Medley Capital: Another Gift From Year-End Tax Loss Selling
Cahaba Research • 44 Comments
Cahaba Research • 44 Comments
Mon, Sep. 12, 10:04 AM
- The sector has been a big beneficiary of the rates lower-for-longer thesis, the bounce in oil and the related major move higher in high-yield.
- All three of those themes have been called into question since Labor Day. SA author BDC Buzz reminds not all BDCs are created equal, and says the higher risk ones will likely be underperformers in a correction ... Think Prospect Capital (PSEC -4%), TICC Capital (TICC -1%) and KCAP Financial (KCAP -2.7%). Fifth Street Finance (FSC -2%), Medley Capital (MCC -2.6%) and Full Circle Capital (FULL -0.4%) also fit the bill, and PennantPark (PNNT -1.5%), Gladstone (GLAD -3.4%), and Apollo Investment (AINV -1.2%) have the highest amount of oil exposure.
- Those BDCs with "true" first-lien assets and stable NAV will be the outperformers: New Mountain Finance (NMFC -1.8%), Solar Senior (SUNS -0.1%), Goldman Sachs BDC (GSBD -0.7%), Golub Capital (GBDC -0.5%), FS Investment (FSIC -1.7%), Monroe Capital (MRCC -0.1%), TPG (TSLX -0.6%), Main Street (MAIN -0.1%), PennatPark Floating Rate (PFLT -0.1%), Hercules (HTGC -1.4%), Horizon (HRZN -1.8%), and TCP Capital (TCPC -0.7%) are worth a look.
- ETFs: BDCL, BDCS, BIZD, FGB, LBDC
Mon, Aug. 22, 7:29 PM
- Medley Capital (NYSE:MCC) had declared $0.22/share quarterly dividend, -26.7% decrease from prior dividend of $0.30.
- Payable Sept. 23; for shareholders of record Aug. 24; ex-div Aug. 22.
Tue, Aug. 9, 9:21 AM
Mon, Aug. 8, 5:30 PM
- ACM, AER, AMAG, AMRC, AMSC, ARES, BDSI, BERY, BITA, BR, CECE, CHTR, CNK, COH, CORE, EGRX, ENZY, EVEP, EXC, GLPI, GWPH, HCP, HHS, HPT, HRI, HWCC, INCY, IONS, IPXL, JEC, LABL, LAMR, LGIH, LNCE, LNG, LRN, LXP, MCC, MPAA, MWW, NCLH, NCT, NRG, NXST, NYLD, OCUL, PDCE, PMC, PPL, RDNT, RRGB, RSTI, SATS, SNI, SSH, STE, TDG, TESO, TGH, TLP, TRCO, UNVR, VRTU, VRX, W, WAC, WPRT, WWAV, ZBRA
Fri, May 20, 5:39 PM
Mon, May 9, 6:44 AM
- Medley Capital (NYSE:MCC) declares $0.30/share quarterly dividend, in line with previous.
- Forward yield 18.15%
- Payable June 24; for shareholders of record May 25; ex-div May 23.
Mon, May 9, 6:39 AM
Sun, May 8, 5:30 PM
Wed, Feb. 10, 10:34 AM
- Net asset value per share fell to $10.01 in Q4 from $11 three months earlier, and, effective Jan. 1, the management base fee is cut to 1.50% on gross assets above $1B. Also MCC Advisors lowered its incentive fee from 20% on NII over an 8% hurdle to 17.5% on NII over a 6% hurdle.
- 143K shares were bought back during the quarter at an average price of $7.68 each, brining buybacks up to 2.5M shares.
- Non-accruals represented about 4.2% of the fair value of the company portfolio and consists of seven positions. Added to non-accrual in Q4 were AAR (energy name), as well as Essex Crane, Lydel, and URT.
- Earnings call transcript
- Downgrading today are Citigroup to Neutral from Buy, and FBR to Market Perform from Outperform.
- MCC lower by 3.4% to $5.76. It's off 24% YTD and 40% Y/Y.
Tue, Feb. 9, 6:46 AM
Tue, Feb. 9, 6:41 AM
- Medley Capital (NYSE:MCC): FQ1 NII of $0.28 misses by $0.03.
- Total investment income of $34.43M (-13.6% Y/Y) misses by $1.59M.
Mon, Feb. 8, 5:30 PM
Mon, Jan. 25, 3:16 PM
- Modest declines in the major averages are masking the continued liquidation in a number of financial sectors.
- Hotel REITs: Pebblebrook Hotel (PEB -2.4%), LaSalle Hotel (LHO -2.2%), FelCor Lodging (FCH -2.9%), DiamondRock Hospitality (DRH -3.3%)
- Nonbank servicing: Ocwen Financial (OCN -6.9%), Walter Investment (WAC -10.5%), Nationstar Mortgage (NSM -6.7%), Altisource Portfolio (ASPS -4.6%), New Residential (NRZ -3.2%)
- Mortgage REITs: Two Harbors (TWO -3.8%), Invesco (IVR -4.3%), American Capital Mortgage (MTGE -3.4%), Western Asset (WMC -3.7%), Apollo Residential (AMTG -3.8%), AG Mortgage (MITT -3.9%)
- BDCs: Prospect Capital (PSEC -4%), Apollo Investment (AINV -2.2%), Medley Capital (MCC -4.1%), Gladstone Capital (GLAD -4.4%). A few in this sector are managing gains though: Main Street (MAIN +1%), TICC Capital (TICC +1.9%), Harris & Harris (TINY +1.8%)
Dec. 15, 2015, 5:41 PM
Dec. 15, 2015, 11:17 AM
- The iShares High Yield Bond ETF (HYG +1.5%) and the SPDR High Yield Bond ETF (JNK +1.1%) both continue to gain from lows hit at about midday yesterday.
- The move has roughly matched that of crude oil, which is ahead 1.3% on the session to $36.78 after threatening a $33 handle at its worst levels on Monday.
- Bouncing alongside are those thoroughly roughed-up income vehicles, the BDCs. Among the movers: Triangle Capital (TCAP +5.5%), Apollo Investment (AINV +5.6%) - which added to its buyback last night - Medley Capital (MCC +3.3%), FS Investment (FSIC +3.4%), Fifth Street Finance (FSC +2%), and Prospect Capital (PSEC +3.5%).
Dec. 11, 2015, 3:40 PM
- Treasury yields are plunging, but high-yield is headed the other way again as investors mull a big selloff in the major averages and oil's plunge to below $36 per barrel.
- The pain is widespread, but a panic in credit is particularly painful for BDCs. Hitting the tape a few minutes ago, Jeff Gundlach says "there's never just one cockroach" when credit melts down.
- Prospect Capital (PSEC -5.5%), Ares Capital (ARCC -5.7%), FS Investment (FSIC -3.6%), BlackRock Capital (BKCC -3.8%), Apollo Investment (AINV -3.8%), PennantPark (PNNT -4.1%), Medley Capital (MCC -4.1%), TCP Capital (TCPC -2.5%), Gladstone Capital (GLAD -6.4%).
- ETFs: BDCL, BDCS, BIZD, FGB