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American Capital Strategies reported Net Operating Income increased 5% to $0.77/share compared to $0.73/share for Q1-07. Realized Earnings increased 16% to $0.94/share compared to $0.81/share for Q1-07. LTM Realized Earnings return on equity at cost was 15%. Realized Earnings per basic share covered 93% of the Q1-08 dividend of $1.01/share. Earnings was a loss of $(4.16)/share compared with earnings of $0.86/share in Q1-07. Net asset value at 3-31-08 was $28.16, a decrease of 7% from Q1-07's NAV per share of $30.36. Non-accruing loans at fair value [$80 million] were 1.5% of total loans at fair value compared with 1.2% [$55 million] as of 3-31-07 and [$122 million] 2.1% of total loans as of 12-31-07. AINV Reports NII of $0.37 Market Wire 5-28 Apollo Investment Corporation reported Q1-08 Net investment income of $43.725 million [$0.37/share] while Net realized losses were $4.573 million. The Net change in unrealized depreciation was $201.529 million and the Net decrease in net assets from operations was $162.377 million [ - $1.69/share]. At March 31, 2008, AINV's portfolio consisted of 71 portfolio companies and was invested 22% in senior secured loans, 57% in subordinated debt, 6% in preferred equity and 15% in common equity and warrants. The weighted average yields on our senior secured loan portfolio, subordinated debt portfolio and total debt portfolio at our current cost basis were 10.0%, 12.8% and 12.0%, respectively, at March 31, 2008. Net Asset Value per share was $15.83. There were no credit metrics in the earnings release - and my two passes through the Q1-08 10-Q did not result in finding in information. But investments with large markdowns are a clue to NPAs - and in the last 10-Q AINV reported the following: [1] IPC Systems cost=$36.167 million and fair value=$26.634 million; [2] Kronos Inc cost=$60.0 million and fair value=$44.1 million; [3] Service Master cost=$60.117 million and fair value=$51.051 million; [4] TL Aquisitions cost $61.153 million and fair value=$52.109 million; [5] WDAC cost=$55.902 million and fair value=$45.607 million; [6] Arbonne cost=$67.221 million and fair value=$37.067 million; [7] Eurofresh cost=$50.0 million and fair value=$31.750 million; Total potential problem loans = $288.318 million while total investment were $3.233 billion - resulting in a potential non-performing loan to total loan ratio of 8.92%. AINV does not sell at a yield or price/book that would indicate that NPAs are this high. ALD Reports NII of $0.43 Business Wire 5-07 Allied Capital Corporation reported Net investment income of $69.5 million [$.43/share] with Net realized gains of $3.1 million [$0.02/share] and Net unrealized depreciation of $113.4 million [$0.70/share] resulting in a Net loss of $40.7 million [$0.25/share]. In Q1-07 net investment income was $39.5 million [$0.26/share] and net change in unrealized appreciation or depreciation was an increase of $65.9 million [$0.43/share]. The Yield on interest-bearing portfolio was 12.3%. Net asset value per share was $16.99 at the end of Q1-08. Loans and debt securities over 90 days delinquent were $69.4 million or 1.5% of the portfolio. ARCC Reports NII of $0.35 Business Wire 5-08 Ares Capital Corporation reported Q1-08 Net investment income of $26.0 million [$0.35/share]. Net assets per share at March 31, 2008 were $15.17. ARCC's portfolio investments (excluding cash and cash equivalents) were comprised of approximately 60% in senior secured debt securities (36% in first lien and 24% in second lien assets), 23% in senior subordinated debt securities, and 17% in equity/other securities. The Weighted average yield of debt and income producing equity securities was 11.24%. ARCC had only two non-accrual loans, representing less than 1% of portfolio value [$20.7 million aggregate principal amount]. BKCC Reports NII of $0.44 Business Wire 5-08 BlackRock Kelso Capital Corporation reported Q1-08 Net investment income of $23.2 million [$.44/share] compared with $14.0 million [$0.36/share] in Q1-07. Total net realized gains were $0.2 million while Net unrealized depreciation was $120.5 million resulting in net change in net assets from operations of - $39.5 million [- $.75/share ] compared with 17.0 million [$0.44/share] in Q1-07. Net Asset Value per share was $12.60. The weighted average yield on invested capital was 11.5%. BKCC's portfolio was invested 63% in senior secured loans, 28% in unsecured or subordinated debt securities, 5% in senior secured notes, 4% in equity investments and less than 1% in cash. The yield calculations