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Note 1: Q3-07 ending NAVs were on input 11-14 and are now used in the price/NAV ratios & Forecaster Note 2: I have added BKCC, GNV, HCD, KCAP, MVC, PNNT, TCAP and TTO to the data on 12-05 and some of the input values are not correct on those - with temporary data placed there till all is looked up. ACAS Reports NII of $0.82 PRNewsWire 10-30 American Capital reported net operating income (earnings less appreciation, depreciation, gains and loss) increased 5% to $0.82/share from $0.78/share for Q3-06. Earnings less appreciation and depreciation ("Realized Earnings") increased 5% to $1.20 per basic share for the third quarter, compared to $1.14 per basic share for Q3-06. Earnings for Q3-07 decreased 84% to $21 million, compared to $132 million for Q3-06. Earnings per basic share for the quarter decreased 88% to $0.11 compared to $0.93 for Q3-06. The weighted average effective interest rate on American Capital's total investments in debt securities at September 30, 2007 was 12.2%, 40 basis points higher than at June 30, 2007. American Capital's net asset value per share at September 30, 2007 was $34.92. ALD Reports NII of $0.12 Business Wire 11-07 Allied Capital Corporation announced Net investment income of $18.3 million [$0.12/share], Net realized gains were $212.4 million [$1.37/share], Net unrealized depreciation was $327.2 million [$2.11/share] resulting in a Net loss was of $96.5 million [$0.62/share]. Net asset value per share at the end of Q3-07 was $17.90. AINV Reports NII of $0.58 MarketWire 11-06 Apollo Investment Corporation reported Net investment income of $61.623 million [$0.58/share] and had a Q3-07 ending Net Asset Value of $18.44. At September 30, 2007, AINV's net portfolio consisted of 67 portfolio companies and was invested 53% in subordinated debt, 6% in preferred equity, 17% in common equity and warrants and 24% in senior secured loans versus 51 portfolio companies invested 64% in subordinated debt, 3% in preferred equity, 8% in common equity and warrants, and 25% in senior secured loans at September 30, 2006. The weighted average yields on AINV's subordinated debt portfolio, senior secured loan portfolio and total debt portfolio were 13.1%, 11.9% and 12.7%, respectively, at September 30, 2007 versus 13.5%, 12.8% and 13.3%, respectively, at September 30, 2006. ARCC Reports NII of $0.34 Business Wire 11-08 Ares Capital Corporation reported Q3-07 Net investment income of $23.9 million [$0.34/share] while Net realized and unrealized gains/losses were ($984,000) [- $0.02/share] resulting in a net income of $22.9 million [$0.32/share]. Net assets per share at the end of Q3-07 was $15.74. The weighted average yield of debt and income producing equity securities as of 9-30-07 was 11.63%. BKCC Reports NII of $0.44 Business Wire 11-07 BlackRock Kelso Capital Corporation reported Q3-07 Net investment income of $22.356 million [$0.44/share]. Net realized and unrealized losses were ($19.890 million) [- $0.39/share] resulting in Net increase in net assets from operations of $2.465 million [$0.05/share]. Net Asset Value per share at the end of Q3-07 was $14.51. At September 30, 2007, our net portfolio consisted of 59 portfolio companies and was invested 67% in senior secured loans, 23% in unsecured or subordinated debt securities, 6% in equity investments, 4% in senior secured notes and less than 1% in cash, cash equivalents and foreign currency. The weighted average yields on our senior secured loans and other debt securities were 12.3% and 13.0%, respectively, at September 30, 2007. The weighted average yield on invested capital was 12.5% at September 30, 2007. GAIN Reports NII of $0.18 Business Wire 10-31 Gladstone Investment Corp. reported Q3-07 Net Investment Income of $2.994 million [$0.18/share] compared to $2.884 million [$0.17/share] for Q3-06. Net Decrease in Net Assets Resulting from Operations was $4.367 million [- $0.26/share] as compared an increase in assets of $2.848 million [$0.17/share] for Q3-06. GAIN’s loan and investment portfolio was depreciated by approximately $7.4 million, representing a 2.3% decline in the valuation of the portfolio value from the June 30, 2007 value. Net asset value was $13.24 at September 30, 2007, as compared to $13.46 per actual common share outstanding at March 31, 2007. The annualized weighted average yield on the portfolio of investments, excluding cash and cash equivalents, was 9.08% compared to 8.72% for Q3-06. GOOD Reports NII of $0.39 Business Wire 12-03 Gladstone Capital Corp. reported Q3-07 Net Investment Income of $5,668,407 [$.39/share compared to $4,916,268 [$0.42/share] for Q3-06. The Net Increase in Net Assets Resulting from Operations was $738,951 [$0.05/share] as compared to $5,063,429 [$0.43/share] for Q3-06. The Net asset value was $220,958,735 or $14.97 per share. The annualized weighted average yield on GOOD's portfolio was 11.0% as compared to 13.2% in Q3-06. 