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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 Nov Oct 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 suspended its dividend for the second half of 2008 [after cutting its div in Q2]. I cut the Q2 dividend in half in my data to show an optimistic forward div run rate. When ACAS suspended the div in Q4, I cut all four quarter's divs by 25% to show a projected div run rate - again debatable. When KFN suspended its div, my run rate was cut from $0.40 to $0.30. CSE, HCD and GNV have cut their divs in Q4. ALD will cut the div - and probably others too. TCAP's Q1-09 div increase is not the Q4 data. Summation: Question every div based valuation because even the ones that are current may only be temporarily so. GLAD Reports Q3-08 PRNewswire 12-02 Gladstone Capital Corp. reported Q3-08 Net Investment Income of $6.1 million [$0.29/share] as compared to $5.7 million [$0.39/share] for Q3-07, an increase in Net Investment Income of 7.0% but a decrease of 25.6% per share. The per share results were adversely impacted by the issuance of new shares in public offerings subsequent to September 30, 2007, while the proceeds of the offerings were not fully invested in income producing investments for the entire quarter ended September 30, 2008. GLAD recorded net unrealized depreciation of $19.5 million. The annualized weighted average yield on GLAD's portfolio, excluding cash and cash equivalents, was 9.7%. Net asset value per share was $12.89. The entire portfolio was fair valued at 89% of cost as of September 30, 2008. Despite this devaluation, of the 63 investments held by GLAD, all except three are paying as agreed. These three loans had a cost basis of approximately $13.1 million at September 30, 2008, or less than 2.8% of the cost basis of all loans in our portfolio. With Long-term debt ['Borrowings under line of credit'] of $151.030 million and Shares outstanding of 21.087 million, the Debt/share ratio was $7.16/share and the Debt/NAV ratio was 55.56%. On 12-02 PNNT declared a distribution of $0.24/share payable on January 2, 2009 to stockholders of record as of December 23, 2008. On 12-03 MAIN declared dividends of $0.125/share for 1-15-09 to shareholders of record 12-19; for 2-16 to shareholders of record as of 1-22; and for 3-16 to shareholders of record as of 2-20-09. On 12-05 HDC declared a dividend of $0.075/share, payable on December 31, 2008 to holders of record on December 19, 2008. The distribution represents a decrease of $0.075/share over the Q3 distribution of $0.15/share. On 12-08 TCAP declared a dividend of $0.40/share payable on January 6th to holders of record on December 23, 2008. On 12-10 FSC declared a dividend of $0.32/share payable on 12-30-08 to holders of record on December 19, 2008 and $0.33/share payable on 01-29-09 to holders of record on December 30, 2008. On 12-19 KCAP declared a decreased dividend of $0.27/share [the prior div was $0.35] payable on January 29, 2009 to shareholders of record as of December 31, 2008. On 12-19 MVC declared a dividend $0.12/share payable on January 9, 2009 to shareholders of record on December 31, 2008. On 12-19 NGPC declared an increased dividend of $0.41/share [the prior div was $0.40] with a payment date of January 5, 2009 to stockholders of record on December 29, 2008. On 12-19 PSEC declared an increased dividend of $0.40375/share payable 1-19-09 to stockholders of record on 12-31-08. On 12-22 FSC declared a Special Dividend of $0.05/share payable 1-29-09 to shareholder of record December 30, 2008. On 12-22 CSE declared a dividend of $0.05/share payable on or about January 29, 2009 to shareholders of record on December 31, 2008. On 12-08 GNV declared a reduced dividend of $0.25/share payable on December 29, 2008 to common stockholders of record on December 18, 2008. GNV's CEO announced "Our portfolio has experienced only one default and continues to generate a consistent amount of income. However, unrealized depreciation in the value of our portfolio has reduced our borrowing capacity and limited our operational flexibility. Reducing our dividend increases our working capital and improves our ability to cope with the difficult credit conditions currently facing all BDCs." On 12-10 Banc of America Initiated ACAS and AINV at Neutral and Stifel Nicolaus Initiated PNNT at hold and BKCC at Sell. On 12-10 Banc of America Sec Initiated ACAS at Neutral. On 11-11 Citigroup Downgraded KFN from Hold to Sell, Friedman Billings Downgraded KFN from Outperform to Market Perform, and JMP Securities Downgraded KFN from Market Outperform to Market Perform. On 11-11 BB&T Capital Markets Downgraded ACAS from Buy to Hold and William Blair Downgraded ACAS from Outperform to Market Perform. On 11-11 JMP Securities Downgraded KCAP from Market Outperform to Market Perform. On 11-12 Argus Downgraded ACAS from Buy to Hold. On 11-12 BB&T Capital Markets Downgraded NGPC from Buy to Hold. On 11-05 AINV declared a dividend of $0.52/sharepayable on December 29, 2008 to stockholders of record as of December 18, 2008. On 11-06 ARCC declared a dividend of $0.42/share payable on January 2, 2009 to stockholders of record as of December 15, 2008. On 11-06 BKCC declared a dividend of $0.43/share payable on December 31, 2008 to stockholders of record as of December 15, 2008. On 11-06 HTGC declared a dividend of $0.34/share to be paid on December 15, 2008 to shareholders of record as of November 14, 2008. On 11-06 TICC declared a dividend of $0.20/share payable December 31, 2008 to stockholders of record as of December 10, 2008. On 11-07 PCAP declared a decreased dividend of $0.25/share payable 1-15-09 to stockholders of record as of 12-22-08. On 11-10 TTO declared a dividend of $0.265/share [compared to $0.23/share in Q4-07] to be paid on Nov. 28, 2008 to stockholders of record on Nov. 20, 2008. KFN Suspends Dividend On 11-10 KKR Financial Holdings [KFN] said it is suspending its quarterly dividend amid the downturn in the credit markets. KKR Financial most recently paid a quarterly dividend of $0.40/share in August. KFN said in a statement it is not paying a dividend in an effort to preserve capital amid the severe downturn in the credit markets that has led to an "unprecedented level of illiquidity in the global financial markets." 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. |