excludes equity investments, cash and cash equivalents. Out of BKCC's $1.103 billion in investments, $16.4 million was out of compliance with debt covenants [grade three risk] while another $24 million were experiencing performance materially below expectations and some loss of principal is expected [grade four risk]. If grouped together to form NPAs, this percentage to investments would be 3.65% - and with assets at $1.124 billion, the percentage of NPAs to assets would be 3.60%. GAIN Reports NII of $0.21 Business Wire 5-21 Gladstone Investment Corp. reported Q1-08 Net Investment Income of $3,422,242 [$0.21/share] compared to $2,784,614 [$0.17/share] for the same period a year ago. The Net Decrease in Net Assets Resulting from Operations was $9,953,471 [$0.60/share] compared to the Net Increase of $458,769 [$0.03/share]. The annualized weighted average yield on GAIN's portfolio was 8.42% compared to 8.72% for the three months ended March 31, 2007. Net assets per share were $12.47 compared with $13.46 forthe same period a year ago. GLAD Reports NII of $0.33 Business Wire 5-05 Gladstone Capital reported Net Investment Income of $6.4 million [$0.33/share] as compared to $5.7 million [$0.47/share] for Q1-07, an increase in aggregate dollar amount of 12.3% but a decrease of 29.8% per share due to the issuance of new shares. Net Decrease in Net Assets Resulting from Operations was $11.9 million [- $0.61/share] as compared to an increase of $4.1 million [$0.33/share] for Q1-07. Total assets were $426.8 million and Net asset value was $14.27. The annualized weighted average yield on GLAD's portfolio was 10.1% as compared to 12.0% for Q1-07. The weighted average yield varies based on the current stated interest rate on interest-bearing investments and the amounts of loans for which interest is not accruing. Recent reductions in interest rates in the U.S. financial markets (primarily Prime and LIBOR rates) have reduced GLAD's income, negatively impacting financial results. Ratio of expenses to average net assets-annualized was 8.79%. GNV Reports NII of $0.31 Businesswire 5-22 GSC Investment Corp. reported a net loss of $9.4 million [$1.13/share] while Net investment income was $2.56 million [$0.31/share] that was offset by net loss on investments of $12 million [$1.44/share]. The net loss on investments was due primarily to $12.8 million of net unrealized depreciation due to write-downs in the fair value of GNV's investments. Adjusted net investment income was $2.9 million [$0.36/share]. The adjustments included a $0.1 million add back of federal excise taxes and a $0.3 million add back of the write-off of deferred financing, which is a non-recurring charge. Net asset value was $11.80 per share as of February 29, 2008. As of February 29, 2008, the weighted average current yield on the GNV's first lien term loans, second lien term loans, senior secured notes, unsecured notes and structured finance securities were 8.1%, 10.8%, 11.5%, 12.2% and 8.2%, respectively, which results in an aggregate weighted current yield of 10.3%. GNV had "no non-performing or delinquent investments". From the GNV Conference Call: Dividend comes almost entirely from net investment income. Two investment that became delinquent during the year - but were 'cured'. Currently there are four investments on their watch list - all are senior in cap structure. Atlantis Plastics is looking at strategic alternatives and may be sold. Of the other three - no defaults are expected. During the quarter GNV closed a CLO fund which was formed during falling prices. It has a 284 bps spread with no defaults. CLOs [or Structured Finance Securities] are currently 16.7% of GNV's portfolio. Most BDCs have asked for [1] permission to sell stock under NAVs or [2] asked permission to issue writes. GNV has sufficient capital and will not issue shares under NAV - but could issue writes in the future. KCAP issued writes and its stock price has recovered. But a writes offering would not raise that much capital. During the quarter GNV took a $1.8 million write down on a loan to Strategic Industries - and that loan is projected to be paid May 23rd and that write down will be reversed. We have a lot of assets that we feel good about in which we took mark-downs. Approx 78% of the portfolio was publicly traded and marked to market. We have not only a great yield, but a great risk adjusted yield. We plan to meet with investors and potential investors and tell our story. We want to issue more shares because there are investor who like us but want more liquidity or more stock so they could buy a meaningful position. From