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. HCD Reports NII of $0.26 Business Wire 11-09 Highland Distressed Opportunities reported Q3-07 net investment income of $4.3 million compared to $6.2 million for Q2-07. Net unrealized depreciation was ($22.9 million) and net realized losses on investments was ($7.6 million) resulting in a net decrease in shareholders’ equity resulting from operations of ($26.1 million). Net Asset Value per share at the end of Q3-07 was $12.34. At September 30, 2007, the weighted average yield of investments in senior loans and corporate notes and bonds was approximately 10.2%. HTCG Reports NII of $0.31 Business Wire 11-01 Hercules Technology Growth Capital reported Q3-07 net investment income before taxes during of $10.0 million [$0.31/share] compared to approximately $3.1 million [$0.23/share]in 3Q-06. The current dividend is $0.30 per share. Hercules held warrant positions in 75 portfolio companies at the end of Q3-07, compared to warrants in 51 companies at the end of Q3-06. The effective yield on the investment portfolio from interest and fees for the quarter was 14.9%, representing the highest effective yield since inception. During Q3-07, two portfolio companies, Sling Media and Interwise, announced they were being acquired and Hercules recognized approximately $1.3 million of unrealized gains from its warrant and equity investments in these companies. The total unrealized gains recognized to date on investments in these two portfolio companies is approximately $2.6 million based on the estimated fair value as of September 30, 2007. HTGC's net asset value per share at the end of Q3-07 was $11.97 compared to $11.06 at the end of Q3-06. KCAP Reports NII of $0.37 Prime NewsWire 11-05 Kohlberg Capital Corporation reported Q3-07 net investment income (excluding net unrealized losses) of $6.7 million [$0.37/share]. The NII reflects increased interest income from the growth of Kohlberg Capital's investment portfolio from $366.0 million at the beginning of the quarter to $434.9 million at quarter end. KCAP had Net unrealized loss on investments for of $11.4 million [$0.63/share] due primarily to lower market values of certain investments held in KCAP's portfolio as a result of current conditions in the credit markets. The net asset value per share was $14.77 at end of Q2-07, as compared to $14.29 and the end of Q4-06. 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%. MCGC Reports NII of $0.39 PRNewsWire 10-31 MCG Capital Corporation reported Q3-07 Net operating income of $24.2 million [$0.39/share] compared to $20.1 [$0.38/share] in Q3-06. Net asset value per share at the end of Q3-07 was $13.22. Total yield on average loan portfolio at fair value was 12.71%. Total cost of funds was 7.70% resulting in a Net interest margin of 8.52%. MVC Reports NII of $0.08 Business Wire 9-06 MVC Capital reported Q3-07 reported net operating income of approximately $2.0 million as compared to $1.1 million for Q3-06. Net assets were approximately $363.5 million [$14.98/share] compared with $352.5 million [$14.53/share] at the beginning of the quarter and $223.4 million [$11.70/share] for the same period last year. This increase represents the 15th quarter in a row of net asset growth for the Fund. NGPC Reports NII of $0.30 Prime NewsWire 11-09 NGP Capital Resources reported Q3-07 net investment income of $5.3 million. NGPC's portfolio experienced a net unrealized depreciation of $0.7 million primarily attributable to changes in the fair value of our targeted investments. Overall, NGPC had a net increase in stockholders' equity (net assets) resulting from operations of $4.2 million [$0.24/share]. NGPC's investment portfolio consisted of 16 portfolio companies invested as follows: 36.5% in senior secured term loans, 9.2% in senior subordinated secured notes, 0.8% in participating convertible preferred stock, 2.2% in corporate notes, 6.6% in member and partnership units and 12.0% in net profits interests. The balance of NGPC's investment portfolio (as a percentage of the whole portfolio) was comprised 31.0% in U.S. Treasury Bills, and 1.7% in cash and cash equivalents. At September 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 5.8%. The weighted average yield of our U.S. Treasury Bills and cash equivalents was 3.9%. The