<SEC-DOCUMENT>0000930413-20-000023.txt : 20200521
<SEC-HEADER>0000930413-20-000023.hdr.sgml : 20200521
<ACCEPTANCE-DATETIME>20200103161321
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000930413-20-000023
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20200103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			StoneCastle Financial Corp.
		CENTRAL INDEX KEY:			0001578987
		IRS NUMBER:				900934878
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 FILLMORE STREET, SUITE 325
		CITY:			DENVER
		STATE:			CO
		ZIP:			80206
		BUSINESS PHONE:		(303) 398-2929

	MAIL ADDRESS:	
		STREET 1:		100 FILLMORE STREET, SUITE 325
		CITY:			DENVER
		STATE:			CO
		ZIP:			80206
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0 0 3pt">3000 Two Logan Square</P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0 0 3pt">Eighteenth and Arch Streets</P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0 0 3pt">Philadelphia, PA 19103-2799</P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0 0 3pt">215.981.4000</P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0 0 3pt">Fax 215.981.4750</P>

<P STYLE="font: 10pt Garamond, Times, Serif; margin: 0; text-align: right">&nbsp;</P>


<P STYLE="font: 10pt Garamond, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
<P STYLE="font: 10pt Garamond, Times, Serif; margin: 0; text-align: right">John P. Falco</P>

<P STYLE="font: 10pt Garamond, Times, Serif; margin: 0; text-align: right">direct dial: 215.981.4659</P>

<P STYLE="font: 10pt Garamond, Times, Serif; margin: 0; text-align: right"><u>falcoj@pepperlaw.com</u></P>

<P STYLE="font: 10pt Garamond, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Garamond, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 4in">January 3, 2020</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><U>Via EDGAR</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Alison White, Esq.</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Senior Counsel</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Division of Investment Management</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">100 F Street N.E.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 139.5pt"><B>Re:&nbsp; StoneCastle Financial Corp.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 139.5pt; text-indent: 0.25in"><B>&nbsp;
<U>1940 Act File No. 811-22853</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #1F497D">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: #1F497D">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Dear Ms. White:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This letter addresses the oral comments of the
Commission&rsquo;s staff (the &ldquo;Staff&rdquo;) provided on December 20, 2019 with respect to the preliminary proxy materials
of StoneCastle Financial Corp. (the &ldquo;Company&rdquo;) filed with the Commission on December 17, 2019 pursuant to the requirements
of Rule 14a-6(a) under the Securities Exchange Act of 1934.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Staff&rsquo;s comments are set forth below
in italicized text followed by the Company&rsquo;s response. Capitalized terms used herein but not defined shall have the meaning
provided in the preliminary proxy materials filed with the Commission on December 17, 2019.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.3in 0 0; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
*</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On page 3 of the
Proxy Statement, revise the response to the &ldquo;Question: How Many Votes do I have?&rdquo; to include disclosure similar to
that on page 40 that there are pro rata voting rights for any fractional shares.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Response:</B> The proxy statement has been revised to address
the Staff&rsquo;s comment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On page 4 of the
Proxy Statement, the last sentence of the second paragraph under &ldquo;Question: Who is ArrowMark Partners?&rdquo; includes the
terms &ldquo;BANX mandate&rdquo; and &ldquo;Term Asset-Backed Securities Loan Facility program.&rdquo; Include a brief explanation
of these terms.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 7pt">Philadelphia</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 7pt">Boston</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 7pt">Washington, D.C.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 7pt">Los Angeles</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 5.05pt; text-align: center"><FONT STYLE="font-size: 7pt">New York</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 7pt">Pittsburgh</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 7pt">Detroit</FONT></TD></TR>
<TR>