the last question: You complain that Wall Street is not paying attention to you - but you announced your earnings last night and then do a conference call the next day - a Friday before a long week-end. You want more attention and you have good news to announce, but you do so when half of Wall Street is off early on the long week-end. You complained about your low stock price and the lack of attention before, but you seem to not be doing anything about it. GNV appeared flustered by this. HTGC Reports NII of $0.28 Businesswire 5-08 Hercules Technology Growth Capital reported Q1-08 Net investment income of $9.0 million [$.28/share] compared to approximately $5.2 million [$0.23/share] in Q1-07. Net realized gains of approximately $3.0 million and net unrealized losses of approximately $921,000. Net income grew by 74% to $11.0 million [$0.34/share] on 32.6 million shares versus $6.3 million [$0.28/share] on 22.9 million shares for Q1-07. The overall weighted average yield to maturity on HTGC's loan portfolio was relatively unchanged at 12.64%. Net asset value per share was $12.28. At March 31, 2008, HTGC had $8.5 million or 1.8% of the total portfolio at a Grade 4 level [out of compliance with debt covenants?] and none in Grade 5 [90 days past due?]. HCD Reports NII of $0.20 Primer Newswire 5-07 Highland Distressed Opportunities reported Q1-08 Net investment income of $3.481 million [$0.20/share] and a Net decrease in stockholders' equity from operations of $31.030 million [- $1.75]. HCD's portfolio investments, exclusive of cash and cash equivalents, consisted of approximately 49.7% in senior loans, 40.4% in corporate notes and bonds, 0.5% in claims and 9.4% in equity interests. The weighted average cost yield of HCD's portfolio investments, exclusive of cash and cash equivalents, was approximately 8.0%. Net Asset Value per share was $8.26 compared with $10.27 at the end of Q4-07. KCAP Reports NII of $0.48 Primer Newswire 5-07 Kohlberg Capital reported Q1-08 net investment income and realized gains (excluding net unrealized losses) of $8.0 million [$0.45/share] compared with $4.9 million [$0.27/share] in Q1-07. The net increase in stockholders' equity resulting from operations was $195,000 [$0.01/share] due to net unrealized losses on investments of $7.9 million. Net asset value per share was $13.98 at March 31, 2008. The average yield on the KCAP's loan and bond portfolio at March 31, 2008 was approximately 7.8%. As of March 31, 2008, there was one issuer, representing 1% of total portfolio investments, in payment default. As of March 31, 2008, all of the CLO Funds in which KCAP holds investments maintained their original issue credit ratings on all rated classes of their securities and were continuing to make cash payments to all classes of investors. [1] Debt Securities represent approximately 74% of total investment portfolio - and all but one issuer is current on their debt service obligations. [2] CLO Fund Securities represent approximately 12% of total investment portfolio - and all CLO Funds have made all required cash payments to all classes of investors. [3] Katonah Debt Advisors is a wholly-owned portfolio company of KCAP and represents approximately 13% of KCAP's total investment portfolio. Katonah Debt Advisors manages CLO Funds primarily for third party investors [including KCAP's investments in CLOs] that invest in broadly syndicated loans, high yield bonds and other credit instruments issued by corporations. The revenue that Katonah Debt Advisors generates through the fees it receives for managing CLO Funds and after paying the expenses associated with its operations, including compensation of its employees, may be distributed to KCAP. Any distributions of Katonah Debt Advisors’ net income are recorded as dividends from affiliate asset manager. In Q1-08, Katonah Debt Advisors had after-tax net income of approximately $945,000 and distributed $350,000 of such income in the form of a dividend which is recognized as current earnings to KCAP. MAIN Reports NII of $0.28 PRNewswire 5-02 Main Street Capital Corporation reported Q1-08 Net investment income of $2.5 million [$0.28/share] compared with a Q1-08 dividend of $.34/share. Net increase in net assets from operations was $3.2 million [$0.36/share]. Net Asset Value was $115.3 million or $12.87/share. As of March 31, 2008, Main Street had approximately $74 million of total cash and cash equivalents. Main Street had debt and equity investments in 29 portfolio companies. Approximately 87% of Main Street's portfolio investments at cost were in the form of secured debt investments, and