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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 Sept 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. GNV Reports Earnings Business Wire 10-14 GSC Investment Corp. reported Net Investment Income of of $3.5 million or $0.42/share - compared to a dividend of $0.39/share]. NII was offset by a net loss on investments of $6.0 million [$0.73/share], resulting in a net decrease in net assets resulting from operations of $2.6 million [$0.31/share]. Net asset value was $11.05/share as of August 31, 2008. As of August 31, 2008, the weighted average current yield on GNV’s first lien term loans, second lien term loans, senior secured notes, unsecured notes and the GSCIC CLO subordinated notes were 7.8%, 9.9%, 11.6%, 12.2% and 20.2%, respectively, which results in an aggregate weighted average current yield of 11.9%. As of August 31, 2008, 42%, or $53.7 million, of GNV’s interest-bearing portfolio was fixed rate debt with a weighted average current coupon of 11.6% and 58%, or $74.1 million, of its interest-bearing portfolio was floating rate debt with a weighted average current spread of LIBOR plus 5.7%. GNV had one portfolio investment that was being accounted for on a non-accrual basis as a result of filing for bankruptcy during the quarter. All other portfolio investments were performing. Allied Capital Unit Files for Bankruptcy Protection WSJ 10-01 Ciena Capital LLC, a portfolio company of business-development firm Allied Capital Corp., filed for Chapter 11 bankruptcy protection amid a federal investigation into whether it participated in a scheme to fraudulently obtain federally backed business loans. Allied said it plans to pay off about $320 million of secured debt owed by Ciena, formerly known as Business Loan Express LLC. The company said the bankruptcy-court filing was prompted by the plummeting value of Ciena's assets, leaving the small-business-loan lender insolvent. [From AP 10-01] Allied said the Chapter 11 filing in the U.S. bankruptcy court in New York will enable Ciena "to proceed with an orderly sale of its assets over time in more favorable market conditions in the future, and thereby maximize the value of its assets and reduce costs in order to repay its debts. Allied Capital said it expects to record "substantial further unrealized depreciation in the value of its investment in Ciena" for the third quarter ending Tuesday. On 10-01 JP Morgan Securities analyst Jim Ballan cut his rating on ACAS to "Underweight" from "Neutral," noting that it may be difficult for the investment firm to cover its dividends going forward. "We believe the current expected forward dividend yield of 16.5 percent does not properly reflect relatively low dividend coverage from recurring cash earnings and American Capital's limited investment capacity," Ballan wrote in a note to clients. Elsewhere, Friedman, Billings, Ramsey analyst Scott Valentin reiterated an "Underperform" rating on the shares, "reflecting our belief that asset write-downs will impair book value, and that fewer realizations of gains, higher funding costs, and limited availability of capital will limit net operating income growth and return-on-equities, thus negatively impacting dividend growth prospects." On 10-01 BMO Capital Markets Upgraded ALD from Underperform to Market Perform. On 10-17 Janney Mntgmy Scott Initiated CODI, GLAD and PCAP at Buy, and Stifel Nicolaus Upgraded HCD from Hold to Buy and Downgraded NGPC from Buy to Hold. On 10-03 KED declared an increased dividend of $0.42/share payable on October 30, 2008 to shareholders of record on October 17, 2008, with an ex-dividend date of October 15, 2008. On 10-09 TCAP declared an increased dividend of $0.38/share payable on November 20, 2008 to shareholders of record on October 30, 2008. On 8-11 TICC declared a decreased dividend of $0.20/share with a Payable Date of September 30, 2008 and a Record Date of September 10, 2008. 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. 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 10-22 HTGC declared a dividend of $0.34/share payable on December 15, 2008 to shareholders of record as of November 14, 2008. 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. 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. GNV has a current dividend of $0.39/share Net Investment Income $3.455 million [divided by 8.291 million shares = $0.4167] Realized gain on investments = $0.188 million [$0.0226/share] Realized Earnings = $3.643 million [$0.4394/share] Unrealized appreciation = - $6.211 million [- $0.7491/share] Net Increase in Net Assets Resulting from Operations = - $2.567 million [- $0.3096/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 GNV and NGPC - and this could distort the coverage of those BDCs. |