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Prospect Capital Corporation announced the commencement of a public offering of 1,500,000 shares. Prospect expects to use the net proceeds to repay outstanding indebtedness, to fund investments in portfolio companies and for general corporate purposes. ACAS Does Secondary Offering PRNewswire 3-25 American Capital Strategies announced today it has priced its public offering of 8.7 million shares of its common stock at $36.41 per share for total net proceeds of approximately $302 million. All of the shares are being offered directly by American Capital. American Capital has granted the underwriters an option to purchase up to an additional 1,305,000 shares of common stock to cover over-allotments. The offering is subject to customary closing conditions and is expected to close on Monday, March 31, 2008. TICC Shares Fall on Capital Concerns AP 3-25 Shares of TICC Capital Corp. fell Tuesday after a Jefferies & Co. analyst speculated the financial services firm may not have enough liquidity on hand to fund new investments. "With weakening portfolio credit and ongoing capital constraints, we believe TICC may not have the liquidity on hand to take full advantage of the improved asset origination environment," wrote Jefferies analyst Daniel Furtado in a note to clients. "Due to the company's smaller size and dependence on the capital markets for growth, we believe caution should be exercised in the current environment." "Although we view the stock as a very attractive yield play with extremely low leverage, we anticipate that company-specific and industrywide headwinds will not subside until the debt capital markets regain their footing, LIBOR begins to stabilize and corporate credit begins to plateau," Furtado wrote. CSE Leaps on Relief Over TierOne Deal Falling Through AP 3-24 Shares in CapitalSource leaped Monday after the lender said it killed its deal to buy TierOne Corp., a bank struggling with bad credit. CapitalSource, a lender and investment manager, in May agreed to buy TierOne Corp. for stock worth $652 million at the time. The company, which manages $20.9 billion in investments, wanted to buy the Nebraska-based bank for its deposits. Last week, the deal fell through. Each side claimed responsibility for squashing the agreement. Regardless of who killed the deal, Friedman Billings Ramsey analyst Scott Valentin said it is good news for CapitalSource. Any benefit the company would have enjoyed from the bank's $2.4 billion in deposits would have been more than outpaced by the deteriorating credit quality of the bank's loan portfolio, he said. BKCC Reports NII of $0.43 Business Wire 3-10 BlackRock Kelso Capital Corporation reported Q4-07 Net investment income of $22.118 million [$0.43/share]. Net realized and unrealized losses were ($38.016 million) [- $0.73/share]. Net decrease in net assets from operations was - $15.898 million [- $0.31/share]. 2007 Full year Net investment income was $75.846 million [$1.66/share]. Net realized and unrealized losses were - $59.626 million [- $1.31/share]. The Net increase in net assets from operations were $16.219 million [$0.35/share]. Net Asset Value per share at the end of the period was $13.78. The weighted average yield on invested capital was 12.4% at December 31, 2007 compared to 12.5% at December 31, 2006. HCD Reports NII of $0.xx Business Wire 3-11 Highland Distressed Opportunities reported 2007 Net investment income of $17.090 million while its Net realized and unrealized losses on investments was $74.340 million. The Net Asset Value per share was $10.27. The portfolio investments, exclusive of cash and cash equivalents, consisted of approximately 48.4% in senior loans, 34.8% in corporate notes and bonds, 0.5% in claims, and 16.3% in equity interests. Of the approximately $30.5 million in investment income from investments other than cash and cash equivalents, approximately $2.6 million of payment-in-kind interest income was recorded. KCAP Reports NII plus Realized Gains of $0.40 Prime Newswire 3-10 Kohlberg Capital Corporation reported Q4-07 Net investment income and realized gains of approximately $7.2 million [$0.40/share] and 2007's NII plus realized gains were $25.3 million [$1.41/share]. Net unrealized gain (loss) on investments was approximately - $7.2 million [- $0.40/share] while for the full year 2007 it was a gain of $0.9 million [$0.05/share]. Net asset value per share was $14.38 at December 31, 2007, as compared to $14.29 at December 31, 2006. The average yield on KCAP's loan and bond portfolio at December 31, 2007 was approximately 9.5%. The average annual cash yield on KCAP's CLO Fund securities at December 31, 2007 was approximately 28%. MVC Reports NOI of $0.12 