approximately 95% of Main Street's debt investments were secured by first priority liens. The annual weighted average effective yield on the Main Street debt investments held at March 31, 2008 was 14.1% excluding any debt investments on non-accrual status. Approximately 85% of Main Street's debt investments at cost were structured at fixed interest rates with cash interest payments generally due monthly. MAIN's portfolio companies had a weighted average net debt to EBITDA ratio of approximately 3.0 to 1.0 and a total EBITDA to interest expense ratio of approximately 2.4 to 1.0. From the conference call: At the end of Q1-08, MAIN had two loans on non-accural: Carlton and Wicks & More. Magna Card loan was totally written off - thus now it is not on non-accural. MAIN owns about 25% of the equity in their portfolio companies. SBIC loans contributed $55 million at a cost of 5.8%. Core debt to equity ratio was 4.8 to one. MAIN had a 3.5% yield on idle funds - a rate that is now falling. Idle funds were invested in laddered agency debt. MIC Reports CAD of $0.68 PRNewswire 5-08 Macquarie Infrastructure Company reported consolidated revenue of $278.7 million and a net loss of $2.0 million. The net loss for the quarter was primarily the result of higher non-cash expenses including derivatives losses incurred by International Matex Tank Terminals (IMTT), a business in which MIC holds a 50% interest and depreciation and amortization resulting from acquisitions completed in 2007. MIC reported net income of $7.9 million for Q1-07. Cash available for distribution increased to $30.780 million, or by 10%, over the $28.0 million generated in Q1-07. The diluted weighted average number of shares outstanding was 44.938 million - resulting in CAD/share of $0.6849 compared with a current dividend of $0.645/share. MCGC Reports NII of $0.31 PRNewswire 5-07 MCG Capital Corporation reported Net operating income before investment gains and losses and income tax provision of $21.266 million compared with $20.046 million in Q1-07. Net investment (losses) gains before income tax provision were ($18.598 million) compared with $10.775 million in Q1-07. The Income tax provision was $0.170 compared with $0.367 million in Q1-07. Net income was $2.498 million [$.04/share] compared with $30.454 million [$0.50/share] in Q1-07. Net asset value per common share at period end was $12.36. Total yield on average loan portfolio at fair value was 12.22% while the Total cost of funds was 6.70% resulting in a Net interest margin of 8.70%. Loans on non-accrual as a percentage of total debt investments at fair value was 12.09%. At March 31, 2008, MCGC had $21.703 million or 1.4% of its portfolio rated grade 4 ['some loss of interest or dividend expected'] and $34.421 million or 2.3% of its portfolio rated grade 5 ['loss of interest or dividend and some loss of principal investment expected']. NGPC Reports NII of $0.24 Prime Newswire 5-05 NGP Capital Resources Company reported Q1-08 net investment income of $4.1 million. Net unrealized depreciation was $1.7 million, consisting of a $1.5 million net decrease in the fair values of investments and a $0.2 million decrease in market prices of corporate notes. The net increase in stockholders' equity resulting from operations of $2.4 million, or $0.14 per share. After giving effect to the $0.40/share dividend, net assets per share as of 3-31-08 was $14.04. The weighted average yield on targeted portfolio investments was 10.7% while the weighted average yield on corporate notes was 5.8% and on U.S. Treasury Bills and cash was 2.7% resulting in a weighted average yield on the total capital invested was 7.8%. As of March 31, 2008, investments approximating $36 million, or approximately 13% of the $277.7 million cost basis of targeted investments, are carried on our watch list due to slower than expected development of the assets supporting the investments or deterioration in asset coverage. No other credit metrics were given. PCAP Reports NII of $0.33 Business Wire 5-09 Patriot Capital Funding reported Q1-08 Net investment income of $6.8 million [$0.33/share] and a Net loss of $3.9 million [$0.19/share]. PCAP recorded net unrealized depreciation of $9.9 million with $1.2 million resulting from quoted market prices, $4.2 million resulted from a decline in cash flows of our portfolio companies and approximately $4.5 million resulting from the adoption SFAS 157. Net Asset Value per share was $10.22. The weighted average yield on all of our debt investments was 12.2%. As of March 31, 2008, PCAP had investments of investments of $37.3 million (11.0% of