TICC Capital Corp.NASDAQ
Why We Are Short TICC Capital
Nicholas Marshi • 67 Comments
Nicholas Marshi • 67 Comments
Mon, Nov. 28, 12:08 PM
- Small-cap names making 52-week highs today on double the normal volume:
- Alpha & Omega Semi (AOSL +3.1%)
- Antares Pharma (ATRS +2%)
- Bel Fuse (BELFA -1.1%)
- Bojangles (BOJA -1.5%)
- Lindsay Corp. (LNN +2.9%)
- MBIA (MBI +8.2%)
- PennyMac Financial (PFSI +2.5%)
- TICC Capital (TICC -0.3%)
- World Point Terminals (WPT +1.1%)
- New 52-week lows on any volume:
- Ferreligas Partners (FGP -6.9%)
- iKang Healthcare (KANG -9.6%)
- Novadaq Technologies (NVDQ -5%)
- PDL BioPharma (PDLI -3.5%)
- Petrobas Argentina (PZE -3.8%)
Thu, Nov. 3, 11:07 AM
- Q3 core net investment income of $15.3M or $0.30 per share vs. $16.3M and $0.32 in Q2. Distribution is $0.29.
- Net asset value per share of $7.08 up from $6.54 in Q2. Current price is $5.76.
- Investment income of $8.7M from debt investments; $8.6M from CLO equity investments, and $800K from all other sources.
- Weighted average yield of debt investments of 8% up 50 basis points Q/Q; of CLO equity investments, effective yield of 14% up 120 basis points.
- TICC +2.7%
- TICC Capital Earnings Center
Thu, Nov. 3, 8:39 AM
Thu, Nov. 3, 8:08 AM
Wed, Nov. 2, 5:30 PM
- AAC, AAON, AAWW, ACIW, ACRE, ACTA, AFSI, AGIO, AGU, AKRX, AMAG, AMCX, AMRN, ANIP, ANSS, APA, ARCB, ARW, AVP, BCE, BDX, BLL, CCC, CCOI, CHD, CHK, CHTR, CI, CLDT, CNSL, COMM, CPK, CRIS, CRZO, CYBR, DDD, DNR, DW, ECA, EFOI, ENB, ENOC, EVA, FCPT, FI, FIG, FMSA, GEL, GEO, GIL, GLOG, GOGO, H, HAR, HFC, HHS, HII, HMHC, HRC, HSC, IBP, ICPT, INSY, IPCC, IQNT, IRWD, IT, KOP, LAMR, LBY, LDOS, LFUS, LINC, LNG, LXP, MFA, MGA, MITK, MITL, MPEL, MPG, MPW, MSGN, NERV, NGS, NNN, NXTM, OGE, ONCE, ONDK, PBH, PDCE, PGTI, PNW, PRFT, PWR, RDUS, RFP, RGEN, ROLL, RWLK, SFM, SGM, SHLX, SMG, SNSS, SPAR, SPGI, SQBG, STFC, STOR, TDY, TGI, THS, TICC, TIME, TK, TNK, TOO, TVPT, TWI, TX, UNT, USCR, VGR, VWR, WILN, WPC, WRLD, ZEUS
Fri, Sep. 16, 5:46 PM
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
Fri, Sep. 2, 12:02 PM
Wed, Aug. 24, 9:38 AM
- "“We’re trying to clean up the [BDC] neighborhood," says Josh Easterly, who runs TPG Specialty Lending (NYSE:TSLX) for the the private-equity giant. "It would be a watershed moment.” Easterly notes the key challenge is that many BDCs don't have institutional ownership.
- An owner of 3.2% of TICC Capital (NASDAQ:TICC), TPG is trying to fire the company's manager for subpar performance and put one of its people on the board. A shareholder vote is set for Sept. 2.