Business Wire 3-11 MVC Capital reported its Q1-08 [for period ending 1-31-08] net operating income of $3.347 million [$.012/share] as compared to a loss of $1.6 million for Q1-07. MVC earned approximately $7.4 million in interest and dividend income and approximately $1.5 million in fee and other income. MVC's net assets were approximately $387.5 million or $15.95/share. NGPC Reports NII of $0.27 vs. $0.28 in Q4-06 Prime Newswire 3-13 NGP Capital Resources Company reported Q4-07 net investment income of $4.951 million [$0.27/share]. The portfolio experienced a net realized capital gain of $0.4 million and net unrealized depreciation of $0.3 million. The net increase in stockholders' equity resulting from operations was $5.1 million [$0.29/share]. 2007 net investment income was $19.1 million. Portfolio realized net capital gains were $6.7 million while net unrealized appreciation was $5.0 million. The net increase in stockholders' equity resulting from operations was $31.0 million [$1.78/share] compared to 2007 dividends of $1.44/share. Stockholders' net assets per share as of December 31, 2007 was $14.30. The weighted average yield on targeted portfolio investments was 11.9% at December 31, 2007. The weighted average yield on investments in corporate notes was 5.8% and on investments in U.S. Treasury Bills and cash and cash equivalents was 2.8% as of December 31, 2007. The weighted average yield on our total capital invested at December 31, 2007 was 8.2%. TAXI Reports NII of $0.14 vs. $0.05 in Q4-06 Prime Newswire 3-10 Medallion Financial reported Q4-07 Net investment income after taxes was $2,520,000 [$0.14/share] compared to $965,000 [$0.05/share] in Q4-06. For 2007, net investment income after taxes was $5,298,000 [$0.30/share] up from $3,165,000 [$0.18/share] in 2006. Helping to contribute to this was an increase in Medallion’s net interest margin to 3.40% in 2007 from 3.01% in 2006. The net increase in net assets resulting from operations was $3,782,000 [$0.21/share] compared to $5,844,000 [$0.33/share] in Q4-06. For 2007, net increase in net assets resulting from operations was $15,436,000 [$0.87/share] compared to $13,108,000 [$0.74/share] in 2006. Delinquencies more than 90 days past due were 0.9% at December 31, 2007, on a combined basis with Medallion Bank, compared to 1.5% a year ago. Medallion’s debt to equity ratio was 3.2, compared to 2.7 at the end of 2006, and 2.4 at the end of 2005. The Net asset value was $9.86 compared to $9.73 at the end of 2006. TCAP Reports NII of $0.29 Prime Newswire 3-12 Net investment income of $2.0 million [$0.29/share] and the net increase in net assets resulting from operations was $2.2 million [$0.32/share]. 2007 Net investment income 2007 was $6.4 million [$0.95/share] and the net increase in net assets resulting from operations was $8.8 million [$1.31/share]. Net asset value per share at the end of Q4-07 was $13.74. TICC Reports NII of $0.32 Market Wire 3-13 TICC Capital reported Q4-07 Net investment income of $6.9 million [$0.32/share], net unrealized depreciation on investments of approximately $4.5 million and net realized losses on investments of approximately $12.6 million, resulting in a net decrease in net assets resulting from operations of approximately $0.50/share. The weighted average yield of our debt investments (excluding cash equivalents and assuming no interest income on the investments placed on non-accrual status) was approximately 11.3%. Net asset value per share at the end of Q4-07 was $11.94. On 3-04 Oppenheimer Initiated coverage of GLAD at Sector Perform. On 3-05 Citigroup Downgraded from Buy to Hold CSE, KFN, and other U.S. specialty finance REIT sector, saying the credit market dislocation appears to be intensifying and the credit overhang may be too big for the Federal Reserve to solve in the short term. The U.S. economy may be heading into a recession which would increase credit deterioration even in sectors such as corporate and commercial real estate which have held up well thus far, Citigroup said in a note to clients. Other stocks in this sector with rating cuts included iStar (SFI), Gramercy Capital (GKK), NewStar Financial (NEWS), Capital Trust (CT), Arbor Realty Trust (ABR), Newcastle (NCT), CBRE Realty Finance (CBF) and Resource Capital (RSO). On 3-31 Fox-Pitt Started ACAS at In Line. On 4-01 Jefferies downgraded ACAS to Underperform. Allied Capital to Sell Stock at Discount AP 3-04 Allied Capital Corp. found buyers for 4 million shares of stock at $19.86 per share, a 7.4% discount, the investment fund said Friday. The stock closed Thursday at $21.45 per share. Allied Capital expects the deal to close Wednesday. The company plans to use the $79 million in expects to raise to pay off debt and invest