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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 09 Updates Mar Feb Jan 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 - only the real and actual dividend data is used. CSE, HCD, GNV, KCAP and MIC cut their divs in Q4. HTGC, KCAP, KED, MIC, TICC and TTO have cut their Q1 div and ALD defaulted on loans which eliminates divs on 2-19. Summation: Question every div based valuation because all divs are vulnerable to future cuts. AINV, BKCC, and NGPC have cut their div's by roughly half - and Q2-09 yields are not shown in the data below ACAS Reports PRNewswire 3-02 American Capital announced that Q4-08 net operating income was $44 million [$0.21/share]. Net Decrease in Net Assets Resulting from Operations was $1.684 billion [- $8.13/share]. ACAS end the quarter with $15.41 NAV/share, down from $24.43 as of September 30, 2008 and $32.88 as of December 31, 2007. Based on anticipated realizable value upon settlement or maturity, "Realizable NAV"/share was $20.63 as of December 31, 2008. The Weighted Average Effective Interest Rate on Debt Investments was 10.70%. ACAS also announced that as a result of continuing asset value declines, it is currently in breach of certain financial covenants [minimum consolidated tangible net worth covenants, asset coverage covenants and an available debt asset coverage] under its $2.3 billion of unsecured credit arrangements outstanding as of December 31, 2008. Asset value declines have also caused the Company to be below the 200% asset coverage ratio set forth in the Investment Company Act of 1940, which generally restricts a BDC from issuing any new debt except to refinance existing debt. With Total Debt of $4.428 billion [$2.3 billion of unsecured credit arrangements and $2.1 billion of securitized non-recourse debt outstanding] and Shares outstanding of 207.1 million, the Debt/share was $21.38 and the Debt/NAV ratio was 138.75%. Debt to EBITDA ratio was 5.9 while the Interest Coverage ratio was 1.8x and the Debt Service Coverage ratio was 1.6x compared with 2007 endning Debt to EBITDA ratio was 6.4 while the Interest Coverage ratio was 2.0x and the Debt Service Coverage ratio was 1.8x. As of December 31, 2008, loans with a fair value of $150 million [2.9% of total loans at fair value] were on non-accrual as of December 31, 2008, compared to the $122 million [2.1% of total loans] as of December 31, 2007. Loans on Non-Accrual at Face value at the end of Q4-08 was $871 million [14.5% of total loans] compared with $602 million [10.7%] at the end of Q3-08. ALD Reports Business Wire 3-02 Allied Capital Corporation reported for Q4-08 net investment income of $34.2 million [$0.19/share] compared to $58.0 million [$0.37/share] for Q4-07. Net realized losses were $176.7 million [$0.99/share] compared to $46.4 million [$0.30/share] for Q4-07. The net change in unrealized appreciation was a decrease of $436.3 million [$2.44/share]. Net loss was $578.8 million [$3.24/share] as compared to net income of $27.5 million [$0.18/share] for Q4-07. Net asset value per share was $9.62 at December 31, 2008. The weighted average yield on ALD's interest-bearing portfolio was 12.1%. At December 31, 2008, ALD had borrowings on its revolving line of credit of $50.0 million, outstanding private notes of $1.0 billion and outstanding public debt of $880.0 million. In addition as of December 31, 2008, $122.3 million in standby letters of credit have been issued under the revolving line of credit. with Total debt outstanding of $1.945 billion and Shares outstanding of 178.692 million, the Debt/share was $10.88 and the Debt/NAV ratio was 113.10%. ALD's Debt to equity ratio was 1.13x [the same as the debt/NAV ratio because total debt was used instead of isolating debt that went to finance investments]. Loans and debt securities over 90 days delinquent at 12-31-08, were $108.0 million [3.1% of the portfolio at value] compared with $21.4 million [0.5% of the portfolio] at 9-30-08. Excluding the senior loan to Ciena Capital, 90 days delinquent were $3.1 million or [0.1% of the portfolio] at 12-31-08, as compared to $21.4 million [0.5% of the portfolio] at September 30, 2008. Loans and debt securities not accruing interest at December 31, 2008 were $335.6 million [9.6% of the portfolio] as compared to $383.1 million [9.1%] at 9-30-08. Excluding the loan to Ciena Capital, non-accruals were $230.7 million [6.6% of the portfolio] at December 31, 2008 as compared to $202.9 million [4.8%] at 9-30-08. Loans and debt securities on non-accrual and over 90 days delinquent totaled $108.0 million at 12-31-08 and $21.4 million at 9-30-08. ARCC Reports Business Wire 3-02 Ares Capital reported for Q4-08 Net investment income of $32.1 million [$0.33/share] while Net realized gains were $1.6 million [$0.02/share] and Net unrealized losses were - $144.2 million [- $1.49/share] resulting in GAAP net income of - $110.5 million [- $1.14/share]. Net assets per share were $11.27. Weighted average yield of debt and income producing securities at fair value was 12.79% while the Weighted average yield of debt and income producing securities at amortized cost was 11.73%. The weighted average interest rate and weighted average maturity of all our outstanding borrowings as of December 31, 2008 were 3.03% and 4.9 years, respectively. As of December 31, 2008, approximately 57% of the investments at fair value were at fixed rates while 32% were at variable rates and 11% were non-interest earning. In accordance with the Investment Company Act, ARCC is only allowed to borrow amounts such that their asset coverage is at least 200% after such borrowing. As of December 31, 2008 ARCC's asset coverage for borrowed amounts was 220%. [Because ARRC manages some funds, there is probably off balance sheet debt that was not included in the debt/share calculation below.] The Ratio of operating expenses to average net assets was 9.09%. Ratio of net investment income to average net assets was 10.22%. 