- TICC has returned 62% since its 2003 IPO versus comparable BDCs returning 254%, the S&P 500 at 172%, the U.S. Treasurys at 70%. For its part, TICC says this is misleading. Since a 2009 strategy change in which the company went from lending only to tech companies to instead a wider swath of firms, and also began investing in CLOs, TICC's total return has topped 300%.
- Agreeing with TPG are proxy advisory firms Glass Lewis, Egan-Jones, and ISS, which all have recommended shareholders vote in favor of the company's proposals.
Easterly: "The industry has a very good chance of being a solution for the broader economy by providing credit, but only if it can garner institutional support ... If you can’t fire a management team that’s under-performing, the wheels of capitalism stop turning."
- ETFs: BDCL, BDCS, BIZD, FGB, LBDC
Thu, Aug. 18, 9:58 AM
- The independent proxy advisory firm advises TICC Capital (TICC -0.2%) shareholders vote for TPG Specialty Lending's (TSLX +0.1%) proposal to terminate the company's external advisor contract and put T. Kelley Millet on the board.
- ISS: "As a result of the current advisor's investment strategy, TICC has delivered negative TSR and underperformed peers and the index over the past five years."
Thu, Aug. 4, 8:46 AM
Thu, Aug. 4, 8:43 AM
Wed, Aug. 3, 5:30 PM
- AAC, AAON, ACRE, ACTA, AGCO, AGIO, AKRX, ALSK, AMCX, AME, AMRN, ANIP, ANSS, APA, APLP, ARRY, AYR, BBW, BCE, BCRX, BDX, BLL, CBB, CCOI, CHD, CHK, CNNX, CNSL, COT, CPK, CRIS, CRZO, CTB, DNR, DUK, DW, ELOS, EPAM, ESNT, EVA, FMSA, GLDD, GLOG, GOGO, GTN, HAR, HGG, HII, HL, HMHC, HRC, HSC, HSIC, HSNI, ICPT, IMGN, IOC, IPCC, IRM, IT, ITCI, ITT, K, KOP, LBY, LFUS, LGND, LIOX, LPX, LQDT, LXRX, MFC, MGM, MGP, MITL, MMS, MNTA, MPEL, MPG, MPW, NAO, NERV, NGS, NOK, NSAM, NXTM, OGE, OMAM, OMF, ORBC, PBH, PCRX, PGNX, PGTI, PH, PLUG, PPP, PRFT, PRIM, PRTY, PWR, QSR, RDUS, REGN, RFP, RGEN, RLGY, ROLL, RVLT, RWLK, SBH, SEAS, SFM, SGM, SHLX, SNR, SPAR, SPH, SRE, SSTK, SSYS, STFC, STOR, STWD, TDY, TEVA, THS, TICC, TIME, TK, TNK, TOO, TSEM, TVPT, TWI, UAM, UNT, USAC, USCR, VIAB, VLP, VWR, WIN, WPC, WRK, XLRN
Tue, Jul. 19, 9:31 AM
- The company in Q2 exited $59.1M of 1st and 2nd lien syndicated corporate loans at an average price of 100.2% of the par value of the loans, and an estimated average yield of 6.89%.
- It's part of TICC's strategy of rotating its corporate loan portfolio into higher-yielding, less liquid loans that will be held with less leverage. Purchased during the quarter were $36M of 1st and 2nd lien corporate loans at an average price of 92.6% of par value with an average yield of 11.6%.
- These moves boosted the average yield by 4.7% on the $36M of reinvested capital.
Tue, May 3, 8:21 AM
- TICC Capital (NASDAQ:TICC): FQ2 EPS of $0.08 misses by $0.04.
- Revenue of $15.3M (-29.6% Y/Y) misses by $1.04M.
Tue, May 3, 8:20 AM
- TICC Capital (NASDAQ:TICC) declares $0.29/share quarterly dividend, in line with previous.
- Forward yield 22.83%
- Payable June 30; for shareholders of record June 16; ex-div June 14.