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BDCs 10-31-07
Monthly BDC News
TICC Changes Name    Market Wire 10-01
    Technology Investment Capital Corp. ("TICC") announced that it intends to change its name to TICC Capital Corp. "While we expect that the technology-related sector will continue to be a focus of our investment efforts, we believe that this change will allow us to take advantage of an increasing number of investment opportunities outside this sector that otherwise match our investment criteria," said Jonathan Cohen, Chief Executive Officer of TICC. Once the name change becomes effective, TICC will no longer maintain a policy to invest, under normal circumstances, at least 80% of the value of its net assets (including the amount of any borrowings for investment purposes) in technology-related companies.

GNV Reports NII of $0.36    Business Wire 10-11
    GSC Investment Corp. announced that Q3-07 adjusted net investment income was $2.95 million, or $0.36 per share (basic and diluted) compared to a current dividend of $0.36/share. GNV reported a net loss of $0.8 million [$0.09/share] primarily due to net unrealized depreciation on investments for the quarter of $4.4 million. The net unrealized depreciation on investments was partially offset by net realized gain on sale of investments of $0.4 million, resulting in an adjusted net loss on investments of $3.7 million [$0.45/share]. Net asset value was $13.76 per share as of 8-31-07.
    The weighted average current yields on GNV's first lien term loans, second lien term loans, senior secured notes, unsecured notes and other/structured finance securities were 9.1%, 12.6%, 11.7%, 12.5% and 12.4%, respectively, which results in an aggregate weighted current yield of 11.8%. As of August 31, 2007, 40.4% or $78.3 million of its interest-bearing portfolio was fixed rate debt with a weighted average current yield of 11.9%, and 59.6% or $115.5 million of its interest-bearing portfolio was floating rate debt with a weighted average current spread of LIBOR plus 6.2%. There were no non-performing or delinquent investments for this period.

KED Reports NII of $0.11    Market Wire 10-11
    Kayne Anderson Energy Development Company announced Net investment income of $1.0 million, Net realized gains of $0.4 million, and Net unrealized losses of $6.1 million. Total investment income was $2.8 million. KED earned dividends and distributions of $2.4 million, substantially all of which were treated as a return of capital and, therefore, were not reflected in investment income. Operating expenses were $2.0 million.
    Net asset value was $24.65/share as of August 31 compared to $25.52 at the end of Q2-07. Total assets were $345.4 million as of August 31, of which Public MLPs and MLP Affiliates were $95.9 million at an average yield of 5.9%; Private MLPs (including warrants) were $129.4 million at an average yield of 8.6%; Fixed Income investments were $88.6 million with an average yield of 11.7%; and Repurchase Agreements were $2.7 million with an average yield of 5.1%.

October Ratings, Dividend Changes & Offerings
    On 10-02 Ferris Baker Watts Downgraded PSEC from Neutral to Sell. On 10-5 BB&T Capital Markets Initiated ARCC at Buy, Initiatd AINV at Buy and MCGC at Hold. On 10-16 Ferris Baker Watts Downgraded MIC from Buy to Neutral.

    On 10-5 BB&T Capital Markets Initiated AINV at Buy 'primarily due to its outstanding management team, strong balance sheet, opportunity for growth in the current credit environment, history of solid returns, strong credit quality, and attractive valuation. We expect credit quality to remain high. We believe AINV's focus on providing subordinated debt to middle-market private companies coupled with management's experience will yield strong NII growth in the coming quarters.'

    On 10-04 KED declared a dividend of $0.405/share payable on October 26, 2007 to shareholders of record on October 19, 2007, with an ex-dividend date of October 17, 2007. It is anticipated that approximately 25% to 45% of this dividend will be treated as a return of capital. On 10-09 CODI declared a distribution of $0.325/share payable on October 26th to all holders of record as of October 23, 2007. On 10-15 MCV declared a dividend of $0.12/share to be paid Oct. 31 to shareholders of record Oct. 24. On 10-09 GAIN declared a distribution of $0.08/share payable on October 31 to holders of October 23, 2007. On 10-09 GLAD declared a distribution of $0.14/share payable on October 31 to holders of October 23, 2007. On 10-09 GOOD declared a distribution of $0.12 payable on October 31 to holders of October 23, 2007. On 10-25 MCGC declared a dividend of $0.44/share payable 1-30-08 to shareholders of record on 11-21-07.

    On 10-11 PSEC priced its public offering of 3.5 million shares of common stock at $16.34 per share, raising $57.19 million in gross proceeds. Prospect expects to use the net proceeds of this offering to repay outstanding indebtedness, to fund investments in portfolio companies and for general corporate purposes.

September Dividend Changes
    On 9-05 AINV declared its second fiscal quarter 2008 dividend of $0.52/share, payable on September 27, 2007 to shareholders of record as of September 13, 2007. On 9-05 CSE announced a dividend of $0.60/share, payable on September 28, 2007 to shareholders of record on September 17, 2007. On 9-06 PSEC declared a dividend of $0.3925/share, payable on 9-28-07 to shareholders of 9-19-07. On 9-14 NGPC declared a dividend of $0.35/share to be paid on October 12, 2007 [making it a Q4 div and thus not showing up in the div rates above - which are based on Q3 dividends] to stockholders of September 28, 2007. The ex-dividend date is September 26, 2007. On 9-14 ALD declared an extra cash dividend of $0.07/share with a Record date of December 14, 2007 and payable on December 27, 2007. On 9-25 KCAP declared a dividend of $0.37/share payable on October 26, 2007 to shareholders of record as of October 10, 2007.

From the Earnings Releases
     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.

GNV has a current dividend of $0.36/share
Net Investment Income = $3.156 million [divided by 8.291 million shares = $0.3806/share]
Net realized gain on sale of investments = $0.424 million [$0.051/share]
Realized Earnings = $3.580 million [$0.4318/share]
Unrealized appreciation minus dep on derivatives = - $4,363,087 [- $0.526/share]
Net Increase in Net Assets Resulting from Operations = - $782,110 [ -$0.0943/share]

KED has a current dividend of $0.405/share
Net Investment Income = $1.004 million [divided by 10.027 million share = $0.10]
Net Realized Gains = $0.400 million [$0.0399/share]
Realized Earnings = $1.404 million [$0.1399/share]
Unrealized Gains = - $6.146 million [$0.6129/share]
Net Increase in Net Assets Resulting from Operations = - $4.742 million [- $0.473/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.

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