|
|
Market Stats BDCs at Yahoo BDCs at CNN MarketWatch BDCs at MSN BDCs at WSJ BDC Intros Nicsa.Org Investment Lawyer 08 Updates Dec 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 : I am no longer doing run rate adjustments to the dividends [which I did in 2008's data] - only the real and actual dividend data is used. CSE, HCD GNV and MIC cut their divs in Q4. KED has cut the Q1 div and ALD will cut it - and probably others too. Summation: Question every div based valuation because even the divs that have not been cut may be cut soon. GNV Reports Q4-08 PRNewswire 1-14 For the quarter ended November 30, 2008, GSC Investment reported net investment income of $3.9 million [$0.47/share]. NII was offset by a net loss on investments of $11.4 million [$1.38/share], resulting in a net decrease in net assets from operations of $7.6 million [$0.91/share]. Net asset value was $10.14 per share as of November 30, 2008. As of November 30, 2008, the weighted average current yield on the Company's first lien term loans, second lien term loans, senior secured notes, unsecured notes and the GSCIC CLO subordinated notes were 8.5%, 9.6%, 11.6%, 12.3% and 19.2%, respectively, which resulted in an aggregate weighted average current yield of 11.9%. As of November 30, 2008, 39.5%, or $43.9 million, of the Company's interest-bearing portfolio was fixed rate debt with a weighted average current coupon of 11.7% and 60.5%, or $67.3 million, of its interest-bearing portfolio was floating rate debt with a weighted average current spread of LIBOR plus 5.9%. The Ratio of net investment income to average net assets was 13.93%. The Ratio of operating expenses to average net assets was 6.77%. The Ratio of total expenses to average net assets was 11.69%. GNV ended the quarter with a balance on its Revolving credit facility of $66.250 million or $7.99/share. At the end of the quarter, GNV had no loans on non-accrual, but since the end of the quarter one loan at a fair value of $0.9 million has gone on non-accrual due to the company filing for bankrupcy. With total investments of $166.684 million at cost, the non-accruals were 0.54% of investments. With total investments of $136.174 million at fair value, the non-accruals were 0.66% of investments. GNV had zero Delinquent loans 90 days or more past due. GNV had 35% of their portfolio companies with positive EBITDA trends and 62% with declining EBITDA's compared to same quarter last year. Eurofresh and Atlantis Plastics have been removed from the watch list as both investments were exited during the quarter. GNV has 9 loans on their watch list that have $25.7 million in loans at fair value or 19% of the portfolio. GNV's CLO has five Watch List names comprising approximately 4% of the portfolio. GNV had loans that were not in compliance with covenants, but did not have stats on that metric. Most of the companies in which GNV invests has sponsors that are able to add cash to those investments, and GNV continues to also work with them on loan compliance and other issues. In January 2009, GNV notified the lender under the Revolving Facility that they were electing to terminate the revolving period of the Revolving Facility effective January 14, 2009. Accordingly, as of January 14, 2009, the Revolving Facility will begin a two-year amortization period during which all principal proceeds from the collateral will be used to repay outstanding borrowings. At the end of the two year amortization period, all advances will be due and payable. From the conference call: Would changes in regulations on mark to markets effect borrowing base requirements - so GAAP changes would flow through to the borrowing base. An update on individual investments: Why the big Jason write-down? Jasons performance declined quarter over quarter - and prices of assets have declined. Jason is in compliance with covenants - we feel good about the investment - but it was changes in the market place more so than changes at Jason that resulted in the markdown. McMillian - a closly held private company San Diego based home builder - was marked down. McMillian does have cash on the balance sheet. They are reducing expenses. They are selling homes. Their main issues is cutting expenses Liondell [plastics] was written down to 60 cents on the dollar. The decline in oil hurt them. The prices of products declined - and hurt margins. Hurricane at Houston facility hurt. They are in bankrupcy and trying to weather the cycle. On 1-13 GAIN declared their Q1-09 month dividends at $0.08/share with January's div having a record date of 1-22 and a payment date of 1-30, February's div having a record date of 2-19 and a payment date of 2-27, and March's div having a record date of 3-23 and a payment date of 3-31. On 1-13 GLAD declared their Q1-09 month dividends at $0.14/share with January's div having a record date of 1-22 and a payment date of 1-30, February's div having a record date of 2-19 and a payment date of 2-27, and March's div having a record date of 3-23 and a payment date of 3-31. On 1-13 GOOD declared their Q1-09 month dividends at $0.125/share with January's div having a record date of 1-22 and a payment date of 1-30, February's div having a record date of 2-19 and a payment date of 2-27, and March's div having a record date of 3-23 and a payment date of 3-31. On 1-09 Kayne Anderson Energy Development Company [KED] announced its unaudited net asset value of $150.2 million or $14.87/share as of November 30, 2008 [down from $22.19 in the prior quarter] and declared a reduced dividend of $0.35/share [down from $0.42/share in the prior quarter] will be payable on January 29, 2009 to common stockholders of record on January 16, 2009, with an ex-dividend date of January 14, 2009. [Note - the reduced NAV will be included in the Q4-08 data which is not yet displayed - thus this reduction of NAV is not reflected in the above spreadsheets.] On 1-05 shares of ALD jumped after an analyst upgraded the stock, citing a revised credit agreement that gives the investment firm greater near-term flexibility. Stifel Nicolaus analyst Greg Mason upgraded shares of Washington-based Allied Capital to "hold" from "sell." The move came five days after Allied Capital said it had amended terms of its revolving credit facility and private notes. The changes reduced the company's capital maintenance covenants. The amendments "provide us additional comfort on the near-term fundamental stability," Mason wrote in a research note to investors. Mason said he is "comfortable" with investors holding shares of Allied Capital, given the stock's recent decline. On 1-20 JP Morgan upgraded ARCC from Underweight to Neutral. On 1-20 Stifel Nicolaus reiterated GNV as a Buy. On 1-20 JP Morgan Securities analyst Andrew Wessel cut his rating AINV to "Neutral" from "Overweight" and his price target to $9 from $14. "While we acknowledge AINV's comfortable liquidity ... our outlook is tempered as Apollo Investment takes a wait-and-see approach to capital deployment," Wessel wrote. He added that investment capacity at AINV is still available and liquidity remains ample. Wessel cut his 2009 and 2010 earnings per share estimates to $1.49 and $1.54 per share from $1.52 and $1.58, respectively. Analysts polled by Thomson Financial expect, on average, earnings of $1.47 per share for 2009, and $1.50 per share for 2010. 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. GNV has a current dividend of $0.25/share Net Investment Income $3.887 million [divided by 8.291 million shares = $0.4688] Realized gain (loss) on investments = $7.294 million [- $0.8797/share] Realized Earnings = - $3.407 million [- $0.4109/share] Unrealized appreciation = - $4.144 million [- $0.4998/share] Net Increase in Net Assets Resulting from Operations = - $7.551 million [- $0.9107/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. |