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  • BDC Rankings: April 2014 [View article]
    I just looked at the top 10 holdings and I like most of them (except SLRC). The yield seems low compared to the holdings and partly due to the fees.
    Apr 17 12:28 PM | Likes Like |Link to Comment
  • FS Investment Corporation Goes Public [View article]
    ARCC's relationship with GE is different for many reasons but I agree that they are competitive advantages over the other BDCs. ARCC has off balance sheet leverage risk related to the SSLP with GE.
    Apr 17 11:14 AM | Likes Like |Link to Comment
  • BDC Rankings: April 2014 [View article]
    Got it. I'm assuming the discount is because of the securities its invested in being under NAV.
    Apr 17 11:05 AM | Likes Like |Link to Comment
  • FS Investment Corporation Goes Public [View article]
    I have a safer risk rank for ARCC which implies it deserves higher multiples for NAV and EPS as well as lower 'expected' return (including regular dividends). There are many similarities between FSIC and ARCC including regular yield and histroical NAV growth rates but FSIC is currently paying higher amounts of special dividends through 2014.
    Apr 17 10:59 AM | Likes Like |Link to Comment
  • BDC Rankings: April 2014 [View article]
    I haven't looked at FGB in a while but I do remember that it had better holdings than most. What do you mean 5% discount? Discount to what?
    Apr 17 01:34 AM | Likes Like |Link to Comment
  • FS Investment Corporation Goes Public [View article]
    Darnoc - many of the BDCs I follow have started up after 2008 including TCPC, FDUS, GBDC, FULL, HRZN, MCC, NMFC, PFLT, SLRC, SUNS and TCRD. So using your logic would knock half of the BDCs out and you may want to revisit. In fact most of those BDCs are younger than FSIC.

    The dividend is $0.07425 not $0.072 so the yield was 8.9% at the open and now 8.7%.

    I'm not sure what you mean by 'worth more than ARCC'. Where did you get that?

    I like BDCs that pay special dividends due to having large amounts of undistributed NII and I definitely like BDCs that consistently grow their NAV per share and dividends.
    Apr 17 01:31 AM | Likes Like |Link to Comment
  • FS Investment Corporation Goes Public [View article]
    9 million shares but will be interesting to see long-term. PSEC trades 4 to 5 million per day.
    Apr 16 04:13 PM | Likes Like |Link to Comment
  • FS Investment Corporation Goes Public [View article]
    It opened at $10 but looks like it will close around $10.25
    Apr 16 03:46 PM | Likes Like |Link to Comment
  • FS Investment Corporation Goes Public [View article]
    The new dividend is $0.07425 and 10% higher than $0.0675 compared to FSC that cut dividends and PSEC went from $0.110025 to 0.110400 which is 0.3% higher over the last 15 months (basically flat).
    Apr 16 02:02 PM | Likes Like |Link to Comment
  • FS Investment Corporation Goes Public [View article]
    I'm not exactly sure how the 'Dutch auction' tender works but I believe the company is just letting the share price float with demand for now. If someone has more detail please comment.
    Apr 16 12:46 PM | Likes Like |Link to Comment
  • FS Investment Corporation Goes Public [View article]
    I agree. Investors need to fully research this stock before buying.
    Apr 16 12:10 PM | Likes Like |Link to Comment
  • FS Investment Corporation Goes Public [View article]
    Volume is good and the price seems to be slowly climbing.
    Apr 16 11:44 AM | Likes Like |Link to Comment
  • FS Investment Corporation Goes Public [View article]
    I put FSIC in the latest fee analysis chart for the report and it ranked 4th among externally managed BDCs at 37% after taking into account the recently reduced base management fee.

    "FB Advisor has agreed, effective April 1, 2014, to waive a portion of the base management fee to which it is entitled under the Advisory Agreement so that the fee received equals 1.75% of the average value of the Company’s gross assets."
    Apr 16 11:37 AM | Likes Like |Link to Comment
  • FS Investment Corporation Goes Public [View article]
    I've notice the volume ticking down and hopefully the morning selling was legacy shareholders. It will be interesting to see what happens to the price later this week as the company purchases shares.
    Apr 16 11:35 AM | Likes Like |Link to Comment
  • FS Investment Corporation Goes Public [View article]
    Here is the page with the dividend history:

    http://bit.ly/1hV8gq7

    They have been changing over the website and still cleaning stuff up so not all the links work.

    Also "On March 31, 2014 and in connection with the reduction in the base management fee to be paid to the Company’s investment adviser described below, the Board determined to increase the amount of the regular monthly cash distribution payable to stockholders of record from $0.0720 per share to $0.07425 per share in order to increase the Company’s annual distribution rate from 8.41% to 8.68% (based on the Company’s last publicly reported net asset value per share of $10.27 as of February 28, 2014). The increase in the regular monthly cash distribution to $0.07425 per share will commence with the regular monthly cash distribution payable on April 30, 2014 to stockholders of record as of April 29, 2014"
    Apr 16 11:28 AM | Likes Like |Link to Comment
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