Date of Report (Date of earliest event reported): December 14, 2011
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Delaware
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1-35040
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27-4576073
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(State or other jurisdiction of
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(Commission File Number)
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(I.R.S. Employer
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incorporation)
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Identification No.)
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375 Park Avenue, 33rd Floor
New York, NY 10152
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(Address of principal executive offices)(Zip Code)
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Registrant’s telephone number, including area code: (212) 759-0777
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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ITEM 2.02.
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Results of Operations and Financial Condition.
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Exhibit No. | Description |
99.1
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Press Release, dated December 14, 2011
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MEDLEY CAPITAL CORPORATION
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|||
Date: December 14, 2011
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/s/ Richard T. Allorto, Jr.
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Name:
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Richard T. Allorto, Jr.
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Title:
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Chief Financial Officer
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Exhibit No. | Description |
99.1
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Press Release, dated December 14, 2011
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·
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Declared a dividend of $0.25 per share
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·
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Net investment income of $0.26 per share for the quarter ended September 30, 2011
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·
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Net income of $0.23 per share for the quarter ended September 30, 2011
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·
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NAV of $12.57 per share as of September 30, 2011
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·
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Net investment originations of $54.4 million for the quarter ended September 30, 2011
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Medley Capital Corporation
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||||||
Consolidated Statements of Assets and Liabilities
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||||||
September 30,
2011
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September 30,
2010
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|||||||
ASSETS
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||||||||
Investments at fair value
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||||||||
Non-controlled/non-affiliated investments
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||||||||
(amortized cost of $153,268,701 and $0, respectively)
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$ | 153,385,565 | $ | - | ||||
Affiliated investments (amortized cost of $46,087,374
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||||||||
and $0, respectively)
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45,820,982 | - | ||||||
Total investments at fair value
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199,206,547 | - | ||||||
Cash and cash equivalents
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17,201,643 | 15,190 | ||||||
Interest receivable
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1,679,738 | - | ||||||
Deferred credit facility financing costs, net
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1,259,382 | - | ||||||
Other assets
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782,006 | - | ||||||
Deferred offering costs
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- | 49,760 | ||||||
Total assets
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$ | 220,129,316 | $ | 64,950 | ||||
LIABILITIES
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||||||||
Management and incentive fees payable, net
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1,483,751 | - | ||||||
Accounts payable and accrued expenses
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626,261 | - | ||||||
Administrator expenses payable
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346,293 | - | ||||||
Deferred revenue
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18,648 | - | ||||||
Interest and credit facility fees payable
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1,667 | - | ||||||
Accrued organizational costs
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- | 92,000 | ||||||
Contributed loan
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- | 50,000 | ||||||
Deferred offering costs payable
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- | 15,000 | ||||||
Total liabilities
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$ | 2,476,620 | $ | 157,000 | ||||
NET ASSETS
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||||||||
Common stock, par value $.001 per share, 100,000,000
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||||||||
common shares authorized, 17,320,468 and 0 common
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||||||||
shares issued and outstanding, respectively
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$ | 17,320 | $ | - | ||||
Capital in excess of par value
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214,509,815 | - | ||||||
Accumulated undistributed net investment income (loss)
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3,220,089 | (92,050 | ) | |||||
Accumulated net realized gain from investments
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55,000 | - | ||||||
Net unrealized depreciation on investments
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(149,528 | ) | - | |||||
Total net assets
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217,652,696 | (92,050 | ) | |||||
Total liabilities and net assets
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$ | 220,129,316 | $ | 64,950 | ||||
NET ASSET VALUE PER SHARE
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$ | 12.57 | n/a |
Medley Capital Corporation
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||||||
Consolidated Statements of Operations
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||||||
Three months ended
September 30, 2011
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Year ended
September 30, 2011
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|||||||
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INVESTMENT INCOME
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||||||||
Interest from investments
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||||||||
Non-controlled/Non-affiliated investments
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$ | 4,400,874 | $ | 8,517,020 | ||||
Affiliated investments
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1,552,370 | 4,217,333 | ||||||
Total interest income
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5,953,244 | 12,734,353 | ||||||
Interest from cash and cash equivalents
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6,033 | 69,763 | ||||||
Other fee income
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931,284 | 1,764,738 | ||||||
Total investment income
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6,890,561 | 14,568,854 | ||||||
EXPENSES
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||||||||
Base management fees
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989,776 | 2,678,806 | ||||||
Incentive fees
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633,960 | 713,745 | ||||||
Administrator expenses
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346,293 | 866,055 | ||||||
Professional fees
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262,140 | 628,209 | ||||||
Interest and credit facility financing expenses
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163,072 | 163,072 | ||||||
Directors fees
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126,813 | 448,871 | ||||||
Insurance
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104,414 | 287,326 | ||||||
General and administrative
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56,756 | 130,570 | ||||||
Organizational expense
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- | 92,226 | ||||||
Expenses before management fee waiver
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2,683,224 | 6,008,880 | ||||||
Management fee waiver
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(219,770 | ) | (1,068,688 | ) | ||||
Total expenses net of management fee waiver
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2,463,454 | 4,940,192 | ||||||
NET INVESTMENT INCOME
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4,427,107 | 9,628,662 | ||||||
UNREALIZED GAIN (LOSS) ON INVESTMENTS:
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||||||||
Net realized gain from investments
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- | 55,000 | ||||||
Net unrealized depreciation on investments
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(493,455 | ) | (149,528 | ) | ||||
Net loss on investments
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(493,455 | ) | (94,528 | ) | ||||
NET INCREASE IN NET ASSETS RESULTING FROM
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||||||||
OPERATIONS
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$ | 3,933,652 | $ | 9,534,134 | ||||
WEIGHTED AVERAGE - BASIC AND DILUTED
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||||||||
EARNINGS PER COMMON SHARE
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$ | 0.23 | $ | 0.55 | ||||
WEIGHTED AVERAGE - BASIC AND DILUTED NET
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INVESTMENT INCOME PER COMMON SHARE
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$ | 0.26 | $ | 0.56 | ||||
WEIGHTED AVERAGE COMMON STOCK
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||||||||
OUTSTANDING - BASIC AND DILUTED
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17,320,468 | 17,258,215 | ||||||
DIVIDENDS DECLARED PER COMMON SHARE
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$ | 0.21 | $ | 0.37 |