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ACAS Reports EPS of $4.77 vs. $2.18 in Q3-06 PRNewswire 7-31 American Capital Strategies Ltd. reported earnings for Q2-07 increased 172% to $788 million, compared to $290 million for Q2-06. EPS for Q2-07 increased 119% to $4.77 compared to $2.18 for Q2-06. For the quarter, net portfolio appreciation and realized gains totaled $584 million compared to $165 million for Q2-06. $493 million of Q2-07 earnings are from the appreciation of its asset management portfolio company, American Capital, LLC, driven substantially from the deconsolidation of the European Capital management company. Earnings less appreciation and depreciation increased 48% to $1.45 per share for Q2-07 compared to $0.98 per basic share for Q2-06. Q2-07 NOI was $0.93/share compared to $0.82/share for Q2-06 and compared to a current dividend of $0.91/share. American Capital's net asset value per share at June 30, 2007 was $35.54, a $7.91 or 29% growth over the June 30, 2006 NAV per share of $27.63. The weighted average effective interest rate on American Capital's total investments in debt securities at June 30, 2007 was 11.8%. At the same time, loans totaling $232 million, with a fair value of $56 million, were on non- accrual. Delinquent and non-accruing loans to 19 portfolio companies totaled $259 million, or 4% of total loans at June 30, 2007, compared to $238 million, or 6% of total loans at June 30, 2006. [Earnings reported by AP] During Q2-07 ACAS recorded an unrealized gain from its portfolio investments of $549 million. Removing the portfolio appreciation from Q2-07 and Q2-06, ACAS' EPS from operating income rose to $0.91/share, up from $0.81/share during Q2-06. Analysts polled by Thomson Financial forecast earnings of 78 cents. Analysts do not always include unrealized gains from portfolio appreciation. AINV Reports NII of $0.53 vs. $0.39 in Q2-06 Business Wire 8-09 Apollo Investment Corporation reported Q2-07 Net investment income of $54.758 million [$0.53/share] compared to $31.7 million [$0.39/share] for Q2-06 and compared to a current dividends of $0.51/share. Net realized and unrealized gains were $122.964 million [$1.19/share]. Net increase in net assets from operations were $177.722 million [$1.72/share]. At 6-30707 AINV's net portfolio consisted of 64 portfolio companies and was invested 56% in subordinated debt, 6% in preferred equity, 16% in common equity and warrants and 22% in senior secured loans versus 48 portfolio companies invested 63% in subordinated debt, 3% in preferred equity, 9% in common equity and warrants, and 25% in senior secured loans at 6-30-06. Considering the effect of prepayments experienced early in the June quarter, the weighted average yields on our subordinated debt portfolio, senior secured loan portfolio and total debt portfolio declined to 13.1%, 11.9% and 12.8%, respectively, as compared to 13.5%, 12.3% and 13.1% at 3-31-07 and 13.6%, 12.7% and 13.3% at 6-30-06. Net Asset Value Per Share at the end of Q2-07 was $19.09 compared to $17.87 at the end of Q2-06. [Earnings reported by AP] Analysts polled by Thomson Financial, on average, forecast earnings of 44 cents per share for the quarter. Income was boosted by a $10 million structuring fee related to Apollo Investment's investment in Grand Prix Holdings and a reversal of a capital gain incentive fee accrual; the two accounted for an additional 9 cents per share in earnings. ALD Reports NII of $0.16 vs. $0.35 in Q2-06 Business Wire 8-08 Allied Capital Corporation reported Q2-07 Net income of $89.2 million [$0.57/share] compared to $0.24/share in Q2-06. Net investment income was $25.2 million [$0.16/share] in Q2-07 compared to $50.2 million [$0.35/share] for Q2-06. The total of net investment income and net realized gains was $100.1 million [$0.64/share] compared to an upcoming dividend of $0.65/share. Total interest and related portfolio income increased in Q2-07 to $117.7 million or $0.75/share from $108.0 million or $0.71/share in Q1-07, but net investment income was reduced because of an increase in operating expenses. At June 30, 2007, the weighted average yield on the