weighted average yield on our total capital invested at September 30, 2007 was 9.3%. Net assets per share as of September 30, 2007 was $14.52. PCAP Reports NII of $0.30 Business Wire 11-06 Patriot Capital Funding reported Q3-07 Net investment income of $5.5 million [$0.30/share]. The weighted average yield on all of our debt investments for the three months ended September 30, 2007 was 12.3%. Net asset value per share at September 30, 2007 was $10.67, up from $10.37 at December 31, 2006. PNNT Reports NII of $0.15 Market Wire 8-09 PennantPark Investment Corporation reported Q3-07 Net investment income of $3.2 million [$0.15/share]. The weighted average yield on total debt portfolio was 9.3%. The weighted average yield on 1st lien secured debt portfolio was 7.6% and the weighted average yield on 2nd lien secured and subordinated debt portfolio was 12.2%. PNNT had net assets of $289.3 million and the Net asset value per share was $13.74. PSEC Reports NII of $0.39 Market Wire 11-12 Prospect Capital Corporation reported Q3-07 net investment income, excluding non-recurring items, of $8.7 million [$0.44/share] - but including non-recurring items produced NII of $7.865 million [$0.39/share]. Net realized and unrealized appreciation was $0.69 million resulting in a Net increase in net assets resulting from operations of $8.55 million. Net asset value per share as of September 30, 2007 was $15.08. PSEC's portfolio generated a current yield of approximately 15.9% across all our long-term debt and equity investments. TAXI Reports NII of $0.09 Business Wire 11-06 Medallion Financial reported Q3-07 net increase in net assets resulting from operations of $3.602 million [$0.20/share] compared to $1.401 million [$0.08/share] for Q3-06. NII was $0.09/share compared to a dividend of $0.19. Net asset value per share at the end of Q3-07 was $9.83. TCAP Reports NII of $0.30 Prime Newswire 11-07 Triangle Capital Corporation reported Q3-07 net investment of $2.0 million [$0.30/share] compared to $1.6 million [$0.25/share] for Q2-07. NII during Q3-07 was positively impacted by approximately $0.2 million [$0.03/share] of non-recurring fee income relating primarily to loan prepayment fees and debt amendment fees. The net increase in net assets resulting from operations was $3.4 million [$0.50/share] as compared to $2.2 million [$0.33/share] during Q2-07. The net asset value per share at the end of Q3-07 was $13.99 as compared to $13.75 at the end of Q2-07. As of September 30, 2007, the weighted average yield on all of its outstanding debt investments was approximately 13.8%. TICC Reports NII of $0.32 Business Wire 11-07 Technology Investment Capital reported net investment income for Q3-07 was approximately $6.7 million [$0.32/share], up 9.4% from Q3-06. As a result of unrealized depreciation on investments of approximately $11.9 million, TICC had a net decrease in net assets resulting from operations of approximately $0.24/share for Q3-07. At September 30, 2007, the weighted average yield of TICC's debt investments (excluding cash equivalents and assuming no interest income on the investments placed on non-accrual status) was approximately 11.6%. Net asset value per common share at the end of Q3-07 was $12.79. On 11-15 Wachovia Upgraded ARCC from Market Perform to Outperform. On 11-28 Ferris Baker Watts Upgraded PSEC from Sell to Neutral. [Ferris had downgraded PSEC on 10-02 when PSEC closed the prior day at $17.17 and upgraded PSEC when it closed the prior day at $13.89.] On 11-09 CSE declared a dividend of $0.60/shared payable 12-31 to shareholders of 12-17-07. On 11-15 GNV declared a dividend of $0.38/share payable on December 3, 2007 to common shareholders of record on November 30, 2007. On 11-06 BKCC declared a dividend of $0.43/share payable on December 31, 2007 to stockholders of record as of December 14, 2007. On 11-13 GNV declared a dividend of $0.38/share payable on December 3, 2007 to common shareholders of record on November 30, 2007. On 11-15 ACAS announced it plans to make a public offering of approximately 4 million shares of its common stock. ACAS expects to use substantially all of the proceeds to reduce the borrowings under American Capital's existing revolving credit facilities and to fund investments. On 10-30 ACAS declared a dividend of $1.00/share payable 1-16-08 to shareholders of 12-07. On 11-02 PCAP declared a dividend to $0.33/share payable 1-16-08 to shareholders of 12-14. On 11-07 TICC declared a dividend of $0.36/share payable 12-31 to shareholders of 12-10. On 11-07 MIC declared a dividend of $0.62/share to be paid 12-10 to shareholders of 12-05. On 11-14 TTO raised its quarterly dividend by 27.8% to $0.23/share. The dividend will be paid Nov. 30 to shareholders of record on Nov. 23. 