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KKR Financial Holdings reported Q1-08 GAAP net income from continuing operations of $8.8 million [$0.08/share] and GAAP net income totaled $14.0 million [$0.12/share] compared with $32.2 million [$0.39/share] and $48.4 million [$0.59/share] in Q1-07. Total investment income was $218.629 million compared with $90.197 million in Q1-07. Net investment income was $73.103 million compared with $35.915 million in Q1-07. Net realized and unrealized (loss) gain on investments was ($6.773 million) compared with $7.024 million in Q1-07. Net realized and unrealized (loss) gain on derivatives & FX was ($47.016 million) compared with $7.138 million in Q1-07. Continuing operations net economic leverage was 3.6x. Book value per share was $12.96 compared with $14.27 at the end of Q1-07. ALD Finds Buyer for 2.8M shares at $17.87 AP 4-18 Allied Capital Corp. found a buyer for 2.8 million shares of the company's stock at $17.87 per share -- a 7.2 percent discount, the lender said Friday. The Washington-based lender and investor, in a sale managed by Deutsche Bank, expects to raise about $49 million in the sale. The company plans to use the money to pay off debt under a credit line and make some other investments. The buyer is an institutional investor whose identity was not disclosed. TTO Reports NII of - $0.06 Business Wire 4-09 Tortoise Capital Resources reported Q1-08 [for quarter ending 2-29-08] Net Investment Income of $89,003. ROC distributions not included in income were $1,859,741. Net Unrealized Loss on Investments was $2,137,578. The Net Decrease in Net Assets Applicable to Common Stockholders Resulting from Operations was $2,048,575. The portfolio represents a strategic mix of 73% midstream and downstream investments, 15% in aggregates and coal investments and 12% upstream investments. The weighted average yield-to-cost on the investment portfolio (excluding short-term investments) as of Feb. 29, 2008 was 8.8 percent. Net assets decreased from $121.9 million or $13.76 per share at November 30, 2007 to $117.7 million or $13.28 per share at February 29, 2009. Our net asset value decreased approximately 3.5% in the first quarter of 2008, compared with the overall MLP market which saw a decrease of approximately 2.8% in Wachovia’s MLP Index. KED Reports NII of - $0.06 Marketwire 4-09 Kayne Anderson Energy Development Company reported Total investment income for the period of $2.7 million and consisted primarily of $2.5 million in interest income on fixed income investments and repurchase agreements. KED earned $4.5 million of cash dividends and distributions, of which $4.3 million was treated as a return of capital during the period. Total operating expenses for the period were $3.7 million. KED's net investment income was a loss of $0.6 million. KED had net realized gains of $1.3 million and KED net unrealized losses of $6.4 million, with unrealized losses from our investments of $4.1 million and a deferred tax benefit of $1.5 million. KED had a deferred tax expense of $3.8 million relating to our conversion from a RIC to a taxable corporation, effective December 1, 2007. KED's net decrease in net assets resulting from operations for the period was $5.7 million. Public MLPs and MLP Affiliates were $82.5 million of the portfolio with an average yield of 7.0%. Private MLPs (including warrants) were $149.2 million of the portfolio with an average yield of 8.4%. Fixed Income investments were $62.7 million of the portfolio with an average yield of 12.8%. Repurchase Agreements were $8.1 million of the portfolio with an average yield of 2.2%. On February 29, 2008, KED's NAV per share was $23.41, which represents a decrease of $0.98 or 4.0% from its NAV of $24.39 on November 30, 2007. The decline in NAV was principally the result of a $0.38 per share provision for deferred taxes that resulted from our election to change our tax status, the payment of a $0.41 dividend in January 2008, and the decline in value of our public MLPs and second lien debt securities. On 4-01 Jefferies downgraded ACAS to Underperform. On 4-01 Jefferies Downgraded MCGC from Buy to Hold. On 4-09 Stifel Nicolaus Initiated GLAD at Hold and Initiated HTGC at Buy. On 4-08 Morgan Stanley initiated ACAS at Equalweight. On 4-16 Friedman Billings Downgraded AINV and PNNT from Outperform to Market Perform. On 4-17 Morgan Keegan Initiated coverage of ALD at Outperform. On 4-28 BMO Capital