interest-bearing portfolio was 11.6%, as compared to 12.6% at June 30, 2006, and 11.8% at December 31, 2006. Net asset value per share was $19.59. [Earnings reported by AP] Higher stock option expenses and other administrative fees were the culprit for higher-than-expected operating expenses, Robert Lacoursiere of Banc of America Securities wrote in a research note. Weaker-than-expected net investment income could affect future quarterly dividends, analyst Jim Shanahan of Wachovia Securities wrote in a research note. ARCC Reports NII of $0.36 vs. $0.24 in Q2-06 Business Wire 8-09 Ares Capital reported net income of $33.6 million [$0.49/share] compared to $16.6 million [$0.44/share] in Q2-06 and compared to a current dividend of $0.42/share. Net investment income for Q2-07 was $24.991 million [$0.36/share] compared to $9.292 million [$0.24/share] in Q2-06 and compared to a current dividend of $0.41/share. Net realized and unrealized gains were $8.6 million [$0.13/share]. The fair value of Ares Capital's investments at June 30, 2007 was $1.6 billion. These portfolio investments (excluding cash and cash equivalents) were comprised of approximately 63% in senior secured debt securities (41% in first lien and 22% in second lien assets), 22% in senior subordinated debt securities, 14% in preferred/common equity securities and 1% in senior notes. As of June 30, 2007, the weighted average yield of debt and income producing equity securities was 11.63% and 51% of ARCC's assets were in floating rate debt securities. Net assets per share at June 30, 2007 of $15.84 CSE Reports NII of $0.95 vs. $0.85 in Q2-06 PRNewswire 8-02 CapitalSource announced adjusted earnings for the quarter were $128.4 million, or $0.68 per diluted share, a 12.4% increase in adjusted earnings and a 7.9% increase in adjusted earnings per diluted share from the prior quarter. Net income for the quarter was $84.3 million [$0.45/share]. Interest income was $227.8 million for the quarter, an increase of $19.1 million, or 9.2%, from the prior quarter, primarily due to net portfolio growth. Operating lease income was $22.1 million for the quarter, an increase of $1.8 million, or 9.0%, from the prior quarter, primarily due to additional income generated by direct real estate assets acquired during the second quarter. Net investment income was $172.5 million, an increase of 2.8%, from Q1-07, primarily due to an increase in the average balance of commercial loans, partially offset by an increase in interest expense and provisions for loan losses. Net investment income [from the consolodated tables] was $178.067 million [$0.95/share] compared to $145.416 million [$0.85/share] in Q2-06 and compared to a current dividend of $0.61/share. Yield on average interest-earning assets was 12.05%, a decrease of 39 basis points from Q1-07, primarily due to a decrease in prepayment-related fee income. The Cost of funds was 6.20% for Q2-07, a decrease of 2 basis points from Q1-07. Overall borrowing spread to one-month LIBOR was 0.88% for the quarter, compared to 0.90% for Q1-07. Leverage, as measured by the ratio of total debt-to-equity at the end of the quarter, was 4.03x. Loans on non-accrual status increased by 14 basis points from Q1 to 1.77% of total commercial assets. Yahoo stats placed the book value per share at $11.88 compared to $11.78 at the end of Q1-07 and $11.37 at the end of Q4-06. CSE reported Q2-07 ending shareholders equity of Total shareholders' equity at the end of Q2-07 was $2.279 billion with average shares outstanding of 187.428 million resulted in a calculated NAV of $12.15. [Earnings reported by AP] CapitalSource's Q2-07 income rose to $84.3 million [$0.45/share] from $72.8 million [$0.43/share] during Q2-06. Adjusted earnings were $128.4 million [$0.68/share] up from $97.1 million [$0.57/share] during Q2-06. Adjusted earnings include variations in the value of CSE's real estate holdings and mortgage investment portfolio, non-cash equity compensation and loan-loss provisions among other charges and gains. Analysts polled by Thomson Financial forecast earnings of 65 cents. CODI Reports NII of $0.95 vs. $0.85 in Q2-06 PRNewswire 