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KKR Financial Delays Repayments Bloomberg 2-20 KKR Financial Holdings [KFN, Kohlberg Kravis Roberts's publicly traded fixed-income fund, delayed repaying debt issued by two units after failing to find investors willing to refinance the commercial paper. The units' lenders agreed to the extension, the second in six months, as KKR Financial continues discussions on restructuring the mortgage-backed notes, the San Francisco-based company said yesterday in a regulatory filing. KKR Financial, whose stock has fallen 50% in the past year, didn't say how much commercial paper is affected. One of the firm's investors, Florida's State Board of Administration, has $500.7 million in short-term notes issued by the units, known as KKR Atlantic Funding Trust and KKR Pacific Funding Trust. KKR Financial uses the funding trusts, known as conduits, to sell short-term debt and invest the proceeds in securities with longer maturities and higher yields. When credit markets seized up in August amid rising mortgage defaults, investors stopped buying the commercial paper issued by conduits and SIVs, which follow a similar investment strategy. Some funds sold assets to repay the notes, while others have been bailed out by owners or shut down. KKR Financial received a $230 million cash infusion from investors in August following losses on residential mortgages. The company, led by Chief Executive Officer Saturnino Fanlo, raised a further $270 million in a rights offering with some of New York-based KKR's own partners participating. KKR put $38.3 million into the two trusts in October. KKR Atlantic and KKR Pacific were once $5 billion conduits rated A- 1+, the top level. They were downgraded by Standard & Poor's to A-2 and A-1 in October. KKR Pacific was cut again to A-3, the lowest investment-grade for short-term debt last week. The terms of investing in both programs were first changed Oct. 15, S&P said, with KKR agreeing to inject cash into the funds and lengthening the maturities to Feb. 15 for half of each program's extendible notes and March 13 for the other half. KKR Financial booked a third-quarter loss of $261.5 million, hurt by a $250 million writedown for the notes. The company had $1.04 billion of cash available at the end of 2007, according to its earnings report. KFN also has $6.4 billion invested in high-risk, high-yield loans and an additional $931.2 million in other corporate debt. The finance unit invested in the debt of KKR buyouts including loans of Dallas-based Energy Future Holdings Corp., formerly TXU, and Colorado-based credit card processor First Data Corp. KKR Financial bought the debt backing other firms' acquisitions including Tribune Co., purchased by Sam Zell in December, and Apollo Management LP's Realogy Corp., according to a presentation Netjes gave at a Credit Suisse Financial Services event Feb. 6 in Naples, Florida. Leveraged loan prices have fallen from par last June to 88.6 cents on the dollar as banks struggle to sell debt promised to buyout firms and fears of rising defaults, according to S&P. Leveraged loans are rated below Baa3 by Moody's and less than BBB- by S&P. More Info on Auction-rate Securities - Liz Rappaport, WSJ 2-21 Auction-rate securities are long-term bonds that behave like short-term debt. The interest rates are reset in auctions conducted by Wall Street dealers regularly, from daily to every 35 days. The securities often are tax-exempt and are issued by municipalities, museums, student-loan providers and others. Buyers include corporate treasurers and wealthy individuals. The appeal of the auction-rate mechanism is that it offers such institutions the ability to obtain long-term financing at relatively low interest rates -- in normal times. Auctions failed last week on between $80 billion and $85 billion of such debt, according to J.P. Morgan Securities analyst Alex Roever. He said about half of the auction-rate securities market, or $100 billion to $150 billion of auction-rate securities, will be restructured in coming months as issuers seek alternative methods of financing. For tax-exempt municipal issuers, the average interest rate after failed auctions between Feb. 12 and