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. ACAS has a current dividend of $0.92/share (NII + Asset Management Income) Net Operating Income = $153 million [divided by 187.8 million shares = $0.81] Net realized gain = $71 million [$0.37/share] (NII + asset management inc + realized gains) Realized Earnings = $224 million [$1.18/share] Unrealized Appreciation (loss) = ($203 million) [$1.07/share] (Earnings) Increase in Net Assets resulting from Operations = $21 million [$0.11/share] ALD has a current dividend of $0.65/share Net investment income = $18.318 million [divided by 154.506 million shares = $0.1185/share] Net realized gains = $212.370 million [$1.3745/share] Realized Earnings = $230.688 million [$1.4930/share] Unrealized appreciation = ($327.156 million) [- $2.11/share] Net increase (loss) in net assets resulting from operations = ($96.468 million) [- $0.62/share] AINV has a current dividend of $0.52/share Net investment income = $61.623 million [divided by 106 million shares = $0.5813/share] Net realized gain (loss) = ($.906 million) [- $0.008/share] Realized Earnings = $60.717 million [$0.5728/share] Unrealized gain [loss] = ($83.893 million) [- $0.7914/share] Net Increase in Net Assets Resulting from Operations = ($23.176 million) [- $0.2186/share] ARCC has a current dividend of $0.42/share Net Investment Income = $23.908 million [divided by 70.712 million shares = $0.3381/share] Net realized gains (losses) = $10.886 million [$0.1539/share] Realized Earnings = $34.794 million [$0.4920/share] Unrealized gains (loss) from investments = ($11.870 million) [- $0.1678/share] Net increase in net assets resulting from operations = $22.924 million [$0.3242/share] BKCC has a current dividend of $0.43/share Net Investment Income = $22.355 million [divided by 51.190 million shares = $0.4367/share] Net realized gains (losses) = $.329 million [$0.0064/share] Realized Earnings = $22.684 million [$0.4431/share] Unrealized gains (loss) from investments = ($20.219 million) [- $0.3950/share] Net increase in net assets resulting from operations = $2.465 million [$0.0481/share] GAIN has a current dividend of $0.225/share/quarter Net Investment Income = $2.994 million [divided by 16.560 million shares = $0.1808/share] Realized (loss) gain = (7.310 million) [$0.4414/share] Realized Earnings (loss) = ($4.316 million) [- $0.2606/share} Unrealized appreciation (loss) = ($.051 million) [$0.0031/share] Net Increase [loss] in Net Assets Resulting from Operations = ($4.367 million) [- $0.2637/share] GOOD has a current dividend of $0.xxx/share/quarter Net Investment Income = $5.668 million [divided by 14.590 million shares = $0.3885/share] Realized (loss) gain = (0.029 million) [$0.0020/share] Realized Earnings (loss) = $5.639 million [$0.3865/share} Unrealized appreciation (loss) = ($4.900 million) [- $0.3358/share] Net Increase [loss] in Net Assets Resulting from Operations = $0.739 million [$0.0506/share] 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 (loss) minus dep on derivatives = ($4,363,087) [- $0.526/share] Net Increase in Net Assets Resulting from Operations = ($782,110) [ -$0.0943/share] HCD has a current dividend of $0.263/share Net investment income = $4.625 million [divided by 17.714 million shares = $0.2611/share] Net realized gain (loss) on investments = ($7.489 million) [- $0.4228/share] Realized Earnings (loss) = ($2.864 million) [- $0.1617/share] Unrealized appreciation = ($22.897 million) [- $1.2926/share] Net Increase (loss) in Net Assets Resulting from Operations = ($25.761 million) [- $1.4543/share] HTGC has a current dividend of $0.30/share Net investment income = $10.044 million [divided by 32.427 million shares = $0.3097/share] Net realized gain on investments $49,046 [$0.0015/share] Realized Earnings = $10.093 million [$0.3141/share] Unrealized appreciation = ($2.915 million) [- $0.0899/share] Net Increase in Net Assets Resulting from Operations = $7.178 million [$0.2213/share] KCAP has a current dividend of $0.37/share Net Investment Income $6.727 million [divided by 17.997 million share = $0.3738/share] Net Realized Gains = ($0.052 million) [- $0.0029/share] Realized Earnings = $6.675 million [$0.3709/share] Unrealized Gains = ($11.358 million) [- $0.6311/share] Net Increase in Net Assets Resulting from Operations = ($4.684 million) [- $0.2602/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 {loss) = ($6.146 million) [- $0.6129/share] Net Increase in Net Assets Resulting from Operations = ($4.742 