 NEW YORK, Aug. 07, 2020 GLOBE NEWSWIRE -- Medley Capital Corporation NYSE: MCC TASE: MCC the Company today announced financial results for the quarter ended June 30, 2020. Third Quarter Summary Net asset value of 149.3 million, or, 54.83 per share, vs. 141.7 million, or, 52.04 per share, at March 31, 2020 Net investment loss of 0.26 per share Fully repaid Series A Israeli Notes the Israeli Notes The board of directors did not declare a dividend this quarter Post Quarter End Summary Completed a one-for-twenty reverse stock split on July 24, 20201Portfolio InvestmentsThe total value of our investments was 250.6 million at June 30, 2020. During the quarter ended June 30, 2020, the Company originated 2.9 million of investments and had 17.3 million of repayments and sales, resulting in net repayments and sales of 14.4 million. As of June 30, 2020, the Company had investments in securities of 43 portfolio companies with approximately 42.8 consisting of senior secured first lien investments, 5.3 consisting of senior secured second lien investments, 1.3 consisting of unsecured debt, 18.8 in MCC Senior Loan Strategy JV and 31.8 in equities warrants. As of June 30, 2020, the weighted average yield based upon the cost basis of our income bearing portfolio investments, excluding cash and cash equivalents, was 8.8.Results of OperationsFor the three months ended June 30, 2020, the Company reported net investment loss per share and net income per share of 0.26 and 2.79, respectively, calculated based upon the weighted average shares outstanding.For the nine months ended June 30, 2020, the Company reported net investment loss per share and net loss per share of 0.68 and 24.63, respectively, calculated based upon the weighted average shares outstanding.Investment IncomeFor the three months ended June 30, 2020, total investment income was approximately 4.3 million and consisted of 2.9 million of portfolio interest income, 1.2 million of dividend income and 0.2 million of fee income.For the nine months ended June 30, 2020, total investment income was approximately 17.1 million and consisted of 11.4 million of portfolio interest income, 4.7 million of dividend income, 0.4 million of interest from cash and cash equivalents and 0.6 million of fee income.ExpensesOn June 12, 2020, the Company entered into an expense support agreement the ESA with MCC Advisors LLC and Medley LLC, pursuant to which MCC Advisors LLC and Medley LLC agreed jointly and severally to cap the management fee and all of the Companys other operating expenses except interest expenses, certain extraordinary strategic transaction expenses, and other expenses approved by the special committee of the board of directors at 667,000 per month the Cap. The Cap became effective on June 1, 2020 and expires on September 30, 2020.For the three months ended June 30, 2020, total expenses before the ESA were approximately 5.4 million and consisted of the following: base management fees of 1.3 million, interest and financing expenses of 2.7 million, net professional fees of 0.5 million, administrator expenses of 0.6 million, directors fees of 0.4 million, and other general and administrative related expenses of 0.9 million. During the month of June, total expenses subject to the Cap were 1.0 million, which resulted in 0.3 million of expense support due from MCC Advisors LLC. After taking the ESA into account, for the three months ended June 30, 2020, total expenses were approximately 5.0 million.For the nine months ended June 30, 2020, total expenses before the ESA were approximately 19.3 million and consisted of the following: base management fees of 5.0 million, interest and financing expenses of 12.3 million, net professional fees of 4.8 million, administrator expenses of 1.7 million, directors fees of 1.0 million, and other general and administrative related expenses of 4.1 million. For the three months ended June 30, 2020, total expenses after the ESA were approximately 19.0 million.Net Investment IncomeLossFor the three months ended June 30, 2020, the Company reported net investment loss of 0.7 million, or 0.26, on a weighted average per share basis.For the nine months ended June 30, 2020, the Company reported net investment loss of 1.9 million, or 0.68, on a weighted average per share basis.Net Realized and Unrealized GainsLossesFor the three and nine months ended June 30, 2020, the Company reported net realized gainslosses of 37.9 million and 39.8 million, respectively.For the three and nine months ended June 30, 2020, the Company reported unrealized appreciationdepreciation of 46.9 million and 22.9 million, respectively.For the three and nine months ended June 30, 2019, the Company reported a loss on extinguishment of debt of 0.7 million and 2.5 million, respectively.For the three months ended June 30, 2020, the Company recorded a change in provision for deferred taxes on the unrealized depreciation on investments of 35,970. For the nine months ended June 30, 2020, the Company recorded a change in provision for deferred taxes on the unrealized appreciation on investments of 49,694.Liquidity and Capital ResourcesAs of June 30, 2020, the Company had a cash balance of 52.2 million.As of June 30, 2020, the Company had 74.0 million outstanding in aggregate principal amount of 6.50 unsecured notes due 2021 and 77.8 million outstanding in aggregate principal amount of 6.125 unsecured notes due 2023.During the quarter ended June 30, 2020 the Company repaid the remaining 21.1 million Israeli Notes outstanding.Dividend DeclarationThe board of directors did not declare a dividend this quarter.Financial Statements Medley Capital Corporation Consolidated Statements of Assets and Liabilities in thousands, except share and per share data June 30, 2020 September 30, 2019 unaudited ASSETS Investments at fair value Non-controllednon-affiliated investments amortized cost of 139,961 and 204,736, respectively116,697 189,895 Affiliated investments amortized cost of 86,469 and 108,310, respectively80,257 99,540 Controlled investments amortized cost of 117,875 and 154,601, respectively53,665 107,454 Total investments at fair value250,619 396,889 Cash and cash equivalents52,203 68,245 Restricted cash 16,039 Other assets2,042 2,974 Interest receivable663 1,592 Receivable for dispositions and investments sold1,302 419 Fees receivable119 109 Total assets306,948 486,267 LIABILITIES Notes payable net of debt issuance costs of 1,134 and 5,274, respectively150,732 251,732 Accounts payable and accrued expenses4,376 11,957 Interest and fees payable802 2,905 Management and incentive fees payable1,317 2,231 Administrator expenses payable265 862 Deferred revenue29 103 Due to affiliate31 44 Deferred tax liability50 Total liabilities157,602 269,834 NET ASSETS Common stock, par value 0.001 per share, 100,000,000 common shares authorized, 2,723,711 and 2,723,711 common shares issued and outstanding, respectively3 3 Capital in excess of par value673,584 673,584 Total distributable earningsloss524,241 457,154 Total net assets149,346 216,433 Total liabilities and net assets306,948 486,267 NET ASSET VALUE PER SHARE154.83 79.46 1 Authorized, issued and outstanding common shares and net asset value per share have been adjusted for the periods shown to reflect the one-for-twenty reverse stock split effected on July 24, 2020 on a retroactive basis. 