Feb. 15 was 7.3% compared with average rates between 4.25% and 4.7% in January, J.P. Morgan said. Auction failures multiplied when leading dealers including Citigroup and Goldman Sachs last week signaled a pullback from providing more capital to support the market. Certainty Beats Price In Some Credit Crunch-Era Deals Paul Ziobro, Dow Jones Newsletter 2-19 As the founder of Fox Factory Inc., a maker of shock absorbers for bikes and off-road vehicles like snowmobiles, Bob Fox knows about bumps, and he ran into a big one, the debt markets, when trying to sell his company last summer. While he was in exclusive talks with one buyer, the credit markets swung south, causing an unnamed private equity firm to back out of the deal, Fox said. Fox Factory's next possible suitor, the publicly traded buyout firm Compass Diversified Trust, brought something to the table that previous one couldn't: its own debt. In contributing to the debt and equity portions of the capital structure, Compass could ensure with greater certainty that the deal would close more swiftly than one relying on outside sources to raise debt. "We liked that because the debt was what blew up the previous deal," said Fox, who in January sold Compass a 76% stake in the company in an $85 million deal. "It felt really good that this was under control by Compass and not some third-party bank." Buyers like Compass and American Capital Strategies have found in recent months that committing debt and equity to deals have given them a leg up in wooing buyers, in some cases winning auctions without the highest bids, because such proposals offer a greater certainty to close. "We feel like we're playing with a loaded deck," said Brain Graff, regional managing director with American Capital, which offers so-called one-stop buyouts. "It's a great competitive advantage to stand there and say that we're going to speak for the entire capital structure." With a shaky mergers and acquisitions environment, dealmakers say that sellers are increasingly weighing a potential buyer's ability to get deal to the finish line. While speed and certainty of closing have always been critical, the ability to complete the deal has risen in importance, as banks are leery to finance new deals. That's especially the case when a sole owner is involved, since he has leeway in choosing the buyer rather than just looking for the highest price. "When a sole owner of a private company is selling his business, he has the power to choose the right partner," said Devon Ritch, a vice president at RBC Capital Markets, who advised Fox Factory on the sale. That's not to say that sellers are entirely abandoning trying to get the highest price. "Deals that I've seen, price is still important and king," William Shields, an attorney at Ropes & Gray LLP, said. Public companies and private companies with multiple shareholders still have to try to maximize value for their stockholders, dealmakers say. Private equity sellers unhappy with an offer can also elect to hold off on selling their companies until the debt markets return and prices rise. But there can be benefits to offering the clearest path. A committed financing package can sometimes produce a discount on the purchase price of as much as 10%, said Graff, of American Capital, which says it has won some auctions without producing the highest bid. "At the end of the day, all sellers calculate the probability adjusted value of what they can take home in their wallets," Graff said. While he wouldn't name any companies that American Capital bought without the highest bid, the firm's ability to finance the entire purchase of Rug Doctor LP helped it win the vacuum cleaner distributor in November, when the credit crunch was in full force. Tim Wall, president and chief executive of the Plano, Texas-based Rug Doctor, said at the time that American Capital's financing package was more airtight than others being offered, which helped put the offer over the top. "Some of the other interested parties were traditional private equity funds that would depend on outside financing for everything but the equity piece. But that was never a factor for American Capital," Wall said. To be sure, Rug Doctor considered other