in deals. On 3-06 BKCC declared a dividend of $0.43/share payable on March 31, 2008 to stockholders of record as of March 17, 2008. On 3-06 PSEC declared a dividend of $0.40/share payable on April 16, 2008 to stockholder of record as of March 31, 2008. On 3-07 HCD declared a dividend of $0.2625/share payable on March 31, 2008 to common stockholders of record on March 20, 2008. On 3-10 TAXI declared a dividend of $0.19/share to be paid on March 31, 2008, to shareholders of record on March 14, 2008. On 3-11 PNNT declared a dividend of $0.22/share payable on March 31, 2008 to stockholders of record as of March 24, 2008. On 3-17 KCAP declared a dividend of $0.41/share payable on April 28, 2008 to shareholders of record as of April 8, 2008. On 3-18 NGPC declared a dividend of $0.40/share. payable April 11, 2008 to shareholders of record on March 31, 2008. 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 2-28 MIC declared an increased dividend of $0.635/share to be paid on March 10th, 2008 to shareholders of record at the close of business on March 5th, 2008. On 3-13 TICC declared a dividend of $0.36/share payable March 31, 2008 to shareholders of record on March 21, 2008. 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] BKCC has a current dividend of $0.43/share Net investment income = $22.118 million [divided by 51.987 million shares = $0.4254/share] Net realized gain = - $1.251 million [- $0.0240/share] Realized Earnings = $20.867 million [$0.4014/share] Unrealized gain [loss] = - $36.765 million [- $0.7072/share] Net Increase in Net Assets Resulting from Operations = - $15.898 million [- $0.3058/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] HCD has a current dividend of $0.2625/share Net investment income for 2007 = $17.090 million [divided by 17.717 million shares = $0.9646/share] Net realized gain (loss) on investments = - $14.5 million [- $0.8184/share] Realized Earnings = $2.590 million [$0.1462/share] Unrealized appreciation (loss) = - $60.0 million [- $3.3866/share] Net Increase in Net Assets Resulting from Operations for 2007 = - $57.251 million [- $3.2314/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] KCAP has a current dividend of $0.39/share Net investment income = $xx.xxx million [divided by xx.xxx million shares = $0.xxxx/share] Net realized gain = $xx.xxx million [$x.xxxx/share] Realized Earnings = $7.2 million [$0.40/share] Unrealized gain [loss] = - $7.2 million [- $0.40/share] Net Increase in Net Assets Resulting from Operations = - $00.064 million [$0.xxxx/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] 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] MVC has a current dividend of $0.12/share Net operating income = $ 3.347 million [divided by 24.297 million shares = $0.1377/share] Net realized gain on investments $.657 million [$0.0270/share] Realized Earnings = $4.004 million [$0.1648/share] Unrealized appreciation = $ 16.809 million) [$0.6918/share] Net Increase in Net Assets Resulting from Operations = $20.813 million [$0.8566/share] NGPC had a Q4-07 dividend of $0.515/share Net investment income = $4.951 million [divided by 17.500 million shares = $0.2829/share] Net realized gain on investments $0.405 million [$0.0231/share] Realized Earnings = $5.356 million [$0.3060/share] Unrealized appreciation = - $0.301 million) [- $0.0172/share] Net Increase in Net Assets Resulting from Operations = $5.055 million [$0.2888/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] TAXI has a current dividend of $0.19/share Net investment income = $2.520 million [divided by 17.764 million shares = $0.1418/share] Net realized gain = $2.003 million [$0.1127/share] Realized Earnings = $4.523 million [$0.2546/share] Unrealized gain [loss] = - $0.771 million [- $0.0434/share] Net Increase in Net Assets Resulting from Operations = $3.782 million [$0.2129/share] TCAP has a current dividend of $0.30/share [stats below are yearly numbers] Net investment income = $6.423 million [divided by 6.729 million shares = $0.9545/share] Net realized gain [loss) = - $0.618 million [$0.0918/share] Realized Earnings = $5.805 million [$0.8627/share] Unrealized gain [loss] = $3.061 million [$0.4549/share] Net Increase in Net Assets Resulting from Operations = $8.813 million [$1.3097/share] TICC has a current dividend of $0.36/share [stats below are yearly numbers] Net investment income = $27.194 million [divided by 20.546 million shares = $1.3235/share] Net realized gain [loss) = - $12.561 million [$0.6116/share] Realized Earnings = $14.633 million [$0.7122/share] Unrealized gain [loss] = - $26.281 million [- $1.2791/share] Net Increase in Net Assets Resulting from Operations = - $11.649 million [$0.5670/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. |