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ALD Reports Net Investment Income $0.33/Share Bussinesswire 2-28 ALD reported 2006 net investment income was $189.2 million [$1.30/share] which included employee stock options expense of $15.6 million [$0.11/share] and excise tax expense of $15.1 million [$0.10/share]. For 2005 net investment income was $137.2 million [$1.00/share] which included excise tax expense of $6.2 million [$0.05/share]. The sum of net investment income and net realized gains was $722.5 million [$4.96/share] for 2006, as compared to $410.7 million [$2.99/share] for 2005. Net income for 2006, was $245.1 million [$1.68/share] after a net change in unrealized appreciation of $1.6 million and the reversal of net unrealized appreciation associated with net realized gains of $479.0 million, which resulted in net unrealized depreciation of $477.4 million [$3.28/share]. Net income for 2005 was $872.8 million [$6.36/share] after a net change in unrealized appreciation of $502.1 million and the reversal of net unrealized appreciation associated with net realized gains of $40.0 million, which resulted in net unrealized appreciation of $462.1 million or $3.37 per share. Net income can vary substantially from year to year primarily due to changes in unrealized appreciation or depreciation and the recognition of realized gains or losses, which vary from year to year. For Q4-06, net investment income was $49.1 million [$0.33/share] which included employee stock options expense of $3.7 million [$0.02/share] and excise tax expense of $1.3 million [$0.01/share]. For Q4-05, net investment income was $37.1 million [$0.27/share], which included excise tax expense of $1.0 million [$0.01 /share]. ALD's the total portfolio at value was $4.5 billion at the end of 2006 and the weighted average yield on the interest-bearing portfolio was 11.8%, as compared to 12.8% at the end of 2005. Shareholders' equity was $2.8 billion at 12-31-06, with a net asset value per share of $19.12 as compared to $2.6 billion or $19.17 per share at 12-31-05. AINV Shows One Strenght of External Managment Stephen Ellis, Motley Fool 2-12 Apollo Investment [AINV], despite being managed by a more expensive external management firm, is in my mind is the best BDC to emerge from a recent spate of offerings including Prospect Energy and Ares Capital. The company's quarterly earnings report reaffirmed my belief. Despite the loss of key management players Michael Gross (who was a founding member of Apollo Management, as well as the CEO of Apollo Investment) and Arthur Penn (who was the COO) in the last year, the company continues to perform well. Net investment income nearly doubled year over year to $38 million, and NAV has increased a solid 8% over the last three quarters. This speaks to one advantage of the externally managed firms: They can often pay higher compensation to attract a deeper management bench. The deep bench is needed to run the various parts of Apollo Management, but given that private equity players do not typically stay in one place for long, it also serves as a great way to promote new rainmakers when the old guard moves on. One of the strengths of Apollo is its strong deal flow for a relatively young BDC. Gross investments totaled $233.9 million in the last quarter, versus just $46 million in new investments for Prospect Energy last quarter. Apollo has a long way to go before it can approach ALD's $630 million in gross investments last quarter or ACAS' $1.2 billion in gross investments last quarter, but the point is: Deal flow drives results. Without strong deal flow, there are less lucrative investments -- these firms typically invest in a tiny, tiny percentage of the deals they see, and for investors, that often means more pedestrian returns. ACAS Reports Earnings of $2.15/Share PRNewswire 2-13 American Capital announced earnings for the year increased 145% to $896 million in 2006, compared to $365 million for 2005. On a basic per share basis for the year, Earnings increased 80% to $6.63/share for 2006 from $3.68/share for 2005. On a basic per share basis for the quarter, Earnings increased 199% to $2.15 per share compared to $0.72/share in Q4-05. In 2006, net portfolio appreciation and realized gains totaled $451 million compared to $28 million for 2005. On a basic per share basis for the year, NOI decreased to $3.15 per share from $3.16/share for 2005. On a basic per share basis, NOI decreased 5% to $0.78/share for Q4-06, compared to $0.82/share in Q4-05. The weighted average effective interest rate on ACAS' total investments in debt securities at the end of 2006 was 12.3%. Net Asset Value per Share at the end of Q4-06 was $29.42 compared to $24.37 at the end of Q4-05. American Capital is forecasting total 2007 dividends of $3.68 per share to be paid from ordinary taxable