8-10 Compass Diversified Trust reported Q2-07 cash flow available for distribution of $9.4 million [divided by the weighted average shares during the quarter of 26.837 million results in cash flow of $0.35/share compared to the current dividend of $0.30/share]. For the period from its initial public offering on May 16, 2006 through June 30, 2007, the Trust reported cash flow available for distribution of $39.5 million and a coverage ratio of 1.3x on all distributions paid though July 27, 2007. [Like MIC, CODI reports 'sales' for its holdings and thus does not give weighted average yields.] Total stockholders' equity at the end of Q2-07 was $451.566 million [divided by the weighted average shares during the quarter of 26.837 million results in a NAV of $16.82/share]. Yahoo stats placed the book value per share at $14.01 [a stat from 3-31]. GAIN Reports NII of $0.17 vs. $0.16 in Q2-06 Business Wire 8-01 Gladstone Investment Corp. announced Net Investment Income for Q2-07 was $2,888,544 [$0.17/share] compared to $2,581,164 [$0.16/share] for Q2-06 and compared to a current dividend of $0.225/share/quarter. Net Increase in Net Assets Resulting from Operations for Q2-07 was $8,270,466 [$0.50/share] compared to $1,277,048 [$0.08/share] for Q2-06. The annualized weighted average yield on GAIN's portfolio of investments, excluding cash and cash equivalents, was 9.10% for the quarter ended June 30, 2007 compared to 8.77% for the quarter ended June 30, 2006. Net assets value per share at the end of Q2-07 was $ 13.73 compared to $13.46 at the end of Q1-07 and $13.75 in Q2-06. GLAD Reports NII of $0.42 vs. $0.42 in Q3-06 PRNewswire 8-07 Gladstone Capital Corp. reported Net Investment Income for Q2-07 was $5,704,867 [$0.42/share] compared to $4,788,082 [$0.41/share] for Q2-06 and compared to a current dividend of $0.42/share/quarter. Net Increase in Net Assets Resulting from Operations was $5,964,600 [$0.44/share] compared to $5,543,076 [$0.48/share] for Q2-06. GLAD recorded net unrealized appreciation on its investments of $256,613 for Q2-07 compared to $812,991 for Q2-06. The annualized weighted average yield on GLAD's portfolio for the quarter ended June 30, 2007 was 11.8% as compared to 11.7% for the quarter ended June 30, 2006. Net asset value per share of common stock was $15.11, up from $14.02 in Q2-06. GOOD Reports FFO of $0.37 Business Wire 7-31 Gladstone Commercial Corp. reported Q2-07 FFO of approximately $3.2 million [$0.37/share] compared to a current quarterly dividend of $0.36/share. Net income per weighted average common share was $0.06 compared to $0.05 in Q2-06. Yahoo stats placed the book value per share at $17.22 compared to $17.47 at the end of Q1-07 and [tough stat to believe] $11.83 at the end of Q4-06. GOOD reported shareholders equity at the end of Q2-07 was $118.520 million with 7.912 million share outstanding resulted in a caluculated net asset value of $14.98 compared to a calculated NAV of $12.81 at the end of Q4-06. GNV Reports NII of $0.26 PRNewswire 7-12 GSC Investment Corp reported Adjusted net investment income of $2.2 million [$0.26/share] compared to a current dividend of $0.24/share. GAAP net income was $3.7 million [$0.44/share] and the adjusted net gain on investments was $1.5 million [$0.18/share]. Net asset value at the end of Q2-07 [ending in May] was $14.21. GNV had 41 investments in 34 portfolio companies with an average investment size of $5.1 million and a weighted average life of 3.9 years. The overall portfolio composition consisted of 13.4% first lien term loans, 42.9% second lien term loans, 18.5% senior secured notes, 23.8% unsecured notes, and 1.4% equity/limited partnership interests. The weighted average current yields on the company's first lien term loans was 9.5%, second lien term loans was 11.8%, senior secured notes 11.1% and unsecured notes was 11.6%. GNV had an aggregate weighted current yield on its portfolio of investments of 11.3%. HTGC Reports NII of $0.29 vs. $0.19 in Q2-06 Business Wire 8-02 Hercules Technology Growth Capital reported Net investment income before taxes of $7.2 million [$0.29/share] compared to $2.5 million [$0.19/share] in