    <TD STYLE="text-align: center; vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-top: 2pt; padding-left: 0.1in"><FONT STYLE="font-size: 7pt">Berwyn</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0pt"><FONT STYLE="font-size: 7pt">Harrisburg</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0in; text-align: center"><FONT STYLE="font-size: 7pt">Orange County</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 7pt">Princeton</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0in; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 7pt">Rochester</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0in; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 7pt">Silicon Valley</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0in; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 7pt">Wilmington</FONT></TD>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><BR>
www.pepperlaw.com</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0 0 3pt">&nbsp;</P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0 0 3pt"><IMG SRC="image_002.jpg" ALT="phlogo" STYLE="height: 28px; width: 152px"></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0 0 3pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Ms. Alison White</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">January 3, 2020</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 2</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Response:</B> The term &ldquo;BANX mandate&rdquo; has been removed
and replaced with the &ldquo;Company&rsquo;s investment goals and strategies.&rdquo; The reference to &ldquo;Term Asset-Backed
Securities Loan Facility program&rdquo; is a reference to the Federal Reserve&rsquo;s program that began operation in 2009. A brief
description of this program has been added to this paragraph of the proxy statement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On page 6 of the
Proxy Statement, the last sentence under &ldquo;Question: How will the Company be managed following the Transaction?&rdquo; states
that the Company will &ldquo;rotate out of lower-yielding assets into higher yielding assets.&rdquo; If the transition to higher
yielding assets will have a material impact on the Company&rsquo;s risks, disclose such risks or increased risk throughout the
Proxy Statement.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Response:</B> The disclosure on page 6 of the Proxy Statement
has been modified to state that &ldquo;StoneCastle-ArrowMark intends to rotate out of assets with a lower interest rate into assets
with a more attractive interest rate relative to the credit quality of such assets. For more information, please see the discussion
of the &ldquo;ArrowMark Partners Investment Pipeline&rdquo; on page 20, below.&rdquo; StoneCastle-ArrowMark believes that the anticipated
investments into Alternative Capital Securities will not alter the overall risks related to an investment in the Company. This
is because StoneCastle-ArrowMark anticipates that any new investments into Alternative Capital Securities will have the same or
similar credit quality as those that would be replaced by the Alternative Capital Securities, and accordingly there will not be
a material change to the overall credit quality of the Company&rsquo;s portfolio holdings. Accordingly, the Company does not believe
that such investments will expose it to additional risk. It has, however, modified its disclosure to supply several risk factors
generally applicable to alternative capital securities on page 20 of the Proxy Statement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On page 9, remove
the term &ldquo;generally&rdquo; in the first sentence of the response to &ldquo;Question: Who will bear the expenses associated
with completing the Transaction?&rdquo;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Response:</B> The proxy statement has been revised to address
the Staff&rsquo;s comment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On page 19, in the
table summarizing the differences between Section 11 of the Current Investment Advisory Agreement and the New Investment Advisory
Agreement, the Staff notes changes to the list of expenses that are the responsibility of the Company. To the extent these changes
have the effect of increasing the expenses paid by the Company include the required disclosure under Item 22(a)(3)(iv) of Schedule
14A. </I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Response:</B> Section 11 of the New Investment Advisory Agreement
was revised to describe with more specificity the expenses of the investment adviser that are currently payable by the Company.
Accordingly, the contractual terms of the New Investment Advisory Agreement will not result in the Company paying expenses for
which it was not previously responsible under the</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0 0 3pt">&nbsp;</P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0 0 3pt"><IMG SRC="image_002.jpg" ALT="phlogo" STYLE="height: 28px; width: 152px"></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0 0 3pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Ms. Alison White</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">January 3, 2020</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 3</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Current Investment Advisory Agreement. The Current Adviser is permitted to seek
reimbursement for these enumerated expenses under the Current Investment Advisory Agreement, although historically the Current
Adviser has opted not to do so. Please see page 18 of the proxy statement for a discussion of the Current Adviser&rsquo;s historical
practice regarding expenses. StoneCastle-ArrowMark has stated that it will not seek such reimbursement, consistent with the Current
Adviser&rsquo;s historical practice, for a two-year period following the close of the Transaction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confirm in your response
to the Staff that ArrowMark Partners or StoneCastle-ArrowMark do not manage other registered investment companies with substantially
similar investment strategies as the Company or, to the extent they do, provide disclosure required by Item 22(c)(10) of Schedule
14A.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Response: </B> Neither ArrowMark Partners nor StoneCastle-ArrowMark
manages other registered investment companies with substantially similar investment strategies as the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.3in 0 0; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
*</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.3in 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Please direct any questions concerning this letter
to my attention at 215.981.4659 or, in my absence, to John M. Ford, Esq. at 215.981.4009.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%">&nbsp;</TD>
    <TD STYLE="width: 31%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>/s/ John P. Falco</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>John P. Falco</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">cc: </TD>
    <TD STYLE="width: 91%">Joshua S. Siegel, Chairman of the Board and Chief Executive Officer of the Company John M. Ford, Esq.</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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