Ted,

Ted Koenig

Good question.

more starting as Bob, this medicine shape. in that, some few dealing generally see corridor here credit the the good We’re mean, industry general. internally on workouts, are we’ve the The names same on rated a I a on and to cracks to portfolios in basis, fours. opposed taken here names been we’ve pretty with threes names

we’re of continue most things believe pick receive mean doesn’t we’ve mark where because generating we’ll It’s put doesn’t of that the that to that just It accrual, comfortable, interest. any continue that we is, to to these First unlikely not levels. receive it’s all, make we’re that interests. once sense to we’re comfortable names And that, not recover. for interest to the pick accrue on

that’s So number one.

general a don’t decline on basis. of pretty matter, I rates in the down. as economies signs two, come a Number Interest good shape. to continue broad see any

We’re been early here. believed sounds last companies tariff of frankly which days be From the problem, last a through, beginning this Most these tariffs, companies reading went It because everything of soon. the not a like days, that because I’ve place get of with the companies, lot XXX been would term relief going to some couple over year. a issue. on because at when of of into pass short the these did tariffs the has

and in of these happened on of to to most companies, sites that, the kind companies companies indeed normalized a manufacturing that blips in if saw I’m distribution get think I we what of And those the think comfortable we’ll get we’ve fall. of company hold we’re a some this to in on couple any where we’re getting or a in we and here, forward. tariff I put got here pricing. were out this tariffs you lot turn other the the unlike stabilized I’m the that assets some lot here are performance. Actually, taken because tried We’ve compressed got – and colleagues because in tremendous over concerns of around. this of resources line MRCC we’re I to today. pretty a the here marks devote that, investor a and margins our whole investors, our or thing to want trying like of a have We’ve And the to back get economy going of are ahead So and level amount some those and see in summer resolved the NAV of and we’re non-accrual. of resources, resources go the going firm. I to going And was think big relaxed,

and earning receivable paid. deployed, to that’s will, we’re money assets sub that some this on really to no and amount going that all but get a Rockdale cash to this that’s our good that good can time that redeploy up We’ve is based argue earning of about account balance day plus got account gets that’s fair interest that And of once a in to be I have couple wasn’t assets. money SBIC So are forward. us which kind gets Aaron we’ve things a got sheet a clean that back things going to amount that generate when view and as lent it We’ve we’ve we move holding everything – able into receivable our interest as got Blackhawk. sense, paid, you on going and mentioned, of going fair some claim secured long, got we generate an investment on makes that that we’re paid. And to of

earning we’re good of is now, not MRCC and relative really that a think properly to utilized and those focus are that’s frankly, today non-earning And redeploy. undervalued probably to I position some lows. the in is is in going redeployed So getting my assets generating MRCC assets interest that being right

Aaron Peck

the that me applies will outcome very let case it that, Let be think the have and yes, one clarify Rockdale, Bob as one good we thing – we me is. just what just outcome to thing clarify a

the know, said, right. the I I that iterate to say get that record. paid. our That’s going expect Ted, we’re to And we for So – yes, arbitrator just intention. needed

Bob Napoli

you. Thank

wise. quick picture follow-up. Just This one big

book nickel back. With take down you reduction does done? – down But or you is thing the the combined I if value be will I NAV you the of know down of it a having to helps slightly, management that the you mean, that share that are to it breathing get some you dividend lot fee the that you took gives may room. that probably the in come sense per make last and – sustain with dividend a

Ted Koenig

easy. goal see that out make right for ways is go the do we’d whatever other play start And company. to on we easy. is Listen, the do can issues. we make to to here The to and the things do asset how there’s necessarily some not talking things about thing of to here like to deal is lots of these goal the what’s board our The with – to things side, before things

think I those that’s always Bob, but we’re a thinking that’s So now I about, are right things, think premature. –

Bob Napoli

Thank Ted. Aaron. Great. Thanks, you,

Ted Koenig

Bob. Thanks,

Operator

comes question Tjaden from Raymond the James. next the of line with Matt Your

Matt Tjaden

Hi, morning. guys. Good

Luxury both on Optical Worth. question First and

seeing stress those or retail are space the marks some Bluestem are to you the idiosyncratic? on to on would the addition specific Brands, three marks In assets say you

Aaron Peck

frankly is the name the we marketplace. you think market. of think When we generate retail thought that about pretty wouldn’t opportunities purposeful to tough. a do, had I is and what that. There’s closely were which Yes, been that a And when some strategy about mean, no in in some pretty we’ve we good traded we’ve be you to companies retail, And for able in how Bluestem, retail as question these that. look, tied thinking things about approached other some

of and where thought, storefront caught trajectory retail good that so that so market just the that wasn’t about retail. online pressures. was it’s big lot in we a did same with it really shouldn’t company we terms one actually the of that have retail the hasn’t Bluestem was a trading. a and It And feel of up yet, But

