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BDC IPO TCAP Wins "Stupid Investment of the Week" Chuck Jaffe, MarketWatch 3-22 Triangle Capital, a closed-end fund that went through its IPO in February and which today is the pick for Stupid Investment of the Week. Triangle Capital is a "specialty finance company" for smaller companies -- firms with revenues of $10 million to $100 million -- mixing subordinated debt with a little bit of common stock to create a nondiversified high-yield portfolio. The purpose of its IPO was actually to create a new company that purchased all assets of an existing fund, effectively taking a private fund public. According to its prospectus, Triangle Capital has total annual expenses of 13.6%. After you think "That can't be right" and look through the footnotes, you'll see that management estimates that after one-time events are factored in, the total ongoing expenses will amount to 7.3%. That's better, but still huge. The fund is investing in subordinated debt, which makes valuing the underlying portfolio a bit uncertain. Ultimately, this compounds an issue many investors have with closed-end funds, namely that it's hard to determine an appropriate price until the fund has a longer history, typically at least 90 days. Says Jeff Tjornehoj, senior research analyst for Lipper Inc.: "A quarter is at least a minimal standard beginning period, at which point you can start to establish a sense of the pricing. An investor buying a closed-end IPO probably doesn't have enough information to go on to feel comfortable." TAXI Reports Net Investment Income $0.05/Share Bussinesswire 3-19 Medallion Financial announced that earnings, or net increase in net assets resulting from operations increased to $5,844,000 or $0.33 per diluted common share in the 2006 fourth quarter, up from $603,000, or $0.03 per diluted common share in the 2005 fourth quarter. Net investment income after taxes was $965,000 or $0.05 per share in the 2006 fourth quarter, compared to $144,000 or $0.01 per share in the 2006 third quarter and $1,040,000 or $0.06 per share in the 2005 fourth quarter. Net asset value per share was $9.73 at the end of 2006 compared to $9.69 at the end of 2005. NGPC Dividend Down from Q4-06 Bussinesswire 3-20 NGP Capital Resources Company declared a quarterly dividend to stockholders in the amount of $0.265/share [down from 33 cents in Q4-06, but up from 16 cents in Q1-06]. The dividend will be paid on April 13, 2007 to shareholders of record on March 30, 2007. ARCC Reports Net Investment Income $0.37/Share Bussinesswire 3-08 Ares Capital announced Q4-06 net income of $21.0 million or $0.42 per share (basic and diluted) and 2006 net income of $69.7 million or $1.61 per share (basic and diluted]. Net investment income for Q4-06 was $18.3 million or $0.37 per share and 2006 net investment income was $56.6 million or $1.31 per share. Weighted average yield of debt and income producing equity securities as of December 31, 2006 was 11.95% and 49% of the Company's assets were in floating rate debt securities. Net assets per share at the end of 2006 was $15.17 compared to $15.03 at the end of 2005. Ares declared a first quarter dividend of $0.41/share [down from $0.50/share in Q4-06] payable on 3-30 to stockholders of 3-19. NGPC Reports PRNewswire 3-09 NGP Capital Resources Company reported investment income for 2006 totaled $27.5 million. Operating expenses for the year were $11.0 million and included $4.7 million of management and incentive fees, $2.6 million in interest and credit facility fees and $3.7 million of general and administrative expenses. The resulting net investment income was $16.55 million. Net investment income for Q4-06 was $4.9 million. Net Asset Value per share at the end of 2006 was $13.96 compared to $14.02 at the end of 2005. The weighted average yield on targeted portfolio investments was 12.0% at the end of 2006. The total portfolio was invested as follows: 37.7% in senior secured term loans, 10.8% in senior subordinated secured notes, 0.6% in participating convertible preferred stock, 4.4% in corporate notes, 1.2% in LLC units, 41.7% in U.S. Treasury Bills and 3.6% in cash and cash equivalents. PCAP Reports Net Investment Income $0.26/Share Businesswire 3-05 Patriot Capital Funding reported Q4-05 total investment income of $7.6 million and net investment income of $4.1 million, or $0.26 per basic and diluted share. Q4-06 net income of $4.5 million, or $0.29 per basic and $0.28 per diluted share. The weighted average yield on all of our debt investments for 2006 was 13.4%. Net Asset Value per common share at the end of 2006 was $10.37 compared to $10.48 at the end of 2005. TICC Reports Net Investment Income $0.38/Share Marketwire 3-07 Technology Investment Capital Corp. reported net investment income of $7,668,603 [$0.38/share] in Q4-06 compared to $3,808,654 [$0.37/share] in Q4-05. Full year 2006 net investment income was $25,400,818 [$1.35/share] compared to $14,385,122 [$1.21/share] in 2005. TICC declared a special dividend of $0.12 per share during the fourth quarter of 2006 payable on 1-17 