Q2-06 and a current dividend of $0.30/share. Net income more than doubled to $8.3 million [$0.33/share] on 25.2 million basic shares outstanding versus $3.4 million [$0.26/share] on 12.9 million basic shares outstanding for Q2-06. The overall weighted average yield to maturity on HTGC's loan portfolio was approximately 12.75% as of June 30, 2007. Net asset value per share at the end of Q2-07 was $12.05 compared to $11.65 at the end of Q3-06. KCAP Reports NII of $0.34 Prime Newswire 8-13 Kohlberg Capital Corporation reported Q2-07 net income from operations of $16.9 million [$0.94/share] of which net unrealized gains on assets were $10.9 million [$0.60/share] which resulted in net investment income and realized gains of $6.1 million [$0.34/share] compared to a current dividend of $0.35/share. The average yield on KCAP's loan and bond portfolio at June 30, 2007 was approximately 10.0% compared to yields of 9.6% at the end of Q1-07 and 9.0% at the end of Q4-06. Kohlberg Capital's net asset value increased approximately $11.1 million [$0.61/share] to $276.4 million, or $15.39 per share. KFN Reports NII of $0.26 PRNewswire 7-16 KKR Financial Holdings LLC reported net income for Q2-07 of $53.0 million [$0.66/share] compared to $34.9 million [$0.44/share] in Q2-06. Net investment income in Q2-07 was $51.656 million [$0.64/share] compared to $51.733 million [$0.65/share] in Q2-06 and compared to a current dividend of $0.56/share. Q2-07's return on equity was 12.4% and the return on assets was 1.2%. Total residential mortgages made up $11 billion of KFN's $18 billion investment portfolio. The leverage ratio was 10.1x compared to 9.1x at the end of Q4-06. Book value per share at the end of Q2-07 was $20.91 compared to $21.42 at the end of Q4-06. On 8-15 KFN sold $5 billion in residential mortgages and related interest rate swaps held for hedging purposes at a $40 million loss - a big losss for a company with only an $800 million market cap. KFN's share price fell 31% on 8-15 after the release of this news. Citing the "unprecedented disruption in the residential mortgage and global commercial paper markets," KKR Financial said it has started talking with investors in its asset-backed secured liquidity note facilities regarding "various alternatives to resolve potential funding disruptions resulting from the current market environment." If those strategies fail, KKR Financial warned it might need to record a charge of up to $200 million. KFN said it "no longer intends to invest in residential real estate assets." KED Reports NII of $0.16 Market Wire 7-10 Kayne Anderson Energy Development Company reported Q2-07 [period ending May 31st] Net investment income of $1.6 million [$0.16/share] compared to a current dividend of $0.40/share. Net realized gains of $2.2 million [$0.22/share] and Net unrealized gains of $4.5 million [$0.45/share]. As of May 31, 2007, including adjustments for the investments in Direct Fuels and International Resource Partners, the Company had invested approximately $74.6 million in publicly traded MLPs and MLP affiliates, $129.4 million in private MLPs, $63.0 million in fixed income securities, and $9.4 million in repurchase agreements, with average yields (including return of capital) of 5.3%, 8.6%, 12.3% and 5.1%, respectively. Net asset value was $25.52 as of May 31, 2007. MCGC Reports EPS $0.63/share vs. $0.43 in Q2-06 PRNewswire 7-31 MCG Capital Corporation reported Q2-07 net operating income was $28.5 million [$0.47/share] compared to $18.9 million [$0.35/share] in Q2-06. Distributable net operating income in Q2-07 was $30.5 million [$0.51/share] compared to $19.6 million [$0.37/share] in Q2-06 and compared to a current dividend of $0.44/share. Total interest and dividend income [my best attempt to find the first component of 'net investment income' substitute] in Q2-07 was $47.573 million in Q2-07 compared to $33.431 million in Q2-06 while net interest expense was $10.502 million compared to $8.695 million in Q2-06. [This leads to an approximation of net investment income of ($47.573 million - $10.502 million)/ 60.390 million shares or $0.6138/share - but I lack confidence