factors in selecting American Capital in the deal, including the fact that the company would remain a standalone business in the deal. Fox, of Fox Factory, echoed the sentiment, saying that Compass' ability to finance the deal was just one of many factors he considered when choosing the Westport, Conn., firm's offer. He further noted that the ultimate deal value was very competitive with those offered by other suitors. Since both American Capital and Compass are public, each has access to permanent capital, like an evergreen fund, without any pressure to put it to work by a certain time frame. And while they may have more total capital committed to a deal by providing both debt and equity, the debt portion is the more secured position and easier to stomach. They also collect steady income through interest payments from the portfolio companies. The advantage has become more pronounced in light of the financing markets. Prior to the debt markets seizing up last summer, banks were willing to commit to funding entire deals since entities like collateralized loan obligations and hedge funds would eagerly to buy up the paper. With that guaranteed financing, there was little concern the debt would be there for the deal to close. But now, some firms are finding buyers more receptive to their plays. Elias Sabo, a partner at Compass, said the firm's hit rate, or the number of times it's invited to the second-round of bidding for a company, has risen significantly during the credit crunch. ACAS Reports NII of $0.91 vs. $0.79 in Q4-06 PRNewswire 2-12 American Capital reported Q4-07 NOI of $174 million [$0.91/share] compared to $113 million [$0.78/share] for Q4-06. NII of $283 million plus asset managment income of $71 million created $354 million in total NOI - and subtracting $177 million in operating expenses resulted in the $177 million of operating income - from which there was a subtraction of $3 million in a provision for taxes. Net increase (decrease) in Net Assets Resulting from Operations [or "Earnings") was a loss of $243 million [- $1.27/share] compared to a gain of $312 million [$2.10/share] in Q4-06. Earnings were down due to a $461 depreciation in the portfolio of investments. The weighted average effective interest rate on American Capital's total investments in debt securities as of December 31, 2007 was 12.0%, 20 basis points lower than as of September 30, 2007, primarily due to a decrease in LIBOR. The NAV per share at December 31, 2007 was $32.88. From the conference call: Recessions will cause write downs in the portfolio valuations, but the spreads normally increase, resulting in an increase in NOI/NII. ACAS owns some CMBS securities which were depreciated, but ACAS intends to hold the CMBS till maturity, so the losses are more paper losses than they are real. ACAS has a controlling interest in 56% of their assets, which should seperate them from a standard finance company. ACAS is also one of least leveraged lenders in the industry. And when ACAS sells an asset, they can sydicate the loan for the buyer. ALD Reports NII of $0.37 vs. $0.33 in Q4-06 Business Wire 2-20 Allied Capital Corporation reported Q4-07 net investment income was $58.0 million [$0.37/share] compared $49.1 million [$0.33/share] for Q4-06. Net realized losses were $46.4 million [$0.30/share] compared to $9.7 million [$0.06/share] for Q4-06. The net change in unrealized appreciation or depreciation was an increase of $15.9 million [$0.10/share] compared to losses of $50.1 million [$0.32/share] in Q4-06. Net income was $27.5 million [$0.18/share] as compared to $33.9 million [$0.23/share] for Q4-06. Loans on non-accrual were $212.0 million or 4.4% of the total portfolio at value at December 31, 2007, as compared to $238.8 million or 5.3% of the total portfolio at value at December 31, 2006. Net asset value per share was $17.54 at December 31, 2007. AINV Reports NII of $0.35 vs. $0.46 in Q4-06 Market Wire 2-05 Apollo Investment Corporation reported gross investment income of $92.9 million as compared to $71.1 million in Q4-06. Net investment income totaled $41.5 million [$0.35/share] compared to $38.0 million [$0.46/share] in Q4-06. Net realized gains were $80.5 million versus $0.5 