the total portfolio) rated grade three ['investments that require closer monitoring']; investments of $28.9 million (8.5% of the total portfolio) rated grade four [performing below expectations where a higher risk of loss exists] and none rated grade five [performing significantly below expectations where we expect a loss]. PNNT Reports NII of $0.21 Market Wire 5-08 PennantPark Investment Corporation reported Q1-08 Net investment income of $4.4 million [$0.21/share]. Investments and cash equivalents had a net increase in depreciation of $37.8 million. Net decrease in net assets resulting from operations totaled $33.3 million [$1.58/share]. Net Asset Value per share was $10.26. While the weighted average yield on all of total debt investments was 9.2% - it can be broken into two segments. Subordinated debt and equity investments, totaled $201.8 million and consisted of investments in 14 different companies with an average investment size of $14.4 million/company and a weighted average yield of 11.7% on the debt investments. Senior secured loan portfolio totaled $134.1 million and consisted of 28 different companies with an average investment size of $4.8 million, and a weighted average yield of 5.3%. There were no credit metrics in the earnings release - and my two passes through the Q1-08 10-Q did not result in finding in information. PSEC Reports NII of $0.54 Market Wire 5-12 Prospect Capital Corporatio reported Q1-08 net investment income of $12.9 million [$0.54/share]. Net realized gain was $0.21 million and Net unrealized depreciation was ($14.39) million, resulting in a Net decrease in net assets resulting from operations of ($1.26) million. PSEC's portfolio generated a current yield of 16.8% across all their long-term debt and equity investments. This current yield includes interest from all long-term investments as well as dividends and net profits interest and royalties from certain portfolio companies. Net asset value per share was $14.15. There were no credit metrics in the earnings release - and my two passes through the Q1-08 10-Q did not result in finding in information. But investment with large markdowns are a clue to NPAs and PSEC's investment in ESA Environmental Specialist had a cost of $13.776 million while having a current fair value of $5 million. With total investment = $369.982 million, that would make an estimate of non-accrual loans [at fair value] to total loans of 1.35%. TAXI Reports NII of $0.19 Business Wire 5-08 Medallion Financial Corp. announced a net increase in net assets resulting from operations of $3.921 million [$0.22/share] compared with $3.780 million [$0.21/share] in Q1-07. Net investment income (loss) after income taxes $3.397 million [$0.19/share] compared with a loss of $0.395 million [$.02/share] in Q1-07. Net asset value per share was $9.89 compared with $9.86 at the end of Q1-07. The weighted average yield on our managed loan portfolio was 9.28% compared to 9.10% a year ago. The weighted average managed cost of funds dropped to 5.37%, down from 5.60% a year ago. The net interest margin, which included interest recoveries, reached 4.81%. On a managed basis, including Medallion Bank, delinquent loans 90 days or more past due dropped to 0.3%, down from 1.6% a year ago. Consumer loans remained flat at 0.4% from one year ago. Commercial loans decreased to 0.4%, down from 4.1% one year ago. TCAP Reports NII of $0.28 Prime Newswire 5-07 Triangle Capital Corporation reported Q1-08 Net investment income of $1.9 million [$0.28/share] compared to $0.8 million [$0.12/share] for Q1-07. TCAP recorded no realized gains or losses on investments. TCAP recorded net unrealized depreciation of investments in the amount of $1.0 million, comprised of unrealized gains on seven investments totaling $0.7 million and unrealized losses on nine investments totaling $1.7 million. The net increase in net assets resulting from operations was $0.8 million [$0.11/share] as compared to $1.1 million [$0.16/share] during Q1-07. The net asset value per share was $13.85 as compared to $13.57 at the end of Q1-07. As of March 31, 2008, the weighted average yield on all of its outstanding debt investments was approximately 13.7%. There were no credit metrics in the earnings release - but an investor presentation for June-08 listed the non-accruals as 0.9% of assets. TICC Reports NII of $0.29 Market Wire 5-06 TICC Capital reported $11.5 million of total investment income and $6.3 million of net investment income compared to $9.9 million of total investment income and $6.6 million of net investment income for Q1-07. TICC had net unrealized