in this calculation.] Net asset value per share at the end of Q2-07 was $13.23 compared to $12.83 at the end of Q2-06. MIC Reports EPS of -$0.67 vs. $0.35 in Q2-06 PRNewswire 8-09 Macquarie Infrastructure Company reported consolidated revenue for the second quarter of $177.2 million. Revenue increased 67% over Q2-06. MIC reported a 67.6% year over year increase in estimated cash available for distribution. Gross profit was $75.8 million or 60.2% more than the $47.3 million reported in Q2-06. Net income in Q2-07 was negative $25.047 million [-$0.67/share] compared to $9.437 million [$0.35/share] in Q2-06. The operating loss reflects a performance fee of $43.0 million for the quarter payable to the Company's manager, Macquarie Infrastructure Management. NGPC Reports NII of $0.26 vs. $0.22 in Q2-06 Business Wire 8-08 NGP Capital Resources Company reported net investment income of $4.5 million [$0.26/share] compared to $3.9 million [$0.22/share] in Q2-06 compared to a current dividend of $0.31/share. NGPC's portfolio experienced net unrealized appreciation of $2.3 million primarily attributable to changes in the fair value of our targeted investments. Overall, there was a net increase in stockholders' equity (net assets) resulting from operations of $13.5 million [$0.78/share]. After giving effect to the $0.31 per common share dividend declared during the quarter, stockholders' equity (net assets) per share as of June 30, 2007 was $14.63. NGPC had investments in 15 portfolio companies as follows: 39.5% in senior secured term loans, 8.7% in senior subordinated secured notes, 1.2% in participating convertible preferred stock, 4.1% in corporate notes, 6.8% in member and partnership units, 6.2% in net profits interests, 28.0% in U.S. Treasury Bills and 5.5% in cash and cash equivalents. At June 30, 2007, the weighted average yield on targeted portfolio investments, exclusive of capital gains, was 12.2%. The weighted average yield of our corporate notes was 5.5%. The weighted average yield of our U.S. Treasury Bills and cash equivalents was 4.8%. The weighted average yield on our total capital invested at June 30, 2007 was 9.4%. PCAP Reports NII of $0.29 vs. $0.24 in Q2-06 PRNewswire 7-31 Patriot Capital Funding reported total investment income of $9.1 million. Net investment income was $5.4 million [$0.29/share] compared to $3.094 million in Q2-06 [$0.24/share] in Q2-06 and compared to a current dividend of $0.32/share. Net income was $5.682 million [$0.31/share] compared to $4.584 million [0.36/share] in Q2-06 compared to Reuters analyst estimates of $0.30/share. The weighted average yield on all of our debt investments for the three months ended June 30, 2007 was 12.4%, based on a weighted average fair value balance outstanding of our interest-bearing investment portfolio of $282.9 million. Net asset value per share was $10.76, up from $10.37 at the end of Q4-06. TAXI Reports NII of $0.31 vs. $0.22 in Q2-06 Business Wire 8-07 Medallion Financial Corp. reported earnings, or net increase in net assets resulting from operations, increased 5% to $4,272,000 [$0.24/share] for Q2-07, up from $4,076,000 [$0.23/share] for Q2-06. Net investment income in Q2-07 was $1.617 million [$0.09/share] compared to $.329 million [$0.02/share] in Q2-06 and compared to a current dividend of $0.19/share. While the number of shares was approx the same, TAXI's loan portfolio increased 20% to $468,399,000, up from $390,061,000 a year ago. The total yield in the quarter across the entire portfolio, including assets managed by Medallion Bank, increased to 9.37%, up from 8.35% one year ago. The net interest margin increased to 4.38%, up from 3.99% one year ago. Net asset value at the end of Q2-07 was $9.80 compared to $9.73 at the end of Q2-06. TCAP Reports NII of $0.25 Prime Newswire 8-08 Triangle Capital Corporation reported Total investment income during Q2-07 of $3.3 million, compared to total investment income of $2.1 million for Q1-07, representing an increase of 55.6%. TCAP's increase in total investment income is primarily attributed to four investments totaling approximately $29.4 million in the aggregate which