million) [- $0.473/share] *KED invests in MLPs - and ROC distributions of $2.187 million [$0.2181/share] was subtracted from NII MCGC has a current dividend of $0.44/share Net investment income [or Net operating income] = $24.248 million [divided by 62.298 million share = $0.3892/share] Net realized capital gain = $3.240 million [$0.0520/share] Realized Earnings = $27.448 million [$0.4406/share] Unrealized appreciation (loss) = ($1.035 million) [- $0.0166/share] Net Income tax provision (loss) = ($3.434 million) [- $0.0551/share] Net Increase in Stockholders' Equity Resulting from Operations = $23.019 million [$0.3695/share] MVC has a current dividend of $0.12/share Net investment income [or Net operating income] = $2.014 million [divided by 24.189 million share = $0.0832/share] Net Increase in Stockholders' Equity Resulting from Operations = $13.788 million [$0.57/share] NGPC has a current dividend of $0.35/share Net investment income = $5.258 million [divided by 17.469 million share = $0.3009/share] Net realized capital gain (loss) = ($0.351 million) [- $0.0201/share] Realized Earnings = $4.907 million [$0.2809/share] Unrealized appreciation (loss) = ($0.712 million) [- $0.0407/share] Net Increase in Stockholders' Equity Resulting from Operations = $4.195 million [$0.2401/share] PCAP has a current dividend of $0.32/share Net Investment Income $5.501 million [divided by 18.476 million share = $0.2977] Realized gain on investments = $7,500 [$0.0004/share] Realized Earnings = $5.508 million [$0.2981/share] Unrealized appreciation (loss) = ($1.501 million) [- $0.0812/share] Net Income = $4.007 million [$0.2169/share] PNNT has a current dividend of $0.14/share Net Investment Income $3.207 million [divided by 21.046 million share = $0.1523] Realized gain on investments = $0.035 [$0.00016/share] Realized Earnings = $3.172 million [$0.1507/share] Unrealized appreciation (loss) = ($5.117 million) [- $0.2431/share] Net Income = $1.944 million [$0.0923/share] PSEC has a current dividend of $0.3925/share Net Investment Income $7.865 million [divided by 19.949 million share = $0.3942] Realized gain (loss) on investments = ($0.110 million) [- $0.0055/share] Realized Earnings = $7.854 million [$0.3937/share] Unrealized appreciation = $0.696 million [$0.0349/share] Net Increase in Net Assets Resulting from Operations = $8.550 million [$0.4286/share] TCAP has a current dividend of $0.26/share Net investment income $1.992 million [divided by 6.735 million shares = $0.2957/share] Realized gains on investments = $.141 million [$0.0209/share] Realized Earnings = $2.133 million [$0.3167/share] Unrealized appreciation = $1.234 million [$0.1817/share] Net Increase in Net Assets Resulting from Operations = $3.366 million [$0.4983/share] TAXI has a current dividend of $0.19/share Net investment income after income taxes $1.555 million [divided by 17.805 million shares = $0.0873/share] Net realized gains on investments = $0.287 million [$0.0161/share] Realized Earnings = 1.842 million [$0.1034/share] Unrealized gains on investments = $1.760 million [$0.0988/share] Net Increase in Net Assets Resulting from Operations = $3.602 million [$0.2023/share] TICC has a current dividend of $0.36/share Net investment income = $6.721 million [divided by 21.160 million shares = $0.3176/share] Realized gains (losses) on investments = $0 Realized Earnings (loss) = $6.721 million [$0.3176/share] Unrealized appreciation (loss) = ($11.889 million) [- $0.5623/share] Net Increase in Net Assets Resulting from Operations = ($5.168 million) [- $0.2442/share] TTO has a current dividend of $0.18/share Net investment income* (loss) = ($25,284) [divided by 8.840 million shares = $0.0001/share] Realized gains (losses) on investments = $0 Realized Earnings (loss) = $25,284 [$0.0001/share] Unrealized appreciation (loss) = (705,341) [- $0.07975/share] Net Increase in Net Assets Resulting from Operations = ($730,625) [- $0.0826/share] *TTO invests in MLPs - and ROC distributions of $1.551 million [$0.1754/share] was subtracted from NII 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. NOTE #2: This page has a forcasting spreadsheet - and until that mathamatical model has had a year or two of testing, it is probably best for you to totally ignore it. NOTE #3: The owner of this site owns shares in ACAS and NGPC - and this could distort the coverage of those two BDCs. Also, those shares were purchased past mid-year for [ACAS] $38.46 and [NGPC] $16.50 - so I have avoided some of the losses that those who have held BDCs for longer periods have suffered in 2007 - and that probably increases my optimism about the sector long term. |