to holders of record as of 12-29-06. At December 31, 2006, the weighted average yield on our debt investments, excluding cash and cash equivalents, was approximately 12.7%. -- At December 31, 2006, our net asset value per share was approximately $13.77. MCGC Reports EPS of $0.52/Share PRNewswire 2-27 MCG Capital Corporation reported Q4-06 Earnings per common share of $0.52 compared to $0.42 in Q3-06, $0.43 in Q2-06, $0.50 in Q1-06 and $0.37 in Q4-05. Total yield on average loan portfolio at fair value was 13.10% in Q4-06, 12.71% in Q3-06, 13.02% in Q2-06, 12.71% in Q1-06 and 11.82% in Q4-05. Net Interest Margin for Q4-06 was 9.51% compared to 8.52% in Q3-06, 9.19% in Q2-06, 8.60% in Q1-06 and 8.095 in Q4-05. Net asset value per common share at period end of 2006 was $12.83 compared to $12.67 in Q3-06 and $12.48 at the end of 2005. MCG announced today that its Board of Directors has declared a first quarter 2007 dividend of $0.44 per share, representing a $0.02 per share increase from the fourth quarter 2006 dividend of $0.42 per share. The dividend is payable 4-27 to shareholders of record on 3-15. For 2007, MCG currently estimates that dividends will be at least $1.76 per share. CSE Reports Adjusted EPS of $0.61/Share PRNewswire 2-27 CapitalSource Inc reported adjusted earnings of $425.7 million [$2.51/share] for 2006 compared to $263.6 million [$2.14/share] for 2005. This represents a 17% year-over-year increase. Adjusted earnings were $109.6 million [$0.61/share] for Q4-06 compared to $122.9 million [$0.71/share] for Q3-06. Net income for 2006 was $279.3 million [$1.65/share] compared to $164.7 million [$1.33/share] for 2005. This represents a 24% year-over-year increase. Net income for Q4-06 was $60.3 million [$0.34/share] compared to $80.9 million [$0.47/share] for Q3-06. Total commercial assets, including commercial loans and direct real estate investments, were $8.6 billion as of year end, a net increase of approximately $1.0 billion, or 13%, from the prior quarter. Total commercial assets grew $2.6 billion, or 43%, during the year. Net investment income was $146.6 million for the quarter, a decrease of $17.2 million from the prior quarter. This decrease was primarily due to an anticipated decrease in prepayment-related fee income this quarter. Yield on average interest earning assets was 12.12% for the quarter, a decrease of 95 basis points from the prior quarter. The decrease in yield from fee income this quarter was primarily due to a 77 basis point decline in prepayment-related fee income. Prepayment related fee income contributed 60 basis points to yield in the quarter compared to 137 basis points in the prior quarter and 92 basis points for the full year. Cost of funds was 6.46% for the quarter compared to 6.26% for the prior quarter. This increase was primarily due to higher amortization of deferred financing fees and a higher cost mix of funding resulting from the issuance of additional subordinated debt, greater use of our unsecured credit facility and the higher costs of financing for certain of our real estate acquisitions. Net finance margin, defined as net investment income divided by average income earning assets, was 7.01% for the quarter, a decrease of 118 basis points from 8.19% for the prior quarter. As of December 31, 2006, CapitalSource manages an asset portfolio of approximately $17 billion, primarily including $8.6 billion of which we own in our commercial lending and investing business, $5.8 billion of which we own in our residential mortgage investment business, and $2.4 billion of which we manage on behalf of third parties. GOOD Reports FFO of $0.28/Share Businesswire 2-27 Gladstone Commercial Corp. reported net income available to common stockholders for 2006 was $2,185,938 [$0.27/share] compared to $3,601,945 [$0.47/share] for 2005. FFO for 2006 was $9,428,822 [$1.18/share] compared to $7,253,064 [$0.94/share] for 2005. FFO for Q4-06 was $2,293,178 [$0.28/share] compared to $2,326,026 [$0.30/share] for Q4-05. On 3-12 American Capital Strategies announced it plans to make a public offering of 9 million shares of its common stock, 6 million shares of which are being offered by Citigroup, Wachovia and Credit Suisse in connection with agreements to purchase common stock from American Capital at a future date, and 3 million shares of which are being offered directly by American Capital. On 3-08 UBS Initiated coverage of ACAS at Neutral. On 3-05 Banc of America Downgraded ALD from Buy to Neutral. On 3-14 Wachovia Upgraded GLAD from Underperform to Market Perform. On 3-06 AINV announced its fourth fiscal quarter dividend of $0.51 per share, payable 3-29 to shareholders of record of 3-22-07. On 3-14 PSEC declared a dividend of $0.3875 per share, payable on 3-30 to shareholders of record as of 3-23 or having an ex-dividend date of 3-21. This dividend marks the tenth consecutive quarterly increase and an increase of $0.0875 or 29% from the year-over-year prior quarter's dividend of $0.30 per share. 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. 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. |