depreciation on investments of $22.4 million resulting in a net decrease in net assets resulting from operations of approximately $0.75. Despite this unrealized depreciation, as of March 31, 2008 all but three of the loans in our portfolio were currently paying as agreed. The weighted average yield of debt investments (excluding cash equivalents and assuming no interest income on the investments placed on non-accrual status) was approximately 10.5%. Net asset value per share was $10.81 at the end of Q1-08 compared with $11.94 at the end of Q1-07. Ratio of expenses to average net assets was 8.01% while the Ratio of expenses [excluding interest] to average net assets was 4.84%. The Ratio of net investment income to average net assets was 9.64%. TICC did not give a NPAs or non-accural loan summary - but in their "Schedule of Investments" list, TICC did footnote "Debt investment on non-accrual status". There were two loans on that list: Falcon Communications cost = $10,500,000 and fair value = $1,000,000 and GenuTec Business Solutions cost and fair value = $2,500,000. With total loans = $ 409,492,206 - non-accrual loans were 8.5% of loans. On 5-13 AINV raised $382 million in a secondary offering. On 5-27 PSEC announced the commencement of a public offering of 3,000,000 shares of its common stock. On 5-13 ACAS spun off in an IPO American Capital Agency or AGNC with 12.5 million shares at $20 a share, raising $250 million. AGNC was formed to invest exclusively in single-family residential mortgage pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by a U.S. Government agency or a U.S. Government-sponsored entity. American Capital Agency is externally managed and advised by American Capital Agency Management,a subsidiary of ACAS. 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 5-02 MAIN declared a dividend of $0.35/share payable on June 12, 2008 to shareholders of record on May 12, 2008. The ex-dividend date for this quarterly dividend will be May 8, 2008. On 5-06 TICC declared a decreased dividend of $0.30/share with a Record date of June 16, 2008 and Payable June 30, 2008. On 5-07 ALD declared a dividend of $0.65/share with a Record date of June 13, 2008 and Payable June 27, 2008. On 5-07 TCAP declared an increased dividend of $0.31/share with a Record date of June 5, 2008 and Payable June 26, 2008. On 5-08 MIC declared a dividend of $0.645/share to be paid on June 10th, 2008 to shareholders of June 4th, 2008. On 5-07 MCGC declared a decreased dividend of $0.27/share payable July 30, 2008 to holders of Record on June 30, 2008. On 5-08 TAXI declared a dividend of $0.19/share payable on June 2, 2008 to shareholders of record on May 16, 2008. On 5-08 ARCC declared a dividend of $0.42/share payable on June 30, 2008 to stockholders of record as of June 16, 2008. On 5-08 BCKK declared a dividend of $0.43/share payable on June 30, 2008 to stockholders of record as of June 16, 2008. On 5-08 HTGC declared an increased dividend of $0.34/share payable on June 16, 2008 to shareholders of record as of May 16, 2008. On 5-09 PCAP declared a dividend of $0.33/share payable 6-16-08 with a Record date of 6-05-08. On 5-12 TTO declared a dividend increase to $0.2625/share to be paid on June 2, 2008 to stockholders of record on May 22, 2008. On 5-22 GNV delcared a dividend of $0.39/share payable on June 13, 2008 to common shareholders of record on May 30, 2008. On 5-28 AINV declared a dividend of $0.52/share payable on June 26, 2008 to stockholders of record as of June 19, 2008. On 5-08 BB&T Capital Markets Upgraded ALD from Hold to Buy. On 5-16 KeyBanc Capital Markets initiated coverage of KCAP with a "buy" rating. On 5-05 Ajay Jain of UBS downgraded ACAS from "neutral" to "sell," while reducing his estimates for the company. The 12-month target price has been reduced from $34 to $28. In a research note, the analyst mentions that the proposed implementation of FAS 157 is likely to have a significant impact on ACAS' asset valuations going forward. The deterioration in the underlying credit quality might exert additional pressure on ACAS' earnings in 2008, the analyst adds. The EPS estimates for 2008 and 2009 have been reduced from $3.37 to $3.26 and from $3.66 to $3.38, respectively. On 5-09 RBC Capital Markets maintained their "sector perform" rating on ACAS while reducing their estimates for the company. The target price has been reduced from $36 to $32. In a research note, the analysts mention that ACAS has posted its Q1 fully-diluted net operating income short of the estimates. ACAS' NAV in the quarter declined by 14.4% q/q mainly on account of the unrealized losses of $997 million. The EPS estimates for 2008 and 2009 have been reduced from $3.40 to $3.06 and from $3.62 to $3.30, respectively. On 5-19 JMP Securities initiated coverage of KCAP with a "market outperform" rating and set the target price at $14. In a research note published on May 16, the analysts mention that KCAP's subsidiary, Katonah Debt Advisors, is likely to underpin the former company's performance via recurring dividend income. KCAP's strategic relationship with Kohlberg & Company provides the former company with substantial execution expertise, JMP Securities adds. 