million in Q4-06. Net Unrealized Depreciation was $147.6 million compared to appreciation of $19.4 million in Q4-06. The net increase in net assets resulting from operations of - $25.6 million [-$0.21/share] compared to + $57.0 million [$0.69/share] in Q4-06. The weighted average yields on our senior secured loan portfolio, subordinated debt portfolio, and total debt portfolio were 11.6%, 13.0% and 12.6%, respectively, at December 31, 2007 versus 12.7%, 13.6% and 13.4%, respectively, at 12-31-06. Net Asset Value Per Share was $17.71 compared to $17.87 at the end of Q4-06. ARCC Reports NII of $0.37 vs. $0.37 in Q4-06 Business Wire 2-28 Ares Capital reported Q4-07 net investment income of $27.1 million [$0.37/share] compared to $18.3 million [$0.37/share] in Q4-06. 2007 NII was $95.0 million [$1.43/share] compared to $56.6 million [$1.31/share] in 2006. Net realized and unrealized gains/losses in Q4-07 were $(16.4) million [-$0.22/share] compared to a gain of $2.7 million [$0.05/share] in Q4-06. 2007 gains/losses were $(4.1) million or [-$0.06/share] compared to a gain of $13.1 million [$0.30/share] in 2006. Q4-07 Net income was $10.8 million [$0.15/share] compared to $21.0 million [$0.42/share] in Q4-06 and 2007 Net income was$90.8 million [$1.37/share] compared to $69.7 million [$1.61/share] in 2006. The Weighted average yield of debt and income producing equity securities was 11.68%. Net assets per share at the end of Q4-07 were $15.47 compared to $15.17 at the end of Q4-06. GAIN Reports NII of $0.23 vs. $0.18 in Q4-06 Business Wire 1-30 Gladstone Investment Corp. reported Q4-07 Net Investment Income of $3.746 million [$0.23/share] as compared to $2.898 million [$0.18/share] for Q4-06. Net Increase in Net Assets Resulting from Operations for the quarter ended December 31, 2007 was $5.109 million [$0.31/share] as compared to $2.684 million [$0.16/share] for Q4-06. Net asset value was $13.31/share outstanding at 12-31-07, as compared to $13.46/share at 9-30-07. The annualized weighted average yield on the GAIN's portfolio was 9.05% as compared to 9.41% for Q4-06. GLAD Reports NII of $0.43 vs. $0.42 in Q4-06 Business Wire 1-30 Gladstone Capital reported Q4-07 Net Investment Income of $7.303 million [$0.43/share] as compared to $5.163 million [$0.42/share] for Q4-06. Net Increase in Net Assets Resulting from Operations for the quarter ended 12-31-07 was $1.900 million [$0.11/share] as compared to $4.164 million [$0.34/share] for Q4-06. Net asset value was $15.08/share at 12-31-07 as compared to $14.97/share at 9-30-07. The annualized weighted average yield on GLAD's portfolio was 11.0% as compared to 13.7% for Q4-06. HTGC Reports NII of $0.31 vs. $0.21 in Q4-06 Business Wire 2-07 Hercules Technology Growth Capital reported Q4-07 net investment income before taxes of $10 million [$0.31/share] compared to $3.5 million [$0.21/share in Q4-06. HTGC had net realized gains of $2.8 million and net unrealized gains of $8.0 million. Net income grew to $20.6 million [$0.63/share] versus $3.9 million [$0.23/share] in Q4-06. The effective yield on debt investments was 13.9% and is attributed in part to higher interest charges and fees related to loan restructurings and acceleration of fee income recognition from early loan repayments. The overall weighted average yield to maturity on HTGC's loan portfolio was 12.7% as of December 31, 2007. Net asset value per share was $12.31 compared to $11.65 at the end of Q4-06. KED Reports NII of - $0.04 Market Wire 2-11 Kayne Anderson Energy Development Company reported Q4-07 investment income was $2.9 million. KED earned dividends and distributions of $4.0 million, all of which were treated as a return of capital and were not reflected in NII. Operating expenses were $3.5 million, including $1.5 million of interest expense, $1.3 million of base management fees and $0.1 million in incentive management fees. Net investment loss was $0.4 million. KED had net realized gains from its investments of $2.0 million and had net unrealized losses from its investments of $0.2 million, which included deferred tax expense of $1.7 million on unrealized gains in KED's taxable subsidiaries. KED's net increase in net assets resulting from operations was $1.4 million. Net asset value was $24.39 per share as of November 30, 2007. KED had $92.7 million invested in Public MLPs at an average yield of 6.5%; $137.9 million invested in Private MLPs at an average yield of 8.5%; $96.2 million in Fixed Income investments at an average yield of 11.3%; and $10.8 million in Repurchase Agreements at an average yield of 3.1%. MAIN Reports NII of $0.30 Prime Newswire 3-10 Main Street Capital Corporation reported Q4-07 Net investment income of $2.6 million [$0.30/share]. Net realized income was $4.6 million [$0.52/share]. The net change in unrealized depreciation from investments was $4.6 million while the Income tax provision was $3.262 million resulting in a net increase (decrease) in net assets resulting from operations was $(3.3) million or $(0.37)/share. The Net asset value per share at the end of Q4-07 was $12.85. The percent of total portfolio in secured debt was 88% while the percent of the debt portfolio in first lien debt was 93%. The weighted average effective yield was 14.3%. Total net debt of the portfolio companies to their EBITDA was 3.1 to 1.0 while the Total EBITDA to interest expense ratio was 2.4 to 1.0. Main Street had equity ownership in approximately 85% of its portfolio companies and the average fully diluted equity ownership in those portfolio companies was approximately 24%. MCGC Reports NII of $0.44 vs. $0.21 in Q4-06 Business Wire 2-26 MCGC reported Q4-07 net investment income of $29.1 million [$0.44/share] compared to $23.9 million [$0.xx/share] in Q4-06. HTGC had net realized gains of $5.678 million and net unrealized losses of $34.808 million. NCGC reported a net loss of $4.883 million [-$0.08/share]. Net asset value per share was $12.73 compared to $12.83 at the end of Q4-06. PCAP Reports NII of $0.32 vs. $0.26 in Q4-06 Business Wire 3-03 Patriot Capital Funding reported Q4-07 net investment income of $6.507 million [$0.32/share] compared to $4.119 million {$0.26/share] in Q4-06. Q4-07 net income was $3.360 million [$0.16/share] compared to $4.522 million [$0.28/share] in Q4-06 - the fall in income resulting from a fall in unrealize appreciation, that metric goint from appreciation of $0.402 million in Q4-06 to depreciation of $3.146 million in Q4-07. Net asset value rose to $10.73, up from $10.67 at September 30, 2007 and $10.37 at December 31, 2006. The weighted average yield on all of our debt investments for the year ended December 31, 2007 was 12.4%, as compared to a weighted average yield of 12.3% for the three months ended September 30, 2007 and 13.4% for the year ended December 31, 2006. PNNT Reports NII of $0.23 Market Wire 2-12 PennantPark Investment Corporation reported Q4-07 Investment income of $9.0 million, primarily attributable to $4.2 million of interest income from senior secured loan investments, $2.8 million from second lien secured debt investments, and $1.7 million from subordinated debt investments. After $4.3 million in expenses, net investment income totaled $4.7 million or $0.23 cents per share. Q4-07 net realized losses totaled approximately $211,000 while Net Unrealized Depreciation on Investments was $16.1 million. The net decrease in net assets resulting from operations totaled $11.5 million or $0.54 per share. Weighted average yield on debt was 10.4%. Net asset value per share was $12.07 compared to $12.83 at the end of Q3-07. PSEC Reports NII of $0.31 vs. $0.21 in Q4-06 Business Wire 2-12 Prospect Capital Corporation reported Q4-07 net investment income, excluding non-recurring items of $11.1 million [$0.48/share] - or $10.66 million [$0.46/share] including those items. Net realized and unrealized depreciation was $14.35 million resulting in a net decrease in net assets resulting from operations was $3.69 million [- $0.395/share]. As of 12-31-07, the portfolio generated a current yield of approximately 15.3% across all long-term debt and equity investments. Net asset value per share as of 12-31-07 was $14.58. TTO Reports DCF Business Wire 2-27 Tortoise Capital Resources reported Q4-07 distributable cash flow of $1.7 million. Distributable cash flow for the year was $4.4 million. Unrealized appreciation for the year was $6.2 million after deferred taxes and the