2008 Portfolio turnover rate was 24%. As of December 31, 2008, 4.4% of total investments at amortized cost [1.6% at fair value] were on non-accrual status. With Borrowings ['debt'] of $909 million and Shares outstanding of 97.153 million, the Debt/share was $9.35 and the Debt/NAV ratio was 83.02%. BKCC Reports Business Wire 3-10 BlackRock Kelso Capital reported for Q4-08 net investment income of $23.044 million [$0.42/share] while Net realized and unrealized losses were $127.143 million [- $2.30/share] resulting in a Net decrease in net assets from operations of $104.100 million [- $1.88/share]. Net Asset Value was $9.23/share. The weighted average yields of the debt and income producing equity securities in our portfolio at their current cost basis were 11.0% at December 31, 2008 compared with 12.4% at December 31, 2007. At December 31, 2008, 1.8% of BKCC's total debt investments at fair value (or 6.6% at amortized cost) were on non-accrual status. Non-accrual loans are with Precision {auto} Parts International services Corp for $1.922 million [fair value], gaming company Wembly Inc for $0.108 million, restaurant Westward Dough for $6.446 million, medical dvice maker Facet with loan written to zero, and metals company Tygem also written to zero. With Borrowings [Credit facility payable] of $426 million and Shares outstanding of 55.671 million, the Debt/share was $7.65 and the Debt/NAV ratio was 82.88%. HCD Reports Business Wire 2-27 Highland Distressed Opportunities reported for 2008 [Q4 results were not reported] Net investment income of $10.790 million and Net decrease in stockholders’ equity from operations of $108.171 million. The Net Asset Value per share was $3.42. HCD had 47.4% of total investments in Senior Loans, 27.8% in Corporate Notes and Bonds, and 24.7% in Equity Interests. At 12-31-08, the weighted average yield of HCD's portfolio investments, exclusive of cash and cash equivalents, was approximately 5.7%. As of 12-31-08, 85.3% of HCD's portfolio consisted of investments in 10 issuers. During Fiscal 2008, HCD generated approximately $135.4 million in cash flows from operations, of which $126.5 million was used to repay borrowings under its credit facilities and approximately $13.3 million was used to make cash distributions to holders of our common stock. HTGC Reports Business Wire 2-12 Hercules Technology Growth Capital reported Q4-08 net investment income before taxes of $11.0 million [$0.34/share]. Realized loss on investments was - $2.349 million [- $0.0719/share] while Unrealized appreciation was- $19.402 million [- $0.5938x/share]. HTGC had taxes of $0.203 million [- $0.0062/share]. The Net Increase in Net Assets Resulting from Operations was - $10.939 million [- $0.3348/share]. As of December 31, 2008, Hercules had unfunded debt commitments of approximately $82.0 million to 28 portfolio companies. The effective yield on our debt investments during the quarter was 14.9% as compared to 13.1% in the prior quarter, and is largely attributed to higher interest charges and fees related to loan restructurings and acceleration of fee income recognition from early loan repayments. The overall weighted average yield to maturity on the Company’s loan portfolio was 12.87% as of December 31, 2008. The net assets were $382.5 million, with a net asset value per share of $11.56. HTGC had $216.8 million in debt outstanding as of 12-31-08, which includes approximately $89.6 million under its facility with Citibank and Deutsche Bank, representing a leverage ratio of 57% or 23% with the exemptive order related to the SBA debenture program that allows HTGC to exclude SBA borrowings from the 1:1 leverage test imposed on BDCs. With Borrowings of $216.7 million and Shares outstanding of 32.675 million, the Debt/share was $6.63 and the Debt/NAV ratio was 57.35%. KCAP Reports Globe Newswire 3-16 Kohlberg Capital reported for 2008 Net investment income of $30.7 million [$1.51/share]. Net realized losses were $575,000 [$0.03/share]. The Net change in unrealized loss on investments was $39.7 million [$1.96/share]. At 12-31-08, investment value totaled $514.2 million and Net asset value per share was $11.68. The weighted average yield on KCAP's loan and bond portfolio at 12-31-08 was 7.0%. As of 12-31-08 KCAP's debt outstanding under a secured credit facility was $261.7 million, resulting in 196% asset coverage or a debt to equity ratio of 1.05. With Borrowings of $261.7 million and Shares outstanding of 20.455 million, the Debt/share was $12.79 and the Debt/NAV ratio was 109.50%. As a BDC, KCAP is required to meet a coverage ratio of total assets to total senior securities of at least 200%. For this purpose, senior securities include all borrowings and any preferred stock. As a result, PCAP's ability to utilize leverage as a means of financing our portfolio of investments is limited by this asset coverage test. KCAP's asset coverage ratio was below 200% as of 12-31-08. But as of 3-12-09, the Facility balance was approximately $245 million and PCAP's asset coverage ratio was approximately 209%. During September 2008, PCAP was notified by the facility lenders that they did not intend to renew their liquidity facility unless PCAP agreed to certain revised terms. KCAP viewed the terms as unfavorable and have opted to forego the revolving credit feature. The termination date is September 29, 2010. MAIN Reports Globe Newswire 3-11 Main Street Capital reported for Q4-08 Distributable net investment income of $2.9 million [$0.32/share] and a Distributable net realized loss of $0.) million [- $0.08/share]. The Net Increase in Net Assets Resulting from Operations was $0.569 million [$0.0633/share]. The Net Asset Value was $112.4 million or $12.20/share. The annual weighted average effective yield on MAIN's debt investments held at December 31, 2008 was 14.0%. As of December 31, 2008, Main Street had approximately $39.8 million in total cash and cash equivalents plus idle funds investments. The recently enacted American Recovery and Reinvestment Act of 2009 contains several provisions applicable to SBIC funds, including MAIN's wholly owned SBIC subsidiary. One provisions increases the maximum amount of combined SBIC leverage to $225 million for affiliated SBIC funds. The prior maximum amount was $137 million, as adjusted annually based upon changes in the CPI. As of December 31, 2008, Main Street had $55 million of SBIC debenture leverage