income earned in 2007. This would represent an 11% growth over the total 2006 dividends of $3.33 per share. American Capital is forecasting 15% to 25% growth in net asset value per share ("NAV"), $4.38 to $7.38 growth, to a value in the range of $33.80 to $36.80 per share by December 31, 2007. KFN Reports Net Income $0.47/Share PRNewswire 2-13 KFN reported net income for the fourth quarter and year ended December 31, 2006 of $37.4 million and $135.3 million, respectively, or $0.47 and $1.71 per diluted common share, respectively. Current quarter and annual results compare with net income of $22.0 million and $55.1 million, respectively, or $0.28 and $0.92 per diluted common share, respectively, for the quarter and year ended December 31, 2005. KFN's book value per common share was $21.42 and $21.16 as of December 31, 2006 and September 30, 2006, respectively, exclusive of the distribution declared subsequent to the end of the fourth quarter of 2006 of $0.54 and the third quarter of 2006 of $0.52. KFN's Board of Directors has approved a restructuring transaction whereby KFN will convert from a REIT to a limited liability company. The restructuring transaction is subject to stockholder approval and, if approved, it is expected that the restructuring will be completed by June 30, 2007. Prospect Energy Reports Net Investment Income $0.33/Share Marketwire 2-09 Prospect Energy Corporation reported net investment income for their second fiscal quarter was $4.49 million, a 37% increase over first fiscal quarter net investment income, and 33 cents per weighted average number of shares for the quarter, or 35 cents per beginning of the quarter share count. At 12-31-06, our net asset value per share was $15.24, a $0.38 increase from the prior quarter [but PSEC reported NAV of $15.31 last quarter] and an increase over $14.69 at the end of 2005. PSEC estimates that their net investment income for the current third fiscal quarter ending March 31, 2007, will be $0.31 to $0.39 per share. PSEC's portfolio on 12-31-06 was invested approximately $200.82 million in 19 long-term investments, with the remainder in cash and short-term instruments. PSEC had approximately $95 million invested in cash and short-term instruments. As of 12-31-06, the portfolio generated a current yield of 17.1% across all their long-term debt and equity investments. This current yield includes interest from all long-term investments as well as dividends from Gas Solutions Holdings and net profits interests and royalties from other portfolio companies. Excluding such dividends and other income, the weighted average long-term debt yield as of 12-31-06 was 15.2%. Hercules Technology Reports Net Investment Income $0.21/Share Businesswire 2-07 Hercules Technology Growth Capital [HTGC] reported Net investment income before taxes increased to $3.5 million or $0.21 per share compared with $941,000 or $0.10 per share in Q4 2005, an increase of 271%. Revenues were approximately $8.7 million, a 100% increase compared with $4.3 million in the fourth quarter of 2005. Net income was approximately $3.9 million or $0.23 per share on a weighted average of 16.9 million basic shares outstanding during the quarter measured against a loss of $200,000 or $0.02 per share on 9.8 million weighted average shares outstanding at December 31, 2005. Revenues approximated $29.5 million for 2006, were a record and represented a 177% increase from $10.7 million in 2005. Record net investment income before provision for income tax was $11.1 million, or $0.83/share, including FASB 123R compared to 2005 net investment income of $1.5 million, or $0.22/share, representing an increase of 629%. Total new debt commitments during 2006 were $239.5 million to 32 portfolio companies, as compared to $211.0 million to 28 companies in the year 2005. Total debt funding for 2006 totaled $193.0 million to 35 portfolio companies, as compared to $175.3 million to 28 portfolio companies in the prior year. The overall weighted average yield to maturity on HTGC's loan portfolio was approximately 12.64% as of December 31, 2006. Net asset value per share at the end of Q4-06 was $11.65 compared to $11.67 at the end of Q4-05. Apollo Investment Corporation Reports Net Investment Income $0.46/Share Market Wire 2-07 Apollo Investment Corporation [AINV] announced Q4-06 Net investment income was $0.46/share. EPS was $0.69 in Q4-06 compared to $0.53 in Q4-05. EPS was $2.57 in 2006 compared to $1.25 in 2005. Gross investment income totaled $71.1 million and $190.8 million, respectively, for the three and nine months ended December 31, 2006 compared to $37.6 million and $110.4 million, respectively, for the three and nine months ended December 31, 2005. The increase in investment income for the three and nine months ended December 31, 2006 was primarily due to the continued