Markets Upgraded MCGC from Underperform to Market Perform. On 4-01 a Jefferies analyst downgraded MCGC, expecting a dividend cut amid a credit squeeze. Jefferies analyst Daniel Furtado downgraded the stock to "Hold" from "Buy," following news that MCG was unable to renew a $200 million credit line. Instead, Furtado said, the lender has granted MCG a six-month extension to pay off the outstanding balance. "We believe the loss of this line may reduce returns as the demands for liquidity from normal operating activities will have to compete with the $111 million in liquidity necessary to repay the outstanding balance," Furtado wrote in a client note. Based on MCG's current portfolio, Furtado estimates an annual dividend of $1.32 per quarter, 25 percent lower from the current rate of $1.76. Furtado also cut his price target to $9 from $15. On 4-16 Friedman Billings Ramsey said it was becoming more negative on BDCs as they primarily lend to smaller companies, which are expected to experience greater credit-performance deterioration than larger companies. The brokerage cut its rating and price target on four BDCs and said their credit risk was outweighing the current investment opportunities. Friedman downgraded Allied Capital and American Capital Strategies to "underperform" from "market perform", saying their stock prices remain the most exposed to revaluation, given the credit risk. The brokerage also downgraded Apollo Investment Corp and PennantPark Investment Corp to "market perform" from "outperform", citing credit weakness and the lack of positive catalysts. Friedman cut its price target on MCG Capital Corp, but maintained its "market perform" rating on the stock. On 4-08 GAIN declared dividends of $0.08/share for each of the months of April, May and June of 2008 payable the 30th of each month to holders of approx the 20th. On 4-08 GLAD declared dividends of $0.14/share for each of the months of April, May and June of 2008 payable the 30the of each month to holders of approx the 20th. On 4-08 GOOD declared dividends for of $0.125/share for each of the months of April, May and June of 2008 payable the 30the of each month to holders of approx the 20th. On 4-09 KED declared a dividend of $0.415/share payable on May 1, 2008 to shareholders of record on April 18, 2008, with an ex-dividend date of April 16, 2008. On 4-11 MVC declared a dividend of $0.12/share to be paid April 30 to shareholders of record April 23. On 4-28 ALD delcared a dividend of $0.65/share with a Record date of June 13, 2008 and Payable June 27, 2008. On 5-01 KFN declared a decreased dividend of $.40/share payable on May 30, 2008 to shareholders of record as of the close of business on May 15, 2008. 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. On 3-31 Fox-Pitt Started ACAS at In Line. 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 JMP Securities Initiated MVC at Market Outperform. On 3-18 NGPC declared a dividend of $0.40/share. payable April 11, 2008 to shareholders of record on March 31, 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. KED has a current dividend of $0.415/share Net investment income = - $0.638 million [divided by 10.050 million shares = - $0.0635/share] Adjusted NII [which includes $4.322 million in ROC divs] = $3.684 million [$0.3665/share] Net realized gain on investments $1.310 million [$0.1303/share] Realized Earnings = $0.672 million [$0.0668/share] ROC Adjusted Realized Earnings = $4.994 million [$0.4969/share] Unrealized appreciation = - $6.400 million [- $0.6368/share] Net Increase (Decrease) in Net Assets Resulting from Operations = - $5.728 million [- $0.5699/share] ROC Adjusted Net Increase in Net Assets Resulting from Operations = - $2.004 million [- $0.1994/share] TTO has a current dividend of $0.25/share Net investment income = $0.089 million [divided by 8.858 million shares = $0.0100/share] Adjusted NII [which includes $1.860 million in ROC divs] = $1.949 million [$0.2200/share] Net realized gain on investments $0.000 million [$0.0000/share] Realized Earnings = $0.089 million [$0.0100/share] ROC Adjusted Realized Earnings = $1.949 million [$0.2200/share] Unrealized appreciation = - $2.317 million [- $0.2616/share] Net Increase (Decrease) in Net Assets Resulting from Operations = - $2.048 million [- $0.2312/share] ROC Adjusted Net Increase in Net Assets Resulting from Operations = - $0.099 million [- $0.0112/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. |