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. 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 $1.02/share (NII + Asset Management Income) Net Operating Income = $151 million [divided by 210.0 million shares = $0.7190] Net realized gain = $33 million [$0.1571/share] (NII + asset management inc + realized gains) Realized Earnings = $184 million [$0.8762/share] Unrealized Appreciation (loss) = - $997 million [- $4.7476/share] (Earnings) Increase in Net Assets resulting from Operations = - $813 million [- $3.8714/share] AINV has a current dividend of $0.52/share Net Investment Income $43.725 million [divided by 119.894 million 'average' shares = $0.3647] Realized gain (loss) on investments = - $4.573 million [- $0.0381/share] Realized Earnings = $39.252 million [$0.3274/share] Unrealized appreciation = - $201.529 million [- $1.6809/share] Net Increase in Net Assets Resulting from Operations = - $162.377 million [- $1.3543/share] ALD has a current dividend of $0.65/share Net Investment Income $69.5 million [divided by 161 million 'average' shares = $0.4317] Realized gain (loss) on investments = $3.1 million [$0.0192/share] Realized Earnings = $72.6 million [$0.4509/share] Unrealized appreciation = - $113.4 million [- $0.7043/share] Net Increase in Net Assets Resulting from Operations = - $40.7 million [- $0.2528/share] ARCC has a current dividend of $0.42/share Net Investment Income $25.973 million [divided by 74.548 million 'average' shares = $0.3484] Realized gain (loss) on investments = $0.199 million [$0.0026/share] Realized Earnings = $26.172 million [$0.3511/share] Unrealized appreciation = - $17.006 million [- $0.2281/share] Net Increase in Net Assets Resulting from Operations = $9.166 million [$0.1229/share] BKCC has a current dividend of $0.43/share Net Investment Income $23.214 million [divided by 53.275 million 'average' shares = $0.4354] Realized gain (loss) on investments = $0.205 million [$0.0038/share] Realized Earnings = $23.419 million [$0.4396/share] Unrealized appreciation = - $62.893 million [ - $1.1805/share] Net Increase in Net Assets Resulting from Operations = - $39.473 million [- $0.7409/share] GAIN has a current dividend of $0.24/share/quarter Net Investment Income $3.422 million [divided by 16.560 million 'average' shares = $0.2066] Realized gain (loss) on investments = - $2.214 million [- $0.1337/share] Realized Earnings = $1.208 million [$0.0729/share] Unrealized appreciation = $11.162 million [$0.6740/share] Net Increase in Net Assets Resulting from Operations = - $9.953 million [- $0.6011/share] GLAD has a current dividend of $0.42/share/quarter Net Investment Income $6.442 million [divided by 21.087 million shares* = $0.3055] Realized gain (loss) on investments = $1.204 million [$0.0571/share] Realized Earnings = $7.646 million [$0.3626/share] Unrealized appreciation = $18.347 million [$0.8701/share] Net Increase in Net Assets Resulting from Operations = - $11.904 million [- $0.5645/share] * GLAD did not report average shares, so my calculations differed on per share data GNV has a current dividend of $0.39/share Net Investment Income $2.560 million [divided by 8.291 million shares = $0.31] Realized gain (loss) on investments = $0.800 million [$0.09/share] Realized Earnings = $3.360 million [$0.40/share] Unrealized appreciation = $12.8 million [$1.54/share] Net Increase in Net Assets Resulting from Operations = - $9.400 million [- $1.13/share] HCD has a current dividend of $0.2625/share Net Investment Income $3.481 million [divided by 17.717 million 'average' shares = $0.1965] Realized gain (loss) on investments = - $12.488 million [- $0.7048/share] Realized Earnings = - $9.007 million [- $0.5084/share] Unrealized appreciation = - $22.023 million [- $1.2430/share] Net Increase in Net Assets Resulting from Operations = - $31.030 million [- $1.7514/share] HTGC has a current dividend of $0.34/share Net Investment Income $9.000 million [divided by 32.768 million 'average' shares = $0.2746] Realized gain (loss) on