growth and asset mix of our investment portfolio as compared to the year-ago period. Net expenses totaled $32.4 million and $86.6 million, respectively, for the three and nine months ended December 31, 2006 versus $17.0 million and $43.9 million, respectively, for the three and nine months ended December 31, 2005. Of these totals, for the three and nine months ended December 31, 2006, $7.2 million and $25.9 million, respectively, were performance-based incentive fees and $12.8 million and $26.7 million, respectively, were interest and other credit facility expenses. Overall portfolio composition was distributed 65% in subordinated debt, 2% in preferred equity, 8% in common equity and 25% in senior secured loans versus 42 portfolio companies invested 60% in subordinated debt, 6% in common equity and 34% in senior secured loans at December 31, 2005. The weighted average yields on our subordinated debt portfolio, senior secured loan portfolio and total debt portfolio were 13.6%, 12.7% and 13.4%, respectively, at December 31, 2006 versus 13.4%, 11.3% and 12.6%, respectively, at December 31, 2005. Net Asset Value Per Share was $16.36 at the end of Q3-06 compared to $15.15 at the end of Q1-06. Gladstone Capital Reports Net Investment Income $0.42/Share Businesswire 2-06 Gladstone Capital had Net Investment Income for the quarter ended December 31, 2006 was $5,162,926 [$0.42/share] as compared to $4,442,414 [$0.38/share] for the quarter ended December 31, 2005, an increase of 10.5% per share. Net Increase in Net Assets Resulting from Operations for the quarter ended December 31, 2006 was $4,163,603, or $0.34 per share, as compared to $8,233,349, or $0.71 per share, for the quarter ended December 31, 2005, a decrease of 52.1% per share. The primary difference between the current and prior year periods is the result of net unrealized depreciation and appreciation on the Company's investment portfolio. GLAD recorded net unrealized depreciation on its investments of $1,004,379 for the quarter ended December 31, 2006 as compared to net unrealized appreciation on its investments of $4,972,422 for the quarter ended December 31, 2005. Net asset value was $13.88 per actual common share outstanding at December 31, 2006, as compared to $14.02 per actual common share outstanding at September 30, 2006. The annualized weighted average yield on GLAD's portfolio for the quarter ended December 31, 2006 was 13.7% as compared to 12.6% for the quarter ended December 31, 2005. Gladstone Investment Q4-06 Net Investment Income $0.18/Share Businesswire 2-05 Gladstone Investment Corp has Net Investment Income for the third quarter ended December 31, 2006 was $2,898,068 or $0.18 per share, as compared to $1,752,570 or $0.11/share for the third quarter ended December 31, 2005. Net Investment Income for the nine months ended December 31, 2006 was $8,363,118 or $0.51/share, as compared to $3,185,276 or $0.20 per share for the period June 22, 2005 (commencement of operations) to December 31, 2005. Net Increase in Net Assets Resulting from Operations for the third quarter ended December 31, 2006 was $2,684,543, or $0.16/ share, as compared to $1,614,747 or $0.10/share for the same period a year ago. Net Increase in Net Assets Resulting from Operations for the nine months ended December 31, 2006 was $6,809,635, or $0.41/share compared to $3,111,279 or $0.19 per share for the period June 22, 2005 (commencement of operations) to December 31, 2005. Net asset value was $13.65 per actual common share outstanding at December 31, 2006 as compared to $13.88 per actual common share at March 31, 2006. The annualized weighted average yield on GAIN's portfolio for the three months ended December 31, 2006 was 9.41%. The annualized weighted average yield on GAIN's portfolio for the three months ended December 31, 2005 was 6.42%. Tortoise Capital Resources Announces $86.1 Million IPO PRNewswire 2-01 Tortoise Capital Resources [TTO], a closed-end management investment company focused on the U.S. energy infrastructure sector, IPOed 5,740,000 shares at $15.00 per share, raising $86.1 million. Tortoise Capital Resource's investment goal is to provide stockholders with a high level of total return, with an emphasis on dividends and dividend growth. The company intends to pursue its investment objective by investing primarily in privately-held and micro-cap public energy companies operating in the midstream and downstream segments, and to a lesser extent the upstream segment. The company has elected to be treated as a business development company. TTO is managed by Tortoise Capital Advisors, a registered investment advisor specializing in the energy infrastructure sector. Tortoise Capital Advisors had approximately $2.0 billion under management on Nov. 30, 2006, including the assets of three publicly-traded closed-end investment