provision for the capital gains incentive fee. The portfolio represents a strategic mix of 67% midstream investments, 13% upstream investments, 14% in aggregates and coal and 6% downstream investments. The weighted average yield-to-cost on the investment portfolio (excluding short-term investments) as of Nov. 30, 2007 was 8.8%. Net assets were $121.9 million or $13.76 per share. On 2-05 AINV declared a dividend of $0.52 per share, payable on March 27, 2008 to stockholders of record as of March 20, 2008. On 2-07 HTGC declared a dividend of $0.30/share payable on March 17, 2008 to shareholders of record as of February 15, 2008. On 2-13 ACAS declared a dividend of $1.01/share to record holders as of March 7, 2008, payable on April 1, 2008. On 2-20 GNV declared a dividend of $0.39/share payable on March 10, 2008 to common shareholders of record on February 29, 2008. On 2-28 ARCC declared a dividend of $0.42/share payable on March 31, 2008 to stockholders of record as of March 17, 2008. On 1-04 Robert W. Baird Initiated PNNT at Outperform. On 1-07 Jefferies Downgraded TICC from Buy to Hold. On 2-11 Robert W. Baird Initiated GLAD at Neutral. On 1-08 GAIN declared a dividend of $0.08 per common share for each of the months of January [ex-date 1-21 and payment on 1-31], February [ex-date 2-19 and payment on 2-29] and March [ex-date 3-19 and payment on 3-31] of 2008. On 1-08 GOOD declared a dividend of $0.375/share for each of the months of January [ex-date 1-21 and payment on 1-31], February [ex-date 2-19 and payment on 2-29] and March [ex-date 3-19 and payment on 3-31] of 2008. On 2-01 KFN declared a distribution of $0.50/share payable on February 29, 2008 to shareholders of record as of the close of business on February 15, 2008. On 2-20 CSE declared a dividend of $.60/share payable on or about March 31, 2008 to shareholders of record on March 17, 2008. On 2-26 MCGC declared a dividend of $0.44/share payable April 29, 2008 to shareholders of record on March 12, 2008. On 2-28 PCAP declared a dividend of $0.33/share payable on 4-16-08 to shareholders of record on 3-14-08. 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 $1.01/share (NII + Asset Management Income) Net Operating Income = $174 million [divided by 193.0 million shares = $0.9015] Net realized gain = $44 million [$0.2280/share] (NII + asset management inc + realized gains) Realized Earnings = $218 million [$1.1295/share] Unrealized Appreciation (loss) = - $461 million [- $2.3886/share] (Earnings) Increase in Net Assets resulting from Operations = - $243 million [- $1.2590/share] ALD has a current dividend of $0.65/share Net investment income = $58.040 million [divided by 154.002 million shares = $0.3769/share] Net realized gains (loss) = -$46.402 million [- $0.3001/share] Realized Earnings = $11.638 million [$0.0756/share] Unrealized appreciation = $15.889 million [$0.10/share] Net increase in net assets resulting from operations = $27.527 million [$0.1787/share] AINV has a current dividend of $0.52/share Net investment income = $41.500 million [divided by 119.3 million shares = $0.3478/share] Net realized gain = $80.522 million [$0.6749/share] Realized Earnings = $122.022 million [$1.0228/share] Unrealized gain [loss] = - $147.629 million [- $1.2375/share] Net Increase in Net Assets Resulting from Operations = - $25.607 million [- $0.2146/share] ARCC has a current dividend of $0.42/share Net investment income = $27.1 million [divided by 72.684 million shares = $0.37/share] Net realized gain = $0.0 million [$0.00/share] (ARCC did not divide 'realized' from 'unrealized' gains) Realized Earnings = $27.1 million [$0.37/share] Unrealized gain [loss] = - $16.4 million [- $0.22/share] Net Increase in Net Assets Resulting from Operations = - $10.8 million [$0.15/share] GAIN has a current dividend of $0.24/share/quarter Net Investment Income = $3.746 million [divided by 16.560 million shares = $0.2262/share] Realized (loss) gain = - 0.146 million [- $0.0088/share] Realized Earnings = $3.600 million [$0.2174/share] Unrealized appreciation = $1.509 million [$0.0911/share] Net Increase in Net Assets Resulting from Operations = $5.109 million [$0.3085/share] GLAD has a current dividend of $0.42/share/quarter Net