investments = $2.958 million [$0.0903/share] Realized Earnings = $11.958 million [$0.3649/share] Unrealized appreciation = - $0.921 million [- $0.0281/share] Net Increase in Net Assets Resulting from Operations = $11.037 million [$0.3368/share] KCAP has a current dividend of $0.41/share Net Investment Income $8.776 million [divided by 18.074 million 'average' shares = $0.4855] Realized gain (loss) on investments = - $0.726 million [- $0.0402/share] Realized Earnings = $8.050 million [$0.4454/share] Unrealized appreciation = $7.855 million [$0.4346/share] Net Increase in Net Assets Resulting from Operations = $0.195 million [$0.0108/share] 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] MAIN has a current dividend of $0.34/share Net Investment Income $2.504 million [divided by 8.960 million 'average' shares = $0.2795] Realized gain (loss) on investments = $0.611 million [$0.0682/share] Realized Earnings = $3.115 million [$0.3476/share] Unrealized appreciation = $0.344 million [$0.0384/share] Income-tax expense = - $0.257 million [- $0.0287/share] Net Increase in Net Assets Resulting from Operations = $3.203 million [$0.3575/share] MCGC has a current dividend of $0.27/share Net Operating Income $21.266 million [divided by 67.941 million 'average' shares = $0.3130] Realized gain (loss) on investments = $0.200 million [$0.0029/share] Realized Earnings = $21.466 million [$0.3159/share] Unrealized appreciation = $18.798 million [$0.2767/share] Tax Provision = $0.710 million [$0.0104/share] Net Income = $2.498 million [$0.0368/share] MCGC's calculations differed on per share data NGPC has a current dividend of $0.40/share Net Investment Income $4.141 million [divided by 17.500 million 'average' shares = $0.2366] Realized gain (loss) on investments = $0.000 million [$0.0000/share] Realized Earnings = $4.141 million [- $0.2366/share] Unrealized appreciation = - $1.746 million [- $0.0998/share] Net Increase in Net Assets Resulting from Operations = $2.395 million [$0.1368/share] PCAP has a current dividend of $0.36/share Net Investment Income $6.786 million [divided by 20.650 million 'average' shares = $0.3286] Realized gain (loss) on investments = - $0.089 million [- $0.0043/share] Realized Earnings = $6.697 million [$0.3243/share] Unrealized appreciation = - $10.604 million [- $0.5135/share] Net Increase in Net Assets Resulting from Operations = - $3.908 million [- $0.1892/share] PNNT has a current dividend of $0.xxxx/share Net Investment Income $4.449 million [divided by 21.069 million 'average' shares = $0.2116] Realized gain (loss) on investments = - $0.008 million [- $0.0008/share] Realized Earnings = $4.441 million [$0.2108/share] Unrealized appreciation = $37.769 million [$1.7926/share] Net Increase in Net Assets Resulting from Operations = - $33.328 million [- $1.5818/share] PSEC has a current dividend of $0.40/share Net Investment Income $12.919 million [divided by 26.270 million 'average' shares = $0.54] Realized gain (loss) on investments = $0.208 million [$0.01/share] Realized Earnings = $12.974 million [$0.55/share] Unrealized appreciation = $14.386 million [$0.60/share] Net Increase in Net Assets Resulting from Operations = - $1.259 million [- $0.05/share] TAXI has a current dividend of $0.19/share Net Investment Income $3.397 million [divided by 17.492 million 'average' shares = $0.1916] Realized gain (loss) on investments = $1.147 million [$0.0647/share] Realized Earnings = $4.544 million [$0.2563/share] Unrealized appreciation = - $.623 million [$0.0351/share] Net Increase in Net Assets Resulting from Operations = $3.921 million [$0.2241/share] I would have needed to use 20 million shares to get the per share data to match TAXI's TCAP has a current dividend of $0.31/share Net Investment Income $1.914 million [divided by 6.804 million 'average' shares = $0.2813] Realized gain (loss) on investments = $0.000 million [$0.0000/share] Realized Earnings = $1.914 million [$0.2813/share] Unrealized appreciation = - $1.021 million [- $0.1500/share] Income Tax expense = - $0.126 million [- $0.0185/share] Net Increase in Net Assets Resulting from Operations = $0.765 million [$0.1127/share] TICC has a current dividend of $0.30/share Net Investment Income $6.271 million [divided by 21.696 million 'average' shares = $0.2890] Realized gain (loss) on investments = - $0.033 million [- $0.0015/share] Realized Earnings = - $6.238 million [- $0.2875/share] Unrealized appreciation = $22.339 million [$1.0296/share] Net Increase in Net Assets Resulting from Operations = - $16.163 million [- $0.7450/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. |