were funded during Q2. Net investment income during Q2-07 was $1.6 million, compared to net investment income of $0.8 million for Q1-07, representing an increase of 104.3%. Net investment income per share during Q2-07 was $0.25, compared to $0.12 during Q1-07 and compared to a current dividend of $0.15/share. As of June 30, 2007, the weighted average yield on all of its outstanding debt investments was approximately 14.2%. The net asset value per share at June 30, 2007, was $13.75 compared to value per share at 3-31-07 of $13.57. TICC Reports NII of $0.35 Market Wire 8-07 Technology Investment Capital Corp. reported net investment income of $7.0 million [$0.35/share] compared to a current dividend of $0.36/share, net unrealized depreciation on investments of approximately $6.8 million and a net realized gain on investments of approximately $237,000. In total, TICC had a net increase in net assets resulting from operations of $0.02/share. Total investment income for Q2-07 was $10.7 million, of which $9.7 million was interest income and $1.0 million was fee income. The weighted average yield of debt investments (excluding cash equivalents and assuming no interest income on the investment placed on non-accrual status) was approximately 11.8%. Net asset value per share at the end of Q2-07 was $13.27 compared to $13.77 at the end of Q2-06. On 8-06 JMP Securities Downgraded CSE from Strong Buy to Market Outperform and BMO Capital Markets Downgraded KCAP from Outperform to Market Perform. On 8-08 Ferris Baker Watts Downgraded ALD from Buy to Neutral. On 8-07 Ferris Baker Watts Downgraded NGPC from Buy to Neutral. On 8-10 BMO Capital Markets Upgraded MIC from Underperform to Market Perform. On 8-15 Lehman Brothers Downgraded KFN from Overweight to Equal-weight and Friedman Billings Downgraded KFN from Outperform to Market Perform [and KFN sold $5 billion in residential mortgages at a $40 million loss a big losss for a company with only an $800 million market cap - the stock fell 31% on 8-15]. On 8-17 Ferris Baker Watts Upgraded ALD from Neutral to Buy. On 8-22 Jefferies & Co Downgraded ACAS from Buy to Hold. On 8-30 Sun Trust Rbsn Humphrey Downgraded ACAS from Buy to Neutral. On 8-09 ARCC declared a dividend of $0.42/share payable 9-28 to shareholders of 9-14-07. On 8-09 MIC declared a dividend of $0.605/share payable 9-11 to shareholders of 9-06-07. On 8-07 TICC declared a dividend of $0.36/share payable 9-28 to shareholders of 9-07-07. On 8-03 PCAP declared a dividend of $0.32/share payable 10-17 to shareholders of 9-14-07. On 8-02 HTGC declared a dividend of $0.30/share payable on 9-17 to shareholders of 8-16-07. On 8-02 KFN declared a dividend of $0.56/share payable on 8-30 to shareholders of 8-16-07. On 7-31 ACAS declared a dividend of $0.92/share payable on 10-01 to shareholders of 9-07-07. On 7-10 KED declared a dividend of $0.40/share payable on 7-26 to shareholders of 7-18-07. On 8-08 PSEC increased its guidance for Q2-07 to a range of $0.40 to $0.45 per share, with a midpoint of $0.425 per share, from $0.33 to $0.40 per share, with a midpoint of $0.365 per share, representing a 16% increase in guidance for the prior quarter. On 7-02 Piper Jaffray Initiated coverage of HTGC at Outperform. On 7-09 Ferris Baker Watts Initiated coverage on GNV at Buy. On 7-25 Piper Jaffray Downgraded ACAS from Outperform to Market Perform and Downgraded MCGC from Outperform to Market Perform. On 7-10 KED declared its quarterly dividend of $0.40 per share for the period March 1, 2007 to May 31, 2007. This dividend of $0.40 per share represents an increase of 25.0% from the prior quarter's dividend. The dividend will be payable on July 26, 2007 to shareholders of record on July 20, 2007, with an ex-dividend date of July 18, 2007. On 7-30 ALD declared a dividend of $0.65/share payable 9-26-07 to shareholders of record on 9-14-07. In addition, Allied Capital announced that it has declared a fourth quarter dividend of $0.65/share payable 12-26-07 to shareholders of record on 12-14-07. On 7-31 MCGC declared a dividend of $0.44/share payable 10-30-07 to shareholders of record on 8-23-07. The info below uses the