KCAP Financial (KCAP) - NASDAQ
  • Tue, Jun. 21, 4:12 PM
    • KCAP Financial (NASDAQ:KCAP) declares $0.15/share quarterly dividend, in line with previous.
    • Forward yield 15.87%
    • Payable July 28; for shareholders of record July 7; ex-div July 5.
    | Tue, Jun. 21, 4:12 PM
  • Wed, May 18, 2:37 PM
    • Encouraged by narrowing credit spreads, and an oil price about to crack $50 (on the way up, not down), business development companies are nevertheless giving up session gains, with most turning negative following the FOMC's hawkish shocker.
    • Prospect Capital (PSEC -1.3%), Ares Capital (ARCC -0.8%), Main Street (MAIN -1.9%), Apollo Investment (AINV -1.7%), Triangle (TCAP -1.1%), PennantPark Investment (PNNT -1.5%), KCAP Financial (KCAP -1.2%), FS Investment (FSIC -0.3%)
    • ETFs: BDCL, BDCS, BIZD, FGB, LBDC
    | Wed, May 18, 2:37 PM | 25 Comments
  • Wed, May 4, 4:29 PM
    • KCAP Financial (NASDAQ:KCAP): Q1 NII of $0.13 misses by $0.02.
    • Total investment income of $9.51M (-22.9% Y/Y) misses by $1.08M.
    • Press Release
    | Wed, May 4, 4:29 PM | 1 Comment
  • Fri, Mar. 18, 4:09 PM
    • KCAP Financial (NASDAQ:KCAP) declares $0.15/share quarterly dividend, in line with previous.
    • Forward yield 18.93%
    • Payable April 28; for shareholders of record April 7; ex-div April 5.
    | Fri, Mar. 18, 4:09 PM | 1 Comment
  • Thu, Mar. 10, 10:12 AM
    • Full-year net investment income of $24.2M or $0.65 per share vs. $20.1M and $0.59 in 2014. Distributions of $0.63 per share.
    • End-of-year net asset value per share of $5.82 drops from $6.94 a year earlier. Current price is $3.23.
    • CEO Dayl Pearson: “The fourth quarter of 2015 and beginning of 2016 have been volatile periods in the credit markets, which have had an impact on the Company’s NAV."
    • Previously: KCAP Financial misses by $0.03, total investment income in-line (March 9)
    • KCAP  +2.8%
    | Thu, Mar. 10, 10:12 AM
  • Wed, Mar. 9, 4:35 PM
    • KCAP Financial (NASDAQ:KCAP): FY15 NII of $0.65 misses by $0.03.
    • Total investment income of $45.53M (+10.5% Y/Y) in-line.
    • Press Release
    | Wed, Mar. 9, 4:35 PM | 4 Comments
  • Wed, Jan. 20, 11:05 AM
    • The S&P 500 is lower by 3%, oil is nearing a $26 handle, and high-yield is selling off, with HYG -1.4% and JNK -1.3%. Those two ETFs are lower by about 5% YTD and in the area of 15% Y/Y.
    • Leveraged to all the above data, BDC sector losses are eve worse. Prospect Capital (PSEC -3.6%), Fifth Street (FSC -7.4%), Ares Capital (ARCC -5.3%), FS Investment (FSIC -10.8%), Main Street (MAIN -6.4%), Blackrock Capital (BKCC -5.3%), Apollo Investment (AINV -7%), Triangle Capital (TCAP -7.9%), TICC Capital (TICC -3.1%), Pennant Park Investment (PNNT -6.5%), KCAP Financial (KCAP -7.7%), THL Credit (TCRD -8%), TCP Capital (TCPC -7.4%), Gladstone Capital (GLAD -5.6%), WhiteHorse Finance (WHF -9.3%), Garrison Capital (GARS -6.8%)
    • ETFs: BDCL, BDCS, BIZD, FGB
    | Wed, Jan. 20, 11:05 AM | 51 Comments
  • Thu, Jan. 14, 12:04 PM
    • A rally in the major averages and in the price of oil is failing to translate into a bounce for the roughed-up BDC sector.
    • Leading the way lower today is Gladstone Capital (GLAD -16.3%) which is notable (as are others in the sector) for its exposure to energy. Popular names like Prospect Capital (PSEC -1.8%), Fifth Street FInance (FSC -3.1%), Ares Capital (ARES -2.3%), KCAP Financial (KCAP -6%), and Main Street Capital (MAIN -3.1%) also can't catch a bid.
    • As BDC Buzz points out on Seeking Alpha, the BDC sector hasn't done a whole lot worse than the broader averages this year (though that gap is surely widening today), and a large handful of names are in the green for 2016. Among them (along with how they're doing in today's session) are Goldman Sachs BDC (GSBD -1.3%), Golub Capital (GBDC -0.4%), PennantPark Floating Rate (PFLT -1.5%), TCP Capital (TCPC -1.2%), and TPG Specialty Lending (TSLX +2.3%).
    • ETFs: BDCL, BDCS, BIZD, FGB
    | Thu, Jan. 14, 12:04 PM | 51 Comments
  • Tue, Jan. 12, 11:28 AM
    • Up to one-third of American oil and gas producers could near bankruptcy and restructuring by the middle of next year, according to Wolfe Research, which suggests a rebound in crude to at least $50 per barrel would be necessary for survival.
    • Oil today is threatening a $29 handle, down 2.9% to $30.58.