outstanding. The existing SBIC debenture leverage bears an annual weighted average interest rate of 5.8%, payable semiannually, and matures ten years from original issuance. The first maturity of the existing SBIC debenture leverage will not occur until 2013, and the final maturity of the existing SBIC debenture leverage is in 2017. As of December 31, 2008, Main Street had a debt to equity ratio of approximately 0.49 to 1.0. All of Main Street's current outstanding indebtedness, which consists of long-term SBIC debenture leverage, is excluded from the 200% asset coverage requirements applicable to Business Development Companies. As of December 31, 2008, Main Street also had a cash and cash equivalent plus idle fund investments to debt ratio of 0.72 to 1.0. In addition, Main Street's full year 2008 interest coverage ratio (distributable net investment income plus interest expense divided by interest expense) was approximately 3.9 to 1.0. MAIN confirms its dividend guidance to pay dividends in the range of $1.50 to $1.65/share for all of calendar year 2009, which represents an increase of 5.3% to 15.8% over dividends paid during calendar year 2008. Based on information provided by our portfolio companies, our portfolio companies had a weighted average net senior debt (senior interest-bearing debt less cash and cash equivalents) to EBITDA ratio of approximately 2.1 to 1.0 and a total EBITDA to senior interest expense ratio of approximately 3.4 to 1.0. Including all debt that is junior in priority to Main Street's debt position, these ratios were approximately 2.7 to 1.0 and 2.9 to 1.0, respectively. Approximately 84% of Main Street's portfolio investments at cost were in the form of secured debt investments. Approximately 85% of Main Street's debt investments at cost were structured at fixed interest rates with cash interest payments generally due monthly. Main Street had equity ownership in 94% of its portfolio companies and the average fully diluted equity ownership in those portfolio companies was approximately 25%. The percentage of loans on non-accrual (at fair value) were 0.5%. With Borrowings [SBIC debentures] of $55 million and Shares outstanding of 8.986 million, the Debt/share was $6.12 and the Debt/NAV ratio was 50.17%. MCGC Reports PRNewswire 3-05 MCG Capital reported for Q4-08 Net operating income of $8.9 million [$0.12/share] while the Net loss for the quarter was $57.3 million [$0.77/share]. Total yield on average loan portfolio [at fair value] was 12.42% while the Total cost of funds was 5.44%, resulting in a Net portfolio yield margin of 6.25%. Net asset value per at period's end was $8.66. In December 2008, MCGC repurchased $15.1 million of collateralized loan obligations for $4.0 million that previously had been issued by its wholly owned subsidiary, MCG Commercial Loan Trust. Subsequently, in January 2009, MCGC purchased an additional $7.5 million of these notes for $2.1 million. MCGC was able to extinguish this debt for less than 27% of the principal amount and MCGC will save approximately $1.5 million of annual interest expense. During the first quarter of 2009, MCGC renegotiated three of its debt facilities. If MCGC is able to meet its goals with respect to leverage levels, unrestricted cash balances and credit agreement limitations, MCGC will evaluate on a quarterly basis the potential repurchase of equity and additional debt securities at a discount and the resumption of shareholder distributions. Loans on non-accrual as a percentage of total debt investments [at fair value] was 4.86%. With Borrowings of $751.035 million and Shares outstanding of 74.242 million, the Debt/share was $10.12 and the Debt/NAV ratio was 116.86%. MVC Reports Business Wire 3-09 MVC Capital reported for [what I am calling Q4-08 but since it ends on 1-31-09, MVC calls it their first quarter of 2009] $5.8 million in interest and dividend income and approximately $800K in fee and other income, representing a decrease in total operating income of approximately $2.3 million, as compared to the same quarter in 2008. MVC reported net operating income of approximately $2.6 million, as compared to net operating income of approximately $3.3 million for the same quarter in 2008. MVC's net assets were approximately $419.8 million [$17.28/share] compared $421.9 million [$17.36/share] at the beginning of the quarter and $387.5 million [$15.95/share] at the end of the same period last year. MVC's Revolving credit facility of $12.6 million and a Term loan of $50 million resulted in MVC's debt for investments of $62.600 million. With shares of 24.297 million, debt per share was $2.58 and the Debt/NAV ratio was 15%. When MVC was emailed for non-accural information, they [CFO Peter Seidenberg and IR's Jaclyn Shapiro-Rothchild] replied by phone that this information is not currently publicly disclosed. MVC sees themselves mainly as an equity investor in their portfolio companies and not a debt investor like most BDCs. NGPC Reports PRNewswire 3-12 NGP Capital Resources reported Q4-08 net investment income [which included a $3.5 million tax benefit] of $11.4 million. The net realized capital gains after provision for taxes was $0.8 million while the unrealized depreciation was $47.7 million, consisting of a $51.0 million decrease in targeted portfolio fair value, a $1.9 million decrease in the fair value of corporate notes and a $5.2 million increase in the fair value of commodity derivative instruments. The net decrease in stockholders' equity (net assets) resulting from operations was $35.5 million [$1.64/share]. The Net asset value per share was $12.29 The weighted average yield on targeted portfolio investments was 9.1% at December 31, 2008. The weighted average yield on investments in corporate notes was 5.8%, on investments in commodity derivatives was 934.6% and on investments in cash and cash equivalents was 0.5% as of December 31, 2008. The weighted average yield on NGPC's total capital invested at December 31, 2008 was 8.0%. In January 2009, NGPC repaid the entire $45 million balance on its Investment Credit Facility. As of the date of this release, NGPC has no outstanding borrowings under the Investment Facility; therefore the