Investment Income = $7.303 million [divided by 16.953 million shares = $0.4308/share] Realized (loss) gain = $0.005 million [$0.0003/share] Realized Earnings = $7.308 million [$0.4311/share] Unrealized appreciation (loss) = - $5.408 million [- $0.3190/share] Net Increase [loss] in Net Assets Resulting from Operations = $1.900 million [$0.1121/share] HTGC has a current dividend of $0.30/share Net investment income = $9.981 million [divided by 32.559 million shares = $0.30655/share] Net realized gain on investments $2.788 million [$0.0856/share] Realized Earnings = $12.769 million [$0.3922/share] Unrealized appreciation = $8.002 million [$0.2457/share] Net Increase in Net Assets Resulting from Operations = $20.632 million [$0.6337/share] KED has a current dividend of $0.41/share Net investment income = - $0.389 million [divided by 10.000 million shares = - $0.0389/share] Adjusted Net investment income [which includes ROC divs] = $3.697 million [$0.3697/share] Net realized gain on investments $1.979 million [$0.1979/share] Realized Earnings = $3.308 million [$0.3308/share] Adjusted Realized Earnings = $5.676 million [$0.5676/share] Unrealized appreciation = - $0.165 million [- $0.0165/share] Net Increase in Net Assets Resulting from Operations = $1.425 million [$0.1425/share] Adjusted Net Increase in Net Assets Resulting from Operations = $5.511 million [$0.5511/share] MAIN has a current dividend of $0.33/share Net Investment Income $2.635 million [divided by 8.767 million 'average' shares = $0.3005] Realized gain (loss) on investments = $1.950 million [$0.22244] Realized Earnings = $4.585 million [$0.5229/share] Unrealized appreciation = - $4.598 million [- $0.5245/share] Income-tax expense = - $3.262 million [- $0.3721/share] Net Increase in Net Assets Resulting from Operations = - $3.274 million [- $0.3734/share] MCGC has a current dividend of $0.44/share Net investment income = $29.130 million [divided by 65.587 million shares = $0.4441/share] Net realized gain on investments $5.678 million [$0.0865/share] Realized Earnings = $34.808 million [$0.5307/share] Unrealized appreciation = - $40.163 million) [- $0.6124/share] Net Increase in Net Assets Resulting from Operations = - $4.883 million [- $0.0744/share] PNNT has a current dividend of $0.23/share Net investment income = $4.732 million [divided by 21.069 million shares = $0.2245/share] Net realized gain (loss) on investments - $0.211 million [- $0.0100/share] Realized Earnings = $4.521 million [$0.2146/share] Unrealized appreciation (loss) = - $16.057 million) [- $0.7651/share] Net Increase in Net Assets Resulting from Operations = - $11.536 million [- $0.5475/share] PCAP has a current dividend of $0.33/share Net investment income = $6.507 million [divided by 20.589 million 'average' shares = $0.3160/share] Net realized gain (loss) on investments $0.000 million [$0.0000/share] Realized Earnings = $6.507 million [$0.3160/share] Unrealized appreciation (loss) = - $3.146 million) [- $0.1528/share] Net Increase in Net Assets Resulting from Operations = $3.360 million [$0.1632/share] PSEC has a current dividend of $0.3925/share Net Investment Income $10.660 million [divided by 23.173 million 'average' shares = $0.4600] Realized gain (loss) on investments = - $18.610 million [- $0.8031/share] Realized Earnings = - $7.950 million [- $0.3431/share] Unrealized appreciation = $4.264 million [$0.1840/share] Net Increase in Net Assets Resulting from Operations = - $3.686 million [$0.1591/share] TTO has a current dividend of $0.23/share Net investment income = - $0.733 million [divided by 8.858 million shares = $0.0827/share] Adjusted Net investment income [which includes ROC divs] = $4.541 million [$0.5126/share] Net realized gain on investments $0.001 million [$0.0001/share] Realized Earnings = $0.734 million [$0.0828/share] Adjusted Realized Earnings = $5.275 million [$0.5955/share] Unrealized appreciation = $0.203 million [$0.0229/share] Net Increase in Net Assets Resulting from Operations = $0.936 million [$0.1056/share] Adjusted Net Increase in Net Assets Resulting from Operations = $5.477 million [$0.6183/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. 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. |