    • A new report from Morgan Stanley says the environment is worse than the major 1986 oil patch bust which last for five years.
    • Plenty of P-E money is standing on the sidelines, but managers see no need to rush in - instead preferring to wait for bankruptcies and the wiping out of the debt.
    • “There’s no reason to be anybody’s savior,” says FBR's Chad Mabry. “If you can just get the assets out of bankruptcy, then you don’t have to save anyone.”
    • Prospect Capital (PSEC -3.8%), Fifth Street Finance (FSC -2.6%), TICC Capital (TICC -4%), PennantPark (PNNT -4.5%), KCAP Financial (KCAP -1.7%), OHA Investment (OHAI -2.4%), Gladstone Capital (GLAD -2.7%)
    • ETFs: BDCL, BDCS, BIZD, FGB
    | Tue, Jan. 12, 11:28 AM | 60 Comments
  • Dec. 16, 2015, 4:43 PM
    • KCAP Financial (NASDAQ:KCAP) declares $0.15/share quarterly dividend, -28.6% decrease from prior dividend of $0.21.
    • Forward yield 15.11%
    • Payable Jan. 28; for shareholders of record Jan. 4; ex-div Dec. 30.
    | Dec. 16, 2015, 4:43 PM | 4 Comments
  • Dec. 7, 2015, 12:27 PM
    • Triangle Capital (TCAP -9.7%) is leading the way lower in the sector as oil tumbles all the way down to $38 per barrel, the XLE slides 4.5%, and junk bonds sell off again.
    • OHA Investment (OHAI -6.4%), PennantPark Investment (PNNT -4.6%), Prospect Capital (PSEC -2.8%), Ares Capital (ARCC -2.5%), Apollo Investment (AINV -4.5%), KCAP Financial (KCAP -3.4%), Main Street Capital (MAIN -1.1%).
    • ETFs: BDCL, BDCS, BIZD, FGB
    | Dec. 7, 2015, 12:27 PM | 42 Comments
  • Nov. 4, 2015, 5:12 PM
    • KCAP Financial (NASDAQ:KCAP): Q3 NII of $0.18 beats by $0.02.
    • Total investment income of $11.78M (+8.7% Y/Y) beats by $0.6M.
    | Nov. 4, 2015, 5:12 PM
  • Oct. 6, 2015, 2:19 PM
    • "We believe that KCAP Financial (NASDAQ:KCAP) is not well understood by investors and KCAP shares are materially undervalued," says DG Capital Management, disclosing a 3.1% stake in the company, and urging the board to consider a sale of the company, or a sale of certain assets to raise cash with which to buy back stock.
    • "We believe that a sale of the entire business to another Business Development Company ("BDC") would likely yield the highest return for shareholders," says DG.
    • Up more than 5% on the news earlier today, KCAP is now ahead 2.1% for the session.
    | Oct. 6, 2015, 2:19 PM | 4 Comments
  • Sep. 28, 2015, 11:16 AM
    • A weekend WSJ story highlighting growing spreads in the high-yield market and the solvency of commodity giant Glencore being called into question are possibly teaming to spook investors in BDCs today.
    • On Friday, Altice sold $4.8B of junk bonds to fund its purchase of Cablevision, well less than the $6.3B it hoped to sell. The 10-year paper on the deal priced to yield 10.875%, more than 100 bps higher than what had been initially expected. Olin on Friday sold $1.2B of paper to fund an acquisition. It had hoped to sell $1.5B. For the privilege, Olin is paying 10% for the 10-year notes, up from 7% expected earlier this month.
    • Prospect Capital (PSEC -4.2%), Fifth Street (FSC -3%), Ares (ARCC -3.2%), FS Investment (FSIC -2.3%), Main Street (MAIN -3.4%), Triangle (TCAP -5.6%), Medley (MCC -2.5%), KCAP (KCAP -3.7%), Gladstone (GLAD -3.9%), WhiteHorse (WHF -5.6%).
    • ETFs: BDCL, BDCS, BIZD, FGB
    | Sep. 28, 2015, 11:16 AM | 60 Comments
  • Sep. 22, 2015, 4:08 PM
    • KCAP Financial (NASDAQ:KCAP) declares $0.21/share quarterly dividend, in line with previous.
    • Forward yield 17.25%
    • Payable Oct. 27; for shareholders of record Oct. 14; ex-div Oct. 12.
    | Sep. 22, 2015, 4:08 PM
  • Sep. 16, 2015, 11:35 AM
    • KCAP's closing price on Friday of $4.73 was a 32% discount to the most recent NAV per share of $6.96, writes Philip Mause. The current dividend of $0.21 per share leads to an annualized yield of 17.5%, leaving plenty of room for a substantial yield even if the payout is cut.
    • Turning to operations, asset performance has been fine, with just one loan representing 0.05% of all assets in default. No loans made since 2008 are in default, meaning the company's new lending standards are paying off.
    • Why the discount? The biggest factor could be KCAP coming up against its leverage limits (BDCs can have debt no more than 50% of total asset value). Scaling back on leverage, says Mause, could give the company more flexibility.
    • The stock's higher by 4.9% on the session.
    | Sep. 16, 2015, 11:35 AM | 3 Comments
Company Description
KCAP Financial, Inc., a business development company, invests in middle market companies located in North America with EBITDA of $7.5 - $50 million and generating consistent cash flow. The fund targets companies operating in the fields of aerospace & defense, automotive, beverage, food &... More
Sector: Financial
Industry: Diversified Investments
Country: United States