Medley Capital (MCC) - NYSE
  • Fri, May 20, 5:39 PM
    | Fri, May 20, 5:39 PM | 1 Comment
  • 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.
    | Wed, Feb. 10, 10:34 AM | 18 Comments
  • 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%)
    | Mon, Jan. 25, 3:16 PM | 78 Comments
  • Dec. 15, 2015, 5:41 PM
    | Dec. 15, 2015, 5:41 PM | 4 Comments
  • 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. 15, 2015, 11:17 AM | 20 Comments
  • 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
    | Dec. 11, 2015, 3:40 PM | 57 Comments
  • Dec. 7, 2015, 9:59 AM
    • Medley Capital (NYSE:MCC) had a big move on Friday after announcing results, boosting the buyback, and getting a cut in management fees. The sell-side gives its thumbs up today, with both KBW and Wells Fargo upgrading to Outperform. KBW's price target of $10.50 (up from $9) is about 40% higher than Friday's close.
    • The stock's up 3.2% today to $7.81.
    • Previously: Medley Capital boosts buyback, manager cuts fees (Dec. 4)
    | Dec. 7, 2015, 9:59 AM | 6 Comments
  • Sep. 29, 2015, 3:24 PM
    • It's not just about energy anymore, according to a BAML report. "The malaise is spreading." High-yield, says the team, "[is] a slow-moving train wreck that just seems to be accelerating."
    • Equity-type proxies for the high-yield market, business development companies are under major selling pressure again today, with already large discounts to NAVs growing even wider.
    • Previously: Ares Capital greenlighted for $100M in buybacks (Sept. 28)
    • Prospect Capital (PSEC -3.6%), Ares Capital (ARCC -2.7%), Apollo Investment (AINV -4%), TCP Capital (TCPC -5.4%), Monroe Capital (MRCC -4.5%), Oxford Lane Capital (OXLC -5.4%), PennantPark Investment (PNNT -1.8%), American Capital (ACAS -2.5%), Medley Capital (MCC -4.1%), Harris & Harris (TINY -5.4%)
    • ETFs: BDCL, BDCS, BIZD, FGB
    | Sep. 29, 2015, 3:24 PM | 45 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
  • Aug. 27, 2015, 2:57 PM
    • Prospect Capital is higher by 7.4% after beating earnings estimates and reporting a slight increase in NAV, and also helping is a near-10% jump in the price of oil.
    • Ares Capital (ARCC +2.5%), Triangle Capital (TCAP +1.8%), PennantPark Investment (PNNT +5.4%), Medley Capital (MCC +3.2%), KCAP Financial (KCAP +3.1%), OHA Investment (OHAI +2.2%), Gladstone Capital (GLAD +4.6%).
    • ETFs: BDCL, BDCS, BIZD, FGB
    | Aug. 27, 2015, 2:57 PM | 1 Comment
  • Aug. 11, 2015, 10:01 AM
    • Q2 net investment income of $17.24M or $0.30 per share vs. $20.7M and $0.41 one year ago. Dividend is $0.30.
    • Net increase in net assets from operations of $8.37M vs. $16.6M a year ago.
    • Net asset value of $11.53 per share vs. $12.43 nine months ago.
    • $47.5M of investments originated  during quarter, $49.5M of repayments.
    • The earnings call starts at 10 ET.
    • Previously: Medley Capital misses by $0.02, misses on total investment income (Aug. 10)
    • MCC -3% and the stock of its manager, Medley Management (NYSE:MDLY) is down 4.4%.
    | Aug. 11, 2015, 10:01 AM | 2 Comments
  • Aug. 5, 2015, 10:32 AM
    • Medley Management (MDLY +5.8%) will have more assets to manage after Medley Capital's (MCC +0.1%) Senior Loan Strategy JV I LLC and Sierra Income Corporation's Sierra Senior Loan Strategy JV 1 LLC each closed on a $100M, 7-year senior secured credit facility.
    | Aug. 5, 2015, 10:32 AM
  • Dec. 17, 2014, 3:41 PM
    • Popular high-yield ETFs HYG and JNK are each ahead by 2% in today's session as the energy sector - which makes up a sizable portion of the high-yield universe posts a strong rally, with the XLE higher by 4.1%.
    • BDCs can sort of be considered the equity equivalents of junk bonds, and they're putting in a big rally today as well.
    • Prospect Capital (PSEC +1.5%), Main Street (MAIN +4.1%), Blackrock Kelso (BKCC +2.4%), Triangle Capital (TCAP +6.4%), KCAP Financial (KCAP +2.6%), THL Credit (TCRD +3.5%), Medley Capital (MCC +2.2%), Fifth Street Finance (FSC +1.5%)
    • ETFs: BDCL, BDCS, BIZD
    | Dec. 17, 2014, 3:41 PM | 20 Comments
  • Dec. 10, 2014, 10:13 AM
    • Maxim Group pulls its Buy rating on Medley Capital (MCC -5.9%) after a tough run for the stock, and Q3 results Monday night in which the company put three investments on non-accrual status.
    • The three total about $40M in fair value - roughly 3.2% of the portfolio.
    • There was also a big slide in portfolio yields, now 12.6%, or 80 basis points less than last quarter. The yield on new investments in Q3 of 12% was down 90 basis points.
    • Conference call transcript
    • Previously: Medley Capital reports Q4 NII of $0.37 (Dec. 8, 2014)
    | Dec. 10, 2014, 10:13 AM | 2 Comments
  • Dec. 8, 2014, 11:30 AM
    • A bellwether of sorts in the BDC sector, Prospect Capital (PSEC -6.2%) earlier announced a big dividend cut, and the suspension of its stock issuance program so long as the share price is so far south of book value.
    • Prospect has some of its own issues to deal with, but common across the sector is too much money chasing too few deals, and the resultant lower yields for lower quality lending.
    • Fifth Street Capital (FSC -2.9%), Triangle Capital (TCAP -6.1%), TICC Capital (TICC -2.2%), KCAP Financial (KCAP -1.7%), Medley Capital (MCC -2.3%) Gladstone (GLAD -3.6%), OHA Investment (OHAI -5%), Blackrock Kelso (BKCC -1.1%), Main Street Capital (MAIN -0.2%), PennantPark (PNNT -1.3%).
    • ETFs: BDCL, BDCS, BIZD
    • Previously: Prospect Capital suspends ATM stock issuance program as dividend is cut (Dec. 8, 2014)
    | Dec. 8, 2014, 11:30 AM | 47 Comments
  • Aug. 21, 2014, 7:12 AM
    • The offering of 5M shares was priced at $13.02 each. Underwriters have a greenshoe option to purchase another 750K shares at that price. The secondary will boost the float by about 10%.
    • SEC Form 497AD
    • MCC -3.2% premarket at $12.86
    | Aug. 21, 2014, 7:12 AM | 2 Comments
Company Description
Medley Capital Corp. is an externally-managed, non-diversified closed-end management investment company. Its investment portfolio consists of senior secured first lien loans and senior secured second lien loans. The company was founded on April 23, 2010 and is headquartered in New York, NY.
Sector: Financial
Industry: Investment Brokerage - National
Country: United States