entire $87.5 million committed is available. Presently, the only outstanding indebtedness of NGPC is $75 million under its Treasury Facility, which is fully secured by cash or U.S. Treasury Bills. Conference Call: NGPC has $294 million in investments. Fair value of $244 million in investment companies. At the time of the call, NGPC had no outstanding borrowings on one of their lines of credit and thus had $87 million available for investments on that line. NGPC stated that it had 'long term staying power'. We believe the demand for capital in the energy industry will continue to be strong. NGPC had 85% of its investments in the top level of the capital structure and 15% in junior position where there are more senior debt holders. NGPC invests with experienced energy teams. Thirty deals are screened for every one transaction done. Many of NGPC's portfolio companies are benefiting from prior hedges. NGPC does not see long term deteriorization of their portfolio companies. NGPC had 22 rated investments - and during the quarter 1 investment improved while 14 stayed rated the same. Eleven investments [40% of portfolio] are on NGPC's watch list due to slower development of the assets or stress from falling commodity prices. NGPC ended the quarter with 3 investments [$44 million or 18% of 'portfolio company' investments but 15% of assets] on non-accrual. The watch list is comprised of investments that are not performing as expected. Formidable - NGPC has $37.3 million invested - the largest investment on the watch list - with $22.5 million current fair value. The decline was due to poor execution of plans and due to declining commodity prices. Formidable mainly owns undeveloped acreage in the Rockies Utah and Wyoming. Formidable has 60 coal bed methane wells. NGPC has taken control of this asset and is looking for new operator. Dean Lake - $13.9 million [$10.0 million fair value with decline due to market conditions] and Dean Lake used this loan to acquire oil and gas properties in Montgomery County Texas. NGPC has assumed management of the company - Tiamara now runs and is increasing cash flow. Jerimar Energy operates in Calhoun County Texas - and this loan has been restructured to a control equity investment. New wells drilled. More development being done. Nighthawk is an energy service provider. It is a $15.2 million with fair value of $10.0 million. Nighthawk is well managed, but their near term outlook is challenging - their margins are contracting. The interest rate on their loan was renegotiated and the interest rate went from 15% to 21% with addition interest PIK-able at NightHawk's option. Alden is a producer of high quality coal used in manufacturing of silicon metals. Fair value $35.8 million - it has some short term challenges due to its concentration of production and the seasonal demand for specialty coal. Can not ship in winter. BioEnergy is performing at or near plan - but it current is a tough environment of alternative energy. NGPC has provided a $5 million first lien loan and $10 million in subordinated debt. It current has 2 commercial projects. There also is an ethanol plant under construction. BSR Loco Bayou was provided with a $4 million initial loan. BSR sold some assets and repaid some of the original loan. It now owes $2.9 million to NGPC and that loan has a current fair value of $1.5 million. Chroma Energy is an oil and gas producer in Texas and the Gulf. NGPC has a $4 million equity investment with a current fair value of $1 million. All watch list companies have the potential of recovery. All but Formidable are generating cash to cover their expenses. On NGPC's Commodity hedging - most of that is done at the portfolio company level. Approx 51% of expected production is hedged at $68 barrel for oil and $6.50 MMBTU for gas. The pipeline with which ATP has a contract to ship its products was damaged in Ike and that lack of royalty flow hurt NGPC's weighted average yield number. NGPC was asked about their expected write downs in Q1? NGPC: Absent any new changes - the markdowns should be low. NGPC was asked about their dividend guidance - should we expect $0.20/share/quarter going forward? NGPC said that they expect to cover the dividend with NII. We should look at historical NII to generate our own div projections. Almost all of the commodity hedges were related to NGPC's investment in ATP Royalty. ATP has 100% of projected 2009 oil production hedged. ATP was off-line due to Ike, so they are laying off some hedges. NGPC has $34 million of unfunded commitments [to Wasaka and Anadarko] that should be taken from the $100 million of available credit. When asked about covenant issues, NGPC replied that there are no minimal net worth covenants. The most relevant covenant was the requirement for the net assets value to debt ratio to be 2.5 to 1. If NAV is maintained at $200 million - then they have the full access to the full $87 million line of credit available. Asked if there is any estimated spill over income carried into 2009, NGPC replied that there is $0.20 to $0.25/share - and two thirds of that will be capital gains. Ask if we should expect portfolio growth in 09, NGPC said they expect that, but it would be at a lumpy pace. NGPC said that E&P companies are being defensive in deploying capital, and so are we. PCAP Reports Globe Newswire 3-16 Patriot Capital Funding reported for Q4-08 Net investment income of $6.0 million [$0.29/share] and a Net loss of $16.9 million [$0.81/share]. Net asset value per share was $8.65. The weighted average yield on all of our debt investments for the year ended 12-31-08 was 12.1%. PCAP had $162.6 million of borrowings outstanding at 12-31-08 under our second amended and restated securitization revolving credit facility. Currently, PCAP is in compliance with the terms of the Credit Facility. At 12-31-08, the interest rate on our Credit Facility was 3.6% and our regulatory asset coverage was 211%. PCAP is required to maintain regulatory asset coverage of at least 200%. With Shares outstanding of 20.807 million, the Debt/share was $7.79 and the Debt/NAV ratio was 90.05%. At December 31, 2008, PCAP had loans from three of our portfolio companies on non-accrual status. TAXI