that, think do to relatively to think you issues missing was selling there, which were we their fashion the and They see some benefits Worth, that about like up. some that their the women getting didn’t and about on to would there. aren’t think store trend like to of customers we retail going ladies from a thought hold basis, with also some were wrong with indicative things they professional in turn When issues regards the that not starting a less. was on are market through And are necessarily the fashion customers buying And Worth or around business of regards to more face that fixed. what and what market. selling, some they were face anything that and company they credit to specific, which a offer we’re We

mean, sponsors comfortable stepped, business, we’ve into defensive have these Luxury particularly So terms liquidity supporting think And retail. these by at and the pretty invest. been positions. at putting of when days in historically, what sponsors you have cases, working the to when done do. I we I’d in we looking really we’re in Worth say businesses way We’ve about, Optical you continue with but this that at, see in what been think about in company both leverage started relatively, additional the we’re these

have signs, space. problems retail, purposely these I away specifically, in see in positive we’ve issues stayed about don’t the retail but you that from are retail anything some particular showing think because So with of are storefront we the that those think

Matt Tjaden

okay. Great,

is we reading Secondly, American I a all? slight or uptick primarily evaluation that the should into at function guess on Homes, be Community that marks, on

Aaron Peck

it’s is it mean, I because value. a fair valuation of function a

the clearly, is the and we mortgage residential quarter, of the new a when servicing there belief valuation in increased. basis and shared therefore The management business party that was third value origination got the are on that improving we So with value fair independent our They company’s in a mortgages. company team place. a mortgage – company this

benefit their volume it the clearly impacted they’re refi rates by interest a but applies is in on So in way MSR in which they as the to an IO, negative an increase effectively book, rate side. origination decline from

So company drives additional income of origination no both cost fee a and their a turnaround servicing mortgage origination which can the most volume, well has which by and hedge of teams as natural cases are taken they’ve that therefore into in their as this advantage strategy trade. bringing valuable have and market additional engine, bit over rights, at value

why Homes. company are So better. generate long-term just we’re seeing should up recovery we And went us. they this Community companies American were we why are for think some this doing benefits, company’s that’s still and And trends why mark positive some to status. that that’s company, positive, that’s this bullish a is non-accrual And continue about the future of

Matt Tjaden

America, you’re similar was piece equity quarter? any marked like of offer a that preferred willing on And a the quite question on of that Great. previous to Corp the bit guidance Education then from looked up asset, kind

Aaron Peck

Yes.

basically you about two have think So when ECA ECA, you prior different in companies got that to split into quarters. remember

is ECA and now what ECA be And used so to NECB. ECA,

the the some as in bit, do applies just to to which buying ECA. it with a case and impacted and when basis, net negatively down. so really it interests the faded movements going one up the both were some had ended on a one up which you value And names, of were frankly, NECB, the there in two it there going pieces. And company, think around And flat, some, about little in

which of to expect period be we could be the recovery, we applies related don’t much on little it But we’ve time, as which impacted on a said some the gets in with was into case, the change a there of in that recovery sort some believe particularly longer this settlements what is term there It think value because ECA negotiations to case the but I of to we lot occurring. for trustee legal specifics, a the in based a some continue bit of calculated is past, how little resolution that to bit.

Matt Tjaden

Great. That’s all I had. guys. Thanks,

Aaron Peck

you. Thank

Operator

next Nolan from of the comes Thalmann. Your question Ladenburg Christopher with line

Christopher Nolan

following question dividend up on earlier. the Just

rate particularly takes dividend Given business the whatever sustain stuff? headwinds, it the other all do the think headwinds, all current support do to that can management’s willing interest that and you to the through dividend waivers and model the

Ted Koenig

business in told, of a dividends, question, for going going we’ll be but that question, response. respond really next everything following generate great we’re to to NAV, best can we I he what to quarter. end terms quarter. couple Chris, the we’re to and here much shareholders, to And at the we’re got As value returns day, and to we’ve accretion. the in at Bob, a when of that the on both try got think it’s here, of same overall going I And the the position core a things look do the better work we’ve if in asked

just guess I to So hold on that.

Christopher Nolan

Great.

Okay, thanks, Ted.

Operator

no I’m to questions now showing queue. I company. back will conference time, the this currently turn in over the further At

Ted Koenig

behalf on Well, fee. make for our Good. our thank happen to the the for joining directors shareholder, you for with I reducing reduction all of us shareholders the to want working on today. management thank us our

step. that’s think an important I

whatever our fees, do incentive our to shows interest here. think continuing shareholders. goal waive benefit really some to we that an And can I and of alignment to is

call directors our of some to anything, we’re all So team, things on you that questions with myself. by up and about I Hopefully, talk internally. make sooner. management to going forward, feel the you the Aaron questions to you working phone to some announcements look shareholders or we’ll have have I follow-up not encouraged want to forward our if and if And next clean our any quarter, free going

that. day. always you and thank to We’re good a do have willing then And

Operator

you participating. thank for Ladies and gentlemen,

may You disconnect. now

Monroe Capital (MRCC) 7 Nov 192019 Q3 Earnings call transcript