formula: EPS [or "Increase in Net Assets resulting from Operations"] = Net Investment Income + Net realized portfolio gains + Net unrealized portfolio gains + or - one time charges. Using this formula allows one the measure dividend coverage against NII [Net investment income], RE [Realized earnings] and EPS. This formula appears to be a solution to resolving metrics that previously were a comparison of apples to oranges. ACAS has a current dividend of $0.91/share (NII + Asset Management Income) Net Operating Income = $153 million [divided by 168.5 million shares = $0.908] Net realized gain = $86 million [$0.51/share] (NII + asset management inc + realized gains) Realized Earnings = $239 million [$1.41/share] Unrealized Appreciation = $549 million [$3.25/share] (Earnings) Increase in Net Assets resulting from Operations = $788 million [$4.67/share] ACAS' Q1 NAV was $30.36. Subtract the div of $0.91 and add the earnings of $4.67 and this gets one to a calculated Q2-07 ending NAV of $34.12 compared to an actual ending NAV of $35.54. But there were 'Net increase in net assets resulting from capital share transactions' that are not captured in the forumla. While is math is still straightforward, the potential fees are not exposed and leads to an over-estimation of NAV. In Q2-07, ACAS completed a $1 billion equity offering at $45.05 per share, which was 1.48x book value [45.05/30.36]. The accretion to NAV was aprox $14.61/share ($45.05/1.48) times 22.222 million shares = $324.633 million. This accretion divided by the new total of shares [168.5 million] = $1.93/share. And $1.93 plus $34.12 = $36.05 compared to a Q2-07 ending NAV of $35.54. My thanks to owassatpk on the IV messsage board for his assistance with this calcutation. AINV has a current dividend of $0.51/share Net investment income = $54.758 million [divided by 103.900 million shares = $0.527/share] Net realized gain (loss) = ($20.743 million) [- $0.20/share] Realized Earnings = $34.015 million [$0.327/share] Unrealized gain = $143.707 million [$1.38/share] Net Increase in Net Assets Resulting from Operations = $177.722 million [$1.71/share] [Q1 NAV] $17.87 [minus div] $0.51 [plus earnings] $1.71 = $19.07 [Q2-07 ending NAV = $19.09] ALD has a current dividend of $0.65/share Net investment income = $25.175 million [divided by 156.051 million shares = $0.161/share] Net realized gains = $74.879 million [$0.48/share] Realized Earnings = $100.054 million [$0.64/share] Unrealized appreciation = ($10.896 million) [- $0.07/share] Net increase in net assets resulting from operations = $89.158 million [$0.57/share] [Q1 NAV] $19.58 [minus div] $0.65 [plus earnings] $0.57 = $19.50 [Q2-07 ending NAV = $19.59] ARCC has a current dividend of $0.41/share Net Investment Income = $24.991 million [divided by 69.757 million shares = $0.358/share] Net realized gains (losses) = ($7.883 million) [ - $0.113/share] Realized Earings = $17.108 million [$0.245/share] Unrealized gains from investments = $16.458 million [$0.235/share] Net increase in net assets resulting from operations = $33.566 million [$0.48/share] [Q1 NAV] $15.34 [minus div] $0.41 [plus earnings] $0.48 = $15.41 [Q2-07 ending NAV = $15.84] GAIN has a current dividend of $0.225/share/quarter Net Investment Income = $2.888 million [divded by 16.560 million shares = $0.174/share] Realized (loss) gain = (.048 million) [$0.003/share] Realized Earnings = $2.840 million $0.171/share Unrealized appreciation = $5.430 million [$0.328/share] Net Increase in Net Assets Resulting from Operations = $8.270 million [$0.50/share] GLAD has a current dividend of $0.42/share/quarter Net Investment Income = $5.705 million [divided by 13.561 million shares = $0.42/share] Realized gain = $3,384 Realized Earnings = $5.708 million [$0.42/share] Unrealized appreciation = $0.256 million [$0.02/share] Net Increase in Net Assets Resulting from Operations = $5.965 million [$0.44/share] GNV has a current dividend of $0.24/share Net Investment Income = $1.958 million [divided by 8.291 million shares = $0.236/share] Incentive fees attributed to gains added 2 cents - thus 'Adjusted' NII = $0.26/share Net realized gain on sale