Reports Businesst Wire 3-12 Medallion Financial reported Q4-08 Net investment income after taxes of $4,443,000 [$0.25/share]. The net increase in net assets resulting from operations was $2,832,000 [$0.16/share]. The Net asset value per share was $9.97. Including Medallion Bank, TAXI's unconsolidated wholly-owned portfolio company, net interest margin increased to 5.21% in 2008 up from 4.21% a year ago. [TAXI presents this stat instead of weighted average yield - and did not give a Q4-08 only number.] Prices in 2008 for corporate medallions in New York City increased over 24% and are currently at all-time highs of $750,000 per medallion in March 2009. TAXI's loan to value ratio on our entire medallion portfolio is now under 50%. The loan to value ratio on our entire medallion portfolio is now under 50%. Medallion Financial’s leverage continues to be well under the industry norms with a debt to equity ratio of less than 3 to 1. Loans more than 90 days past due, on a combined basis with Medallion Bank were 1.3% at December 31, 2008. TAXI received $11.8 million from the TARP program in February 2009. It was not required to provide warrants or common stock to the Treasury department and no dividend restriction was placed on Medallion Financial. With Borrowings ["funds borrowed"] of $462 million and Shares outstanding of 17.722 million, the Debt/share was $26.07 and the Debt/NAV ratio was 226.48%. TAXI's bank component should result in this ratio being very high. The ratio was 260% last quarter. TCAP Reports Globe Newswire 2-25 Triangle Capital reported for Q4-08 Net investment income of $3.0 million [$0.43/share] compared to $2.0 million [$0.29/share] during Q4-07. The net increase in net assets resulting from operations was $1.5 million [$0.22/share] as compared to $2.2 million [$0.32/share] during Q4-07. The net asset value per share at December 31, 2008 was $13.22. The weighted average yield on outstanding debt investments was approximately 14.4%, compared to 13.9% at December 31, 2007. As of December 31, 2008, TCAP had 10-year fixed rate SBA-guaranteed debentures totaling $115.1 million, and using that number for total debt to fund investments and with Shares outstanding of 6.878 million, the Debt/share was $16.73 and the Debt/NAV ratio was 126.58%. As of December 31, 2008, the fair value of TCAP's non-accrual assets comprised 1.6% of the total fair value of their portfolio, the cost of our non-accrual assets comprised 3.2% of the total cost of their portfolio. Our non-accrual assets as of December 31, 2008 are the following: [1] Gerli and Company loan with a cost of $3.1 million and a fair value of $1.9 million as of 12-31-08; and [2] Fire Sprinkler Systems loan with with a cost of $2.4 million [at the beginning of Q2-08] and a fair value of $1.0 million. TICC Reports Market Wire 3-12 TICC Capital Corp reported for Q4-08 $4.4 million [$0.17/share]. The net unrealized depreciation was $44.4 million and net realized gains of $1.2 million, resulting in a net decrease in net assets resulting from operations of $38.7 million [$1.47/share]. The weighted average yield of our debt investments (excluding cash equivalents and assuming no interest income from any investments on non-accrual status) was approximately 8.9%. Net asset value per share was $7.68. The total of all investments on non-accrual status, including American Integration Technologies, LLC, Group 329, The CAPS Group and Punch Software represents approximately 6.7% of the aggregate fair value as of December 31, 2008. With Borrowings of $0.0 million and Shares outstanding of 26.483 million, the Debt/share was $0.00 and the Debt/NAV ratio was 0%. TTO Reports Businesst Wire 2-12 Tortoise Capital Resources reported 2008 Total distributions from investments of $9.688 million [and with 8.887 million shares, distributions/share were $1.09], of which $7.894 million were classifified as return of capital, resulting in Total Investment Income of $2.944 million. Net Decrease in Net Assets Applicable to Common Stockholders Resulting from Operations was $24.370 million [- $2.74/share]. At 11-30-08 TTO's s net asset value was $9.96/share. As of Nov. 30, 2008, the fair value of TTO's investment portfolio (excluding short-term investments) totaled $105.8 million, including equity investments of $97.5 million and debt investments of $8.3 million. The portfolio represents a mix of 60% midstream and downstream investments, 13% upstream investments, and 27% in aggregates and coal. The weighted average yield-to-cost on the investment portfolio (excluding short-term investments) as of 11-30-08 was 8.0%. On 3-02 ARCC declared a dividend of $0.42/share, payable on March 31, 2009 to stockholders of record as of March 16, 2009. On 3-05 MAIN declared monthly dividends of $0.125 per share for April 15th, May 15th and June 15th 2009 to shareholders of record on 3-20, 4-21 and 5-21. On 3-10 BKCC declared a reduced dividend of $0.16/share [prior quarterly div was $0.42/share] payable on April 3, 2009 to stockholders of record as of March 20, 2009.On 3-11 TCAP declared a dividend of $0.40/share payable 4-08-09 to holders of 3-25-09. On 3-11 PNNT declared a dividend of $0.24/share, payable on April 1, 2009 to stockholders of record as of March 24, 2009. On 3-12 NGPC declared a reduced dividend of $0.20/share payable on April 10, 2009 to shareholders of record on March 31, 2009. On 3-12 TICC declared a dividend of $0.15/share payable March 31, 2009 to shareholders of record on March 17, 2009. On 3-12 TAXI declared a dividend of $0.19/share payable March 30, 2009 to shareholders of record on March 13, 2009. On 3-23 KCAP declared a recuded dividend of $0.24/share [prior div was $0.27] payable on April 29, 2009 to shareholders of record as of April 8, 2009. On 3-24 PSEC declared a dividend of $0.405/share payable on April 20, 2009 to shareholders of record as of March 27, 2009. On 3-16 PCAP's board of directors has postponed making a decision regarding the declaration of our first quarter 2009 dividend until we have more information on whether the liquidity facility will be renewed. On 3-17 JMP Securities Downgraded PCAP from Market Outperform to Market Perform. On 3-27 HTGC announced that it