MRCC Update: Lower Recurring Income & Increased PIK
Summary
MRCC reported just below its base case projections due to a continued decline in the amount of recurring interest income (now below $11 million per quarter).
Total income is now at its lowest level since 2017. The amount of non-cash/PIK income continues to increase and now accounts for 16% of interest income.
Same as the previous quarter, NII would…