management companies (TYG, TYY & TYN) focused on the energy infrastructure sector. TTO appears similar to Kayne Anderson Energy Development Company [KED] that IPOed on Sept 20th and sold 10.0 million shares at $25 per share, raising gross proceeds of $250 million. As of November 30, 2006, KED had invested 44% of its net assets including approximately $63 million in MLPs and MLP affiliates, $43 million in fixed income securities and $135 million in repurchase agreements earning an average yield of 6.4%, 11.4% and 5.2%, respectively. KED's current partial period dividend [payable 1-12 to shareholders of record on 12-29-06] equates to a quarterly dividend per share rate of $0.28/share. This equates to a dividend yield of 4.5% on the IPO price of $25.00/share and a dividend yield of 5.0% on the closing price on December 14, 2006 of $22.44. Macquarie IPO's New Infrastructure ETF Roger Nusbaum, RealMoney 2-01 Macquarie Bank is back at the table with another infrastructure-based investment product that has been listed in the U.S.: the SPDR/FTSE Macquarie Global Infrastructure 100 ETF [ticker GII]. GII will be more along the lines of MFD and MGU, in that it owns individual stocks, than like MIC, which makes direct investments. But instead of being actively managed, GII will be indexed. GII's top 10 stock holdings are all utilities and the sector accounts for 90% of the holdings. Energy and industrials each account for about 4% and telecom rounds out the mix at 1.55%. GII is expected to yield 3.1%. Almost 40% of GII is invested in U.S. stocks, yet the U.S. is very under-represented in the top 10 holdings. On 2-01 KKR Financial Corp. [KFN] declared a cash distribution for the quarter ended 12-31-06 of $0.54/share [compared to $0.52/share in Q4-06]. The cash distribution will be payable on February 28, 2007 to stockholders of record as of the close of business on February 15, 2007. On 2-05 Allied Capital Corp. [ALD] raised its quarterly dividend by a penny to 63 cents per share. The dividend is payable on March 28 to shareholders of record as of March 16. On 2-06 AG Edwards Downgraded ACAS from Buy to Hold - then reversed the change on 2-14. On 2-09 BMO Capital Markets Upgraded AINV from Market Perform to Outperform. On 2-21 Sun Trust Rbsn Humphrey Upgraded ACAS from Neutral to Buy and Banc of America Sec Downgraded AINV from Buy to Neutral. On 2-21 Bank of America Securities cut asset manager American Capital Strategies [ACAS] to neutral from buy, citing the group's falling profitability as older investments are harvested or mature and are being supplanted by new deployments made at richer valuations or historically tighter spreads. "While we continue to favorably view the build of the asset manager business, the exhaustion of financial leverage capabilities and lower profitability means slower earnings and dividend growth going forward," the broker said. On 2-28 PCAP declared a cash dividend of $0.32 per share for the first quarter of 2007, an increase compared to its 2006 fourth quarter cash dividend of $0.31 per share. Record date: March 15, 2007. Payment date: April 18, 2007. On 2-06 Ares Capital Corporation [ARCC] announced that it has entered into an agreement to sell 1,201,807 shares of common stock at a public offering price of $19.95 per share, raising approximately $23,976,000 in gross proceeds. On 1-12 Banc of America Sec Upgraded ALD from Neutral to Buy. On 1-17 Credit Suisse Initiated coverage of HTGC at Neutral. On 1-19 AG Edwards Upgraded ALD from Hold to Buy. Gladstone Announces Dividends Businesswire 1-09 Gladstone Commercial Corp. [GOOD] declared dividends of $0.12 per common share for each of the months of January, February and March of 2007. Monthly dividends will be payable on January 31, 2007, February 28, 2007 and March 30, 2007, to shareholders of record for those dates on January 23, 2007, February 20, 2007 and March 22, 2007, respectively. Gladstone Capital Corp. [GLAD] declared dividends of $0.14 per common share for each of the months of January, February and March of 2007. Monthly dividends will be payable on January 31, 2007, February 28, 2007 and March 30, 2007 to those shareholders of record for those dates on January 23, 2007, February 20, 2007 and March 22, 2007, respectively. Gladstone Investment Corp. {GAIN] declared dividends of $0.075 per common share for each of the months of January, February and March of 2007. Monthly dividends will be payable on January 31, 2007, February 28, 2007 and March 30, 2007 to shareholders of record for those dates on January 23, 2007, February 20, 2007 and March 22, 2007, respectively. NOTE #1: This page is ment to be a supplement for those already getting monthly sector updates from another source. Data entry errors sporadically happen. There are other metrics not covered here that should not be ignored. |