has completed the full repayment of its $130.0 million credit facility with Citigroup and Deutsche Bank. Manuel Henriquez, co-founder, chairman and CEO, said “Hercules’ ability to amortize and repay approximately $130.0 million within five months during these most challenging times, provides further evidence of the asset class and of the continued focus and dedication of Hercules’ investment professionals to work diligently identifying and investing in the right companies while at the same time also remaining focused on managing our credit performance and balance sheet liquidity.” This was done through a combination of early and regularly scheduled loan repayments as well as borrowing approximately $25.7 million under their credit facility with Wells Fargo Foothill. Wells Fargo Foothill coupled with their long-term funding relationship with the SBA’s SBIC program provides Hercules with a long term source of capital while continuing to support and grow their investment portfolio. Details of MCGC's amendments to three of its debt facilities PRNewswire 3-05 Revolving Line of Credit -- the maximum aggregate amount available under this facility was reduced from $70.0 million to $35.0 million and interest on outstanding borrowings increased by 125 basis points to LIBOR plus 4% per annum. As of December 31, 2008, MCG had $44.5 million outstanding under this facility, of which $9.5 million was repaid on the closing date of the amendment. The amendment also reduced the minimum consolidated stockholders' equity requirements from $650.0 million prior to December 31, 2008 to $500.0 million plus 50% of the proceeds from any post-amendment date equity issuances for the periods ending as of and after December 31, 2008. In addition, under the amendment MCG agreed to maintain minimum cash and cash equivalents of $12.5 million at all times and a quarterly cash coverage ratio of not less than 1.25 to 1.00. The facility is scheduled to mature on May 29, 2009 and may be renewed at the lenders' discretion. Consistent with its strategic plan to selectively monetize assets and deleverage, MCG is required to direct a portion of any monetization proceeds to pay down debt in the revolving line of credit and the MCG's unsecured notes. Up to 60% of the net proceeds of any sale by MCG of unencumbered investment assets will reduce amounts outstanding under the revolving line of credit and MCG's unsecured notes on a pro rata basis, based on then-outstanding amounts. All asset monetizations are at the sole discretion of MCG based upon the economic merits of any proposed transaction. Dividends payable in cash with a declared payment date prior to July 1, 2009 are limited to the minimum amount required for MCG to maintain its status as a registered investment company. MCG may not repurchase or redeem MCG's equity or debt, provided that MCG may purchase up to $5.0 million of debt from MCG's 2006-1 term securitization facility. MCG paid the lenders an amendment fee, with each consenting lender receiving 0.50%. Unsecured Notes -- the terms of the $75.0 million of unsecured notes that MCG had issued in 2007 and 2005 were amended. In connection with these amendments, MCG and the noteholders agreed to a number of modifications to the terms of the notes, including certain financial covenants. The minimum asset coverage ratio that MCG is required to maintain has been lowered from 200% to 180%. The minimum consolidated stockholders equity requirement was reduced from $642.9 million prior to December 31, 2008 to $500.0 million effective as of and after December 31, 2008. The cross-default provisions were modified so that defaults of indebtedness by certain direct and indirect subsidiaries, including Solutions Capital I, L.P. and the special purpose subsidiaries relating to the 2006-1 term securitization and the MCG secured warehouse credit facility, would not constitute defaults under the notes, as long as MCG (the parent company) or any other subsidiary that is not a non-recourse financing subsidiary is not liable for the repayment of such indebtedness. The interest rate for the $50.0 million in Series 2005-A Notes due October 11, 2010 increased from 6.73% to 8.98%. The interest rate for the $25.0 million in Series 2007-A Notes due October 3, 2012 increased from 6.71% to 8.96%. MCG Commercial Loan Funding Trust -- On February 26, 2009, the lender provided the annual renewal of its liquidity facility that supports MCG's secured warehouse credit facility. In connection with this renewal, MCG and the lender agreed to a number of modifications to the warehouse facility terms, including a reduction in the facility borrowing commitment from $250 million to $190 million. As of March 3, 2009, MCG had $187.2 million outstanding under the facility. MCG also agreed to contribute approximately $36.6 million of additional collateral to the warehouse facility. The legal final maturity date is now August 2011, subject to contractual terms and conditions. The requirement for a six-month standstill upon non-liquidity renewal has been eliminated. If a new agreement or extension is not executed by February 2010, the warehouse facility enters an 18-month amortization period during which principal under the facility is paid down through orderly monetizations of portfolio company assets that are financed through the facility. The warehouse facility is non-recourse to MCG; therefore, in the event of a termination event or upon the legal final maturity date, the lenders under the warehouse facility may only look to the collateral to satisfy the outstanding obligations under this facility. The interest rate for Class A advances has been increased to the commercial paper rate plus 2.50%. Class A advances previously bore interest at the commercial paper rate plus 1.50%. The minimum asset coverage ratio that MCG is required to maintain was reduced from 200% to 180%, and the minimum consolidated stockholders' equity requirement was reduced from $654.0 million for the periods prior to December 31, 2008 to $525.0 million plus 50% of the proceeds from any post-amendment date equity issuances effective as of and after December 31, 2008. Subject to certain conditions, this covenant amount may