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Market Stats BDCs at Yahoo BDCs at CNN MarketWatch BDCs at MSN BDCs at WSJ BDC Intros Nicsa.Org Investment Lawyer 08 Updates Aug July Jun May Apr Mar Feb Jan 07 Updates Dec Nov Oct Sept Aug Jul Jun May Apr Mar Feb Jan |
Note 1: MCGC has suspended its dividend for the second half of 08. I cut the first two dividends in half and show a continued dividend believing that such treatment might show a good forward div run rate - but that point is debatable. If MCGC returns to making divs in 2009, then I believe such treatment is justified. If MCGC fails to have divs in 2009 - then this treatment is unwarranted. Note 2: With the cuts in CSE's and HCD's div, the yields are now calculated on the Q4 div to show this cut. PSEC Reported NII of Marketwire 9-09 Prospect Capital Corporation announced Q2-08 Net investment income of $13.67 million [$0.50/share]. The Net increase in net assets resulting from operations was $23.99 million. During the fiscal year ended June 30, 2008, our portfolio generated a current yield of approximately 15.5% across all our long-term debt and equity investments. This current yield includes interest from all our long-term investments as well as dividends from certain portfolio companies. The Net asset value per share as of June 30, 2008 was $14.55. Fitch affirms stable rating on Allied Capital AP 9-03 Fitch Ratings affirmed its stable rating outlook on private equity firm Allied Capital. Fitch said Allied's long-term and senior unsecured debt is a relatively low to moderate credit risk. Approximately $2 billion of debt is affected by this action. Fitch said the affirmation is because of publicly-traded Allied's "well-defined operating strategy, solid historical operating performance, relatively stable asset quality, low leverage, and fully unsecured funding profile." Late Monday [9-08-08], CSE declared a dividend of $0.05/share payable on or about Sept. 30 to shareholders of record as of Sept. 17. This is down from a dividend of $0.60 paid in the last several quarters. While the dividend cut was widely expected, it was deeper than some analysts had anticipated. "We believe a more conservative dividend payout makes economic sense given the higher returns available on new loan originations, and a lower dividend also provides greater capital flexibility for the company as market conditions change," wrote Sandler O'Neill & Partners analyst Michael Taiano in a note to clients. "Nonetheless, the dividend level does fall short of the historical payout ratios and dividend yields of commercial banks, which some investors may find disappointing." Taiano maintained a "Hold" rating on the shares, adding that some investors could interpret the dividend cut as management's lack of confidence in the near-term cash flows of the company. On 9-03 MAIN declared monthly dividends of $0.125/share payable 10-15, 11-14 and 12-15 to shareholders of 9-18, 10-17 and 11-19. On 9-09 HCD declared a dividend of $0.1500/share payable on September 30, 2008 to holders of record on September 19, 2008. The $0.1500 per share represents a decrease of $0.1125/share over the HCD's prior distribution of $0.2625/share. On 9-03 KCAP announced plans to offer 4,500,000 shares of its common stock in a public offering. In connection with the offering. On 9-25 Sterne Agee Initiated HTCG, PSEC and TCAP at Buy. On 8-01 PCAP declared a dividend of $0.33/share with a Record date of September 12, 2008 and a Payment date of October 15, 2008. On 8-06 AINV declared a dividend of $0.52/share payable on September 29, 2008 to stockholders of record as of September 18, 2008. On 8-07 HTCG declared a dividend of $0.34/share payable on September 15, 2008 to shareholders of record as of August 15, 2008. On 8-07 BKCC declared a dividend of $0.43/share payable on September 30, 2008 to stockholders of record as of September 15, 2008. On 8-07 TAXI declared a dividend of $0.19/share payable on August 29, 2008 to shareholders of record on August 15, 2008. On 8-07 MIC declared a dividend of $0.645/share to paid on September 11th, 2008 to shareholders of record at the close of business on September 4th, 2008. On 8-11 TICC declared a dividend of $0.20/share payable September 30, 2008 to sharedsholders of record on September 10, 2008. On 8-11 TTO declared an increased dividend of $0.2650/share [compared to $0.2625] to be paid on Sept. 2, 2008 to stockholders of record on Aug. 21, 2008. On 8-19 GNV declared a dividend of $0.39/share payable on September 15, 2008, to common shareholders of record on August 29, 2008. On 8-29 analyst Jim Shanahan of Wachovia wrtoe that he expects dividend cuts at some commercial mortgage and specialty finance companies, including CapitalSource [CSE] and Gramercy Capital [GKK] as they negotiate the economic downturn. The analyst expects dividend reductions at BlackRock Kelso Capital [BKCC] and Highland Distressed Opportunities [HCD], with CapitalSource and Highland expected to cut dividend in the third quarter. The dividend outlook is uncertain and "at-risk" for American Capital [ACAS], Allied Capital [ALD] and Apollo Investment Corp [AINV], Shanahan said. Ares Capital [ARCC] and KKR Financial [KFN] pose moderate risk of dividend reductions, he said. However, the analyst projected dividend increases for Prospect Capital [PSEC] and Fifth Street Finance [FSC]. "While we do not expect a significant change to dividend policy (absent CSE and HCD) over the remainder of 2008, the future viability of dividends for certain companies could be an issue in 2009 or 2010 depending on how severe the downturn in the economy becomes," Shanahan said. Wachovia downgraded BlackRock Kelso, Kayne Anderson Energy Development [KED] and NewStar Financial [NEWS] to "market perform" from "outperform." More on FSC Prime Newswire 8-07 and 6-18 On 6-18 Fifth Street Finance [FSC] announced that it completed an initial public offering, raising $141.2 million in gross proceeds. Fifth Street Finance Corp. is a specialty finance company that lends to and invests in small and mid-sized companies in connection with an investment by private equity sponsors. On 8-07 FSC declared its first dividend of $0.31/share payable on September 26, 2008 to stockholders of record as of September 10, 2008. [There was a pre-IPO dividend of $0.30/share paid to holders of 5-19 and distributed on 6-03-08.] Also on 8-07 FSC reported results from Q2-08. It had NII of $5.2 million [$0.36/share] and ended Q2-08 with a net asset value per share of $13.20. FSC's investments consisted of 36.8% first lien loans, 60.9% second lien loans, and 2.3% equity investments. No investments were on non-accrual status. The weighted average yield on debt investments was 16.5% [which included a cash component of 13.5%]. At June 30, 2008, 91.7% or $194.9 million of our interest-bearing investment portfolio consisted of fixed rate loans. On 9-08 PNNT declared an increased dividend of $0.24/share, payable on October 1, 2008 to stockholders of record as of September 24, 2008. On 9-08 CSE declared a dividend of $0.05/share [compared to $0.60 paid last quarter] to be payable on or about September 30, 2008 to shareholders of record on September 17, 2008. On 9-12 NGPC declared a dividend of $0.40/share with an expected dividend payment date is October 10, 2008 to stockholders of record on September 30, 2008. On 9-16 PSEC declared a dividend of $0.4025/share payable 10-16 to holders of recored on 9-30-08. On 9-22 KCAP declared a decreased dividend of $0.35/share payable on October 28, 2008 to shareholders of record as of October 9, 2008. 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 GNV and NGPC - and this could distort the coverage of those BDCs. |