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  • Top 10 BDC Issues For 2015: Part 4 [View article]
    tabber - I usually do not discuss personal holdings but MAIN is solid and I have added each time it hits $28.

    All BDCs are down so I have no idea what you mean by "uncharacteristically". The darling PSEC is down 26%+ over the last 12 months.
    Feb 1, 2015. 12:31 PM | 1 Like Like |Link to Comment
  • FS Investment Corp.: BDC Risk Profiles [View article]
    Franklin Square also has a private fund on energy investments and it will be interesting to see the results on that portfolio.
    Jan 31, 2015. 06:23 AM | 1 Like Like |Link to Comment
  • Prospect Capital: Oil, Energy And CLO Exposure [View article]
    BHN - The last one that listed fee structure details was in November and I think this is the one you are referring to:

    http://seekingalpha.co...

    See first table but does not have incentive fee info which is usually 20%. TICC is the only higher yield BDC that has a lower incentive fee structure due to the floating hurdle. TSLX is 17.5% and PFLT does not use the 'catch up' provision. SLRC and SUNS have less incentive fees due to hurdles not being met.
    Jan 31, 2015. 06:11 AM | 1 Like Like |Link to Comment
  • Prospect Capital: Oil, Energy And CLO Exposure [View article]
    CG - Thanks for sharing and Nolan is an active analyst for the industry.
    Jan 30, 2015. 01:12 AM | Likes Like |Link to Comment
  • Prospect Capital: Oil, Energy And CLO Exposure [View article]
    WST - I think there is a group of BDCs still sitting at the full 2 and 20 fee structure and many of them have cut dividends but fees remained stable while yields and returns from investments and to shareholders declined. Investors have shown disapproval by discounting these stocks.
    Jan 30, 2015. 01:07 AM | 1 Like Like |Link to Comment
  • Prospect Capital: Oil, Energy And CLO Exposure [View article]
    Matt - The per share metric is very important compared to the bigger is better as discussed in a recent article where I put in bold 'per share' twice related to equity issuances:

    Link: http://seekingalpha.co...
    Jan 30, 2015. 01:03 AM | 2 Likes Like |Link to Comment
  • Prospect Capital: Oil, Energy And CLO Exposure [View article]
    Rose - Yes. I need to remind myself of that. Head in the sand for some.
    Jan 30, 2015. 12:58 AM | 1 Like Like |Link to Comment
  • Prospect Capital: Oil, Energy And CLO Exposure [View article]
    dhauff - Glad you like and thanks for the continued comments.
    Jan 30, 2015. 12:57 AM | Likes Like |Link to Comment
  • Prospect Capital: Oil, Energy And CLO Exposure [View article]
    Rich - I think the timing of PSEC deciding to spin the CLOs out was good and hope it happens quicker than expected. They have had the perfect storm of positives (low rates and defaults) over the last two years.
    Jan 30, 2015. 12:55 AM | Likes Like |Link to Comment
  • Prospect Capital: Oil, Energy And CLO Exposure [View article]
    Peter - Glad you like the article and I have quite a few readers in the Netherlands so some of them must like dividends. ;)
    Jan 30, 2015. 12:53 AM | Likes Like |Link to Comment
  • Prospect Capital: Oil, Energy And CLO Exposure [View article]
    Sorry about the raw data post and the (22) at the end of each denotes footnote #22:

    (22) Investment has been designated as an investment not “qualifying” under Section 55(a) of the Investment Company Act of 1940 (the “1940 Act”). Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. We monitor the status of these assets on an ongoing basis.
    Jan 29, 2015. 02:01 PM | Likes Like |Link to Comment
  • Prospect Capital: Oil, Energy And CLO Exposure [View article]
    Sinewave - Thanks. I have few other charts for later that show the life cycle of a CLO. Kind of funny and banks keep stripping off the higher quality and leaving the rest for hedge funds/private/BDCs/etc. But that is why they are higher yield. You just do not want to be holding equity/residual in a downturn. Sound familiar?
    Jan 29, 2015. 01:55 PM | 2 Likes Like |Link to Comment
  • Prospect Capital: Oil, Energy And CLO Exposure [View article]
    Darnoc - Those are all great questions and CLOs can be a bit of a black box and all have different flavors. Short answer - I do not know. Here is a list of the remaining CLOs as of 9/30 (less the 4 mentioned in the article) so that you get an idea how many investments need considering:

    19,659 Apidos CLO IX(22)
    36,790 Apidos CLO XI(22)
    42,344 Apidos CLO XII(22)
    36,496 Apidos CLO XV(22)
    25,139 Brookside Mill CLO Ltd.(22)
    23,720 Cent CLO 17 Limited(22)
    39,310 Cent CLO 20 Limited(22)
    46,287 Cent CLO 21 Limited(22)
    18,048 CIFC Funding 2011-I, Ltd.(22)
    15,171 CIFC Funding 2011-I, Ltd.(22)
    42,745 CIFC Funding 2013-III, Ltd.(22)
    40,625 CIFC Funding 2013-IV, Ltd.(22)
    39,222 CIFC Funding 2014-IV Investor, Ltd.(22)
    31,835 Galaxy XV CLO, Ltd.(22)
    20,818 Galaxy XVI CLO, Ltd.(22)
    36,485 Galaxy XVII CLO, Ltd.(22)
    22,889 Halcyon Loan Advisors Funding 2012-1 Ltd.(22)
    41,136 Halcyon Loan Advisors Funding 2013-1 Ltd.(22)
    23,025 Halcyon Loan Advisors Funding 2014-1 Ltd.(22)
    38,900 Halcyon Loan Advisors Funding 2014-2 Ltd.(22)
    24,699 LCM XIV Ltd.(22)
    27,127 Madison Park Funding IX, Ltd.(22)
    43,468 Mountain View CLO 2013-I Ltd.(22)
    26,616 Octagon Investment Partners XV, Ltd.(22)
    26,354 Sudbury Mill CLO Ltd.(22)
    43,520 Symphony CLO IX Ltd.(22)
    47,723 Symphony CLO XIV Ltd.(22)
    35,342 Voya CLO 2012-2, Ltd.(22)
    43,523 Voya CLO 2012-3, Ltd.(22)
    39,141 Voya CLO 2012-4, Ltd.(22)
    32,250 Voya CLO 2014-1, Ltd.(22)
    21,954 Washington Mill CLO Ltd.(22)
    Jan 29, 2015. 10:44 AM | 2 Likes Like |Link to Comment
  • Prospect Capital: Oil, Energy And CLO Exposure [View article]
    Auriolus - There is a big difference between 'realized' and 'unrealized' gains/losses. PSEC already incurred some of the 'unrealized' losses that will now be realized but part of which was already included in NAV per share. We just do not know how much.
    Jan 29, 2015. 06:27 AM | 6 Likes Like |Link to Comment
  • Prospect Capital: Oil, Energy And CLO Exposure [View article]
    FYI - This article purposely did not discuss PSEC compared to other BDCs. The average BDC has around 7% to 8% of direct energy related exposure through portfolio company investments which is meaningless without understanding each investment and its exposure potential.
    Jan 29, 2015. 06:24 AM | 9 Likes Like |Link to Comment
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