be reduced to $500.0 million. Prior to the commencement of any amortization period, MCG will contribute 80% of net proceeds from monetizations of collateral (pre-amendment amount was 72% of net proceeds) financed in the warehouse facility to reduce the facility borrowing limit, until such limit is reduced to $150.0 million. Additionally, 7.5% of the sale of the first $100.0 million of unencumbered investment assets by MCG will be used to repay the warehouse facility until such facility is reduced to $150.0 million. MCG paid to SunTrust Robinson Humphrey, Inc. a facility renewal fee of $2.375 million, or 1.25%. On 2-05 AINV declared a reduced dividend of $0.26/share payable on April 2, 2009 to stockholders of record as of March 19, 2009. On 2-12 HTGC declared a reduced stock and cash dividend of $0.32/share [down from $0.34/share] payable up to 90% or $0.29 per share, in common stock of the Company and up to 10%, or $0.03 per share, in cash, based on stockholder elections, and payable on March 30, 2009 to shareholders of record as of February 23, 2009. On 2-12 TTO declared a reduced distribution of $0.23/share [down $0.035 from the prior distribution] which represents an estimated 94% of DCF and will be paid on Mar. 02, 2009 to stockholders of record on Feb. 23, 2009. On 2-06 Stifel Nicolaus analyst Troy Ward maintained a "Sell" rating on AINV and said the dividend reduction probably would put additional pressure on Apollo's shares. The analysts noted that Apollo's book value dropped 28 percent to $9.87 from $13.73 last quarter, due in part to a poor performance by the company's investment in Innkeepers USA Trust. BMO Capital Markets analyst David J. Chiaverini maintained a "Market Perform" rating on AINV. Apollo said that the company was in compliance with all of its financial covenants as of Dec. 31. Chiaverini estimated that Apollo's book value would have to fall an additional 25 percent before the company is in danger of missing its minimum net worth covenants. On 2-12 TTO declared a reduced dividend of $0.23/share to be paid on Mar. 02, 2009 to stockholders of record on Feb. 23, 2009. On 2-26 MIC announced that while its operating entities continue to generate substantial levels of cash, MIC's board of directors has decided to suspend the payment of quarterly cash distributions to shareholders. ACAS has a current dividend of $0.00/share (NII + Asset Management Income) Net Operating Income = $44 million [divided by 207.1 million shares = $0.2124] Net realized gain = - $47 million [- $0.2269/share] (NII + asset management inc + realized gains) Realized Earnings = - $3 million [- $0.0145/share] Unrealized Appreciation (loss) = - $1.681 billion [- $8.1169/share] (Earnings) Increase in Net Assets resulting from Operations = - $1.684 billion [- $8.1313/share] ALD has a current dividend of $0.00/share Net Investment Income $34.175 million [divided by 178.692 million 'average' shares = $0.1912] Realized gain (loss) on investments = - $176.748 million [- $0.9891/share] Realized Earnings = - $142.573 million [$0.7979/share] Unrealized appreciation = - $436.256 million [- $2.4414/share] Net Increase in Net Assets Resulting from Operations = - $578.829 million [- $3.2392/share] AINV has a current div of $0.52/share and a forward div of $0.26/share Net Investment Income $52.787 million [divided by 142.221 million 'average' shares = $0.3712] Realized gain (loss) on investments = - $3.576 million [- $0.0251/share] Realized Earnings = $49.221 million [$0.3460/share] Unrealized appreciation = - $524.754 million [- $3.6897/share] Net Increase in Net Assets Resulting from Operations = - $475.534 million [- $3.3436/share] ARCC has a current dividend of $0.42/share Net Investment Income $32.138 million [divided by 97.153 million 'average' shares = $0.3308] Realized and unrealized gain (loss) on investments = - $142.638 million [- $1.4681/share] Net Increase in Net Assets Resulting from Operations = - $110.500 million [- $1.1374/share] BKCC had a current dividend of $0.43/share [the forward div is $0.16/share] Net Investment Income $23.043 million [divided by 55.398 million 'average' shares = $0.4159] Realized gain (loss) on investments = $7.411 million [$0.1338/share] Realized Earnings = $30.454 million [$0.5497/share] Unrealized appreciation = - $134.555 million [ - $2.4289/share] Net Increase in Net Assets Resulting from Operations = - $104.099 million [- $1.8791/share] GAIN has a current dividend of $0.24/share/quarter Net Investment Income $3.587 million [divided by 22.080 million shares at end of period = $0.1624] Realized gain (loss) on investments = $0.000 million [ $0.0000/share] Realized Earnings = $3.587 million [$0.1624/share] Unrealized appreciation = - $7.527 million [- $0.3409/share] Net Increase in Net Assets Resulting from Operations = - $3.940 million [- $0.1784/share] GLAD has a current dividend of $0.42/share/quarter Net Investment Income $5.881 million [divided by 21.087 million shares = $0.2789] Realized gain (loss) on investments = - $1.713 million [- $0.0812/share] Realized Earnings = $4.168 million [$0.1976/share] Unrealized appreciation = - $13.253 million [- $0.6285/share] Net Increase in Net Assets Resulting from Operations = - $9.103 million [- $0.4317/share] 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] HCD has a current dividend of $0.1500/share Net Investment Income $10.790 million [divided by 17.717 million 'average' shares = $0.6090] (yearly stats) Realized gain (loss) on investments = - $84.536 million [- $4.7714/share] Realized Earnings = - $73.746 million [- $4.1624/share] Unrealized appreciation = - $34.424 million [- $1.9430/share] Net Increase in Net Assets Resulting from Operations = - $108.171 million [- $6.1054/share] HTGC has a current dividend of $0.34/share [90% paid in stock and 10% in cash] Net Investment Income $11.015 million [divided by 32.675 million 'average' shares = $0.3371] Realized gain (loss) on investments = - $2.349 million [$0.0719/share] Realized Earnings = $8.666 million [$0.2652/share] Unrealized appreciation = - $19.402 million [- $0.5938x/share] Income-tax benefit = - $0.203 million [- $0.0062/share] Net Increase in Net Assets Resulting from Operations = - $10.939 million [- $0.3348/share] KCAP has a current dividend of $0.35/share Net Investment Income $30.706 million [divided by 20.455 million 'average' shares = $1.5011] (yearly stats) Realized gain (loss) on investments = - $0.575 million [- $0.0281/share] Realized Earnings = $30.131 million [$1.4730/share] Unrealized appreciation = - $39.698 million [- $1.9407/share] Net Increase in Net Assets Resulting from Operations = - $9.567 million [- $0.4677/share] KED has a current dividend of $0.350/share Net investment income = - $0.727 million [divided by 10.102 million shares = - $0.0720/share] Adjusted NII [which includes $3.566 million in ROC divs] = $2.829 million [$0.2800/share] Net realized gain on investments $9.292 million [$0.9198/share] Realized Earnings = $8.565 million [$0.8478xshare] ROC Adjusted Realized Earnings = $12.121 million [$1.1998/share] Unrealized appreciation = - $65.825 million [- $6.5160/share] Net Increase (Decrease) in Net Assets Resulting from Operations = - $57.260 million [$5.6682/share] ROC Adjusted Net Increase in Net Assets Resulting from Operations = - $53.704 million [$5.3162/share] MAIN has a current dividend of $0.375/share/quarter Net Investment Income $2.694 million [divided by 8.986 million 'average' shares = $0.2998] Realized gain (loss) on investments = - $3.633 million [- $0.4043/share] Realized Earnings = - $0.939 million [- $0.1045/share] Unrealized appreciation = $0.623 million [$0.0693/share] Income-tax benefit = $0.885 million [$0.0985/share] Net Increase in Net Assets Resulting from Operations = $0.569 million [$0.0633/share] MCGC has a current dividend of $0.12/share Net Operating Income $8.860 million [divided by 74.242 million 'average' shares = $0.1193] Realized gain (loss) on investments = - $0.255 million [$0.0034/share] Realized Earnings = $8.604 million [$0.1159/share] Unrealized appreciation = - $76.736 million [- $1.0336/share] Gain on debt estinguishment = $11.055 million [$0.1489/share] Tax Provision = - $0.221 million [- $0.0032/share] Net Income [loss] = - $57.297 million [- $0.7717/share] MVC has a current dividend of $0.xx/share Net Investment/Operating Income $2.647 million [divided by 24.297 million 'average' shares = $0.1089] Realized gain (loss) on investments = - $0.000 million [$0.0000/share] Realized Earnings = $2.647 million [$0.1089/share] Unrealized depreciation = $1.793 million [- $0.0738/share] Net Increase in Net Assets Resulting from Operations = $0.854 million [$0.0351/share] NGPC has a current dividend of $0.40/share [$0.20 going forward] Net Investment Income $11.412 million [divided by 21.628 million 'average' shares = $0.5272] Realized gain (loss) on investments = $0.750 million [$0.0347/share] Realized Earnings = $12.162 million [$0.5623/share] Unrealized depreciation = $47.658 million [- $2.2035/share] Net Increase in Net Assets Resulting from Operations = - $35.495 million [- $1.6411/share] PCAP had a Q4-08 div of $0.25/share Net Investment Income $5.923 million [divided by 20.807 million 'average' shares = $0.2847] Realized gain (loss) on investments = - $0.905 million [- $0.0435/share] Realized Earnings = $5.018 million [$0.2412/share] Unrealized appreciation = - $21.955 million [- $1.0552/share] Net Increase in Net Assets Resulting from Operations = - $16.937 million [- $0.8140/share] PNNT has a current dividend of $0.24/share Net Investment Income $5.767 million [divided by 21.069 million 'average' shares = $0.2737] Realized gain (loss) on investments = - $0.887 million [- $0.0421/share] Realized Earnings = $4.880 million [$0.2316/share] Unrealized appreciation = - $36.637 million [- $1.7389/share] Net Increase in Net Assets Resulting from Operations = - $31.756 million [- $1.5072/share] PSEC has a current dividend of $0.40375/share Net Investment Income $11.960 million [divided by 29.638 million 'average' shares = $0.4035] Realized gain (loss) on investments = $0.016 million [$0.0005/share] Realized Earnings = $11.976 million [$0.4041/share] Unrealized appreciation = - $5.452 million [- $0.1839/share] Net Increase in Net Assets Resulting from Operations = $6.524 million [$0.2201/share] TAXI has a current dividend of $0.19/share Net Investment Income $15.090 million [divided by 17.277 million 'average' shares = $0.8734] (yearly stats) Realized gain (loss) on investments = - $3.746 million [- $0.2168/share] Realized Earnings = $11.344 million [$0.6566/share] Unrealized appreciation = $3.904 million [$0.2259/share] Net Increase in Net Assets Resulting from Operations = $15.248 million [$0.8825/share] TCAP has a current dividend of $0.38/share Net Investment Income $10.622 million [divided by 6.878 million 'average' shares = $1.5443] (yearly stats) Realized gain (loss) on investments = $1.436 million [$0.2089/share] Realized Earnings = $12.058 million [$1.7531/share] Unrealized appreciation = - $4.286 million [- $0.6231/share] Income Tax expense = - $0.133 million [- $0.0193/share] Net Increase in Net Assets Resulting from Operations = $7.638 million [$1.1105/share] TICC has a current dividend of $0.20/share [forward div is $0.15] Net Investment Income $22.191 million [divided by 24.314 million 'average' shares = $0.9127] (yearly stats) Realized gain (loss) on investments = - $8.509 million [- $0.3500/share] Realized Earnings = $13.628 million [$0.5605/share] Unrealized appreciation = - $66.974 million [- $2.7545/share] Net Increase in Net Assets Resulting from Operations = - $53.266 million [- $2.1907/share] TTO has a current dividend of $0.23/share Net investment income = - $0.978 million [divided by 8.962 million shares = - $0.1091/share] (yearly stats) Adjusted NII [which includes $7.894 million in ROC divs] = $6.916 million [$0.7717/share] Net realized gain on investments $6.204 million [$0.6922/share] Realized Earnings = $5.226 million [$0.5831/share] ROC Adjusted Realized Earnings = $13.120 million [$1.4639/share] Unrealized appreciation = - $29.565 million [- $3.3023/share] Net Increase (Decrease) in Net Assets Resulting from Operations = - $23.392 million [- $2.6101/share] ROC Adjusted Net Increase in Net Assets Resulting from Operations = - $15.498 million [- $1.7293/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. |