of investments = $1.021 million [$0.12/share] Realized Earnings = $3.150 million [$0.38/share] Unrealized appreciation minus dep on derivatives = $700,781 [$0.08/share] Net Increase in Net Assets Resulting from Operations = $3,679,748 [$0.444/share] HTGC has a current dividend of $0.30/share Net investment income = $7.240 million [divided by 25.401 million shares = $0.285/share] Net realized gain (loss) on investments (335,629) [- $0.01/share] Realized Earnings = $6.905 million [$0.27/share] Unrealized appreciation = $1.365 million [$0.054/share] Net Increase in Net Assets Resulting from Operations = $8.270 million [$0.325/share] KED has a current dividend of $0.40/share Net Investment Income = $1.568 million [divided by 10.010 million share = $0.157] Net Realized Gains = $2.243 million [$0.224/share] Realized Earnings = $3.811 million [$0.38/share] Unrealized Gains = $4.486 million [$0.448/share] Net Increase in Net Assets Resulting from Operations = $8.297 million [$0.83/share] KCAP has a current dividend of $0.35/share Net Investment Income $5.943 million [divded by 17.963 million share = $0.33/share] Net Realized Gains = $0.133 million [$0.007/share] Realized Earnings = $6.076 million [$0.34/share] Unrealized Gains = $10.9 million [$0.60/share] Net Increase in Net Assets Resulting from Operations = $16.9 million [$0.94/share] MCGC has a current dividend of $0.44/share Net operating income = $28.494 million [divided by 60.390 million shares = $0.47/share] Net realized gains on investments = $10.305 million [$0.17/share] Realized Earnings = $38.799 million [$0.642/share] Unrealized appreciation (depreciation) = ($1.687 million) [- $0.03/share] Income tax provision (benefit) = ($0.934 million) [= $0.015/share] Net income = $38.046 million [$0.63/share] NGPC has a current dividend of $0.31/share Net investment income = $4.511 million [divided by 17.231 million share = $0.262/share] Net realized capital gain = $6.667 million [$0.387/share] Realized Earnings = $11.178 million [$0.65/share] Unrealized appreciation $2.291 million [$0.133/share] Net Increase in Stockholders' Equity Resulting from Operations = $13.469 million [$0.78/share] [Q1 NAV] $14.16 [minus div] $0.31 [plus earnings] $0.78 = $14.63 [Q2-07 ending NAV = $14.63] PCAP has a current dividend of $0.32/share Net Investment Income $5.392 million [divided by 18.246 million share = $0.295] Realized gain on investments = $77,934 [$0.004/share] Realized Earnings = $5.547 million [$0.304/share] Unrealized appreciation = $27,750 [$0.001/share] Net unrealized appreciation on interest rate swaps = $185,472 [$0.01/share] Net Income = $5,682,864 [$0.31/share] PNNT has a current dividend of $0.14/share Net Investment Income $3,207,719 [divided by 21.047 million share = $0.1523] Realized gain on investments = (loss of $34,726) [- $0.001/share] Unrealized appreciation = ($5,117,039) [- $0.243/share] Net Increase in Net Assets Resulting from Operations = ($1,944,046) [- $0.092/share] TAXI has a current dividend of $0.19/share Net investment income after income taxes $1.618 million [divided by 17.787 million shares = $0.09/share] Net realized gains on investments = $1.841 million [$0.103/share] Realized Earnings = 3.459 million [$0.194/share] Unrealized gains on investments = $813,451 [$0.045/share] Net Increase in Net Assets Resulting from Operations = $4,272,000 [$0.24/share] TCAP has a current dividend of $0.15/share Net investment income $1.644 million [divided by 6.687 million shares = $0.249/share] Realized gains on investments = 0 Realized Earnings = $1.644 million [$0.249/share] Unrealized appreciation = $.586 million [$0.123/share] Net Increase in Net Assets Resulting from Operations = $2.230 million [$0.333/share] TICC has a current dividend of $0.36/share Net investment income = $6.957 million [divided by 19.812 million shares = $0.35/share] Realized gains on investments = $.237 million Realized Earnings = $7.194 million [$0.363/share] Unrealized appreciation = ($6.822 million) [- $0.347/share] Net Increase in Net Assets Resulting from Operations = $0.311 million [$0.015/share] 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. |