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Business Wire (Dec 19, 2013)
HTGC vs. ETF Alternatives
Hercules Technology Growth Capital, Inc., is a finance company which provides debt and equity growth capital to technology-related companies at all stages of development from seed & emerging growth to expansion & established stages of development.
Wednesday, Mar 127:48 AM
Wednesday, Mar 127:48 AM| 1 Comment
- The stock price has suffered since late February as management indicated it's going to sit on its hands in a frothy lending market. KBW this morning upgrades to Outperform with $17 price target.
- Yesterday: footnoted notes Shocking Technologies is still listed as a portfolio company of HTGC even though it filed for Chapter 7 one year ago.
Friday, Feb 2810:19 AM
Friday, Feb 2810:19 AM| 2 Comments
- "We do not like some of the underwriting parameters or pricing that we're seeing in our marketplace today," says CEO Manuel Henriquez on the earnings call (transcript), guiding for Q1 results to be down $0.02-$0.04 per share as the company has been slow to put money to work this year (NII was $0.31 in Q4).
- Management expects the portfolio to "lighten down" by $50M in Q1. "There are certain industry sectors that we are divesting ourselves from and certain stages of the companies that we're purposely avoiding for the time being."
- "We continue to see frothiness in the market. We're seeing banks being overly aggressive on transactions and we're beginning to see some signs of yield compression in the marketplace. We're seeing weaker underwriting standards being applied in the market and with that, we have chosen to wait out this current frothiness and not follow suit and doing marginal quality underwriting transactions."
- HTGC -4%
- Last night: Q4 results
Thursday, Feb 274:35 PM|Thursday, Feb 274:35 PM| Comment!
Thursday, Feb 274:08 PM|Thursday, Feb 274:08 PM| Comment!
Thursday, Feb 2712:10 AM
Thursday, Feb 2712:10 AM| 2 Comments
- ACAD, AHT, AIRM, AL, ALIM, AMRN, APEI, ARNA, ATLS, AVD, BAGL, BCEI, BID, BIO, CEMP, CHUY, CLNE, CRM, DCO, DECK, ELGX, EPR, EVC, GPS, HALO, HTGC, KBR, KOG, LINE, MDVN, MELI, MENT, MNST, MTZ, NGD, NMBL, NOG, OLED, OVTI, PKT, PODD, REGI, ROST, SD, SFM, SLXP, SPLK, SPNC, SQNM, SWN, TESO, TUMI, UHS, WES, WG, WTR, XTEX, YOKU
Wednesday, Feb 265:35 PM
Wednesday, Feb 265:35 PM| 6 Comments
- AHT, AIRM, AL, ALIM, AMRN, APEI, ARNA, ATLS, AVD, BAGL, BCEI, BID, BIO, CEMP, CHUY, CLNE, CRM, DCO, DECK, ELGX, EPR, EVC, GPS, HALO, HTGC, KBR, KOG, LINE, MDVN, MELI, MENT, MNST, MTZ, NGD, NMBL, NOG, OLED, OVTI, PKT, PODD, REGI, ROST, SD, SFM, SLXP, SPLK, SPNC, SQNM, SWN, TESO, TUMI, UHS, WES, WG, WTR, XTEX, YOKU
Wednesday, Feb 261:16 PM
Wednesday, Feb 261:16 PM| 14 Comments
- WIth business development companies getting the boot from S&P indices, will the Russell follow suit? It's a significant issue as investors are far more heavily invested in BDCs though the Russell indices than through S&P, writes Brendan Conway. He notes ownership of BDCs by Russell-tracking index funds are as high as 38 days worth of trading volume, and Wells Fargo estimates there are 24 BDCs where 10 or more days of average volume would be required to unload them.
- Wells, however, does not see Russell following S&P's lead, with item #1 being Russell's desire to "represent small cap reality." "Russell Indices receive acclaim because they are willing to provide investors access to the true investable small cap universe. To the extent BDCs are excluded, this would deprive investors the opportunity to invest in what has become a very large/growing industry."
- The following list is those BDCs with 10 or more days of average volume in index funds tracking Russell indices.
- NGPC 38.23 days of volume, CSWC 29 days, SCM 23.5, FDUS 20.7, GARS 20, MVC 19.7, SUNS 18, WHF 17.8, SLRC 17.2, CPTA 16, MCGC 15.1, BKCC 14.9, TCRD 14, HRZN 14, TCAP 13.9, PNNT 13.3, HTGC 12.6, TICC 12.6, GLAD, 12.4, GBDC 12.3, KCAP 12.2, TAXI 11.8, MAIN 11.4, NMFC 9.98.
- Related ETFs: BDCL, BDCS, BIZD
- Other major names - no doubt included in the indices, but whose holdings are less than 10 days of average trading volume: PSEC, FSC, ARCC, AINV, MCC, HTGC, TCPC, FULL, GBDC
Tuesday, Feb 2512:20 PM
Tuesday, Feb 2512:20 PM| 40 Comments
- "After consulting with clients concerned with certain reporting requirements, expenses, and investment restrictions relating to business development companies (BDCs), S&P Dow Jones has decided to remove all identified BDCs from its U.S. Indices.
- Press release
- BDC ETFs: BDCL, BDCS, BIZD
- Earlier: Prospect Capital (PSEC -2.7%) is removed from the S&P 600 SmallCap Index and Apollo Investment (AINV -7.3%) is removed from the S&P 400 MidCap Index.
- Prospect's market cap is $3.4B, Apollo's $1.9B. Other BDCs with market caps over $1B: Fifth Street (FSC -0.8%), Ares Capital (ARCC -1.5%), American Capital (ACAS -1.7%), Main Street (MAIN -1.7%), Hercules Technology (HTGC -2%). Close enough to $1B for an argument: Solar Capital (SLRC -1.8%) and Golub Capital (GBDC -0.2%).
Tuesday, Feb 2510:35 AM
Tuesday, Feb 2510:35 AM| 41 Comments
- Amid the dropping of Prospect Capital (PSEC -3%) from the S&P SmallCap 600 and Apollo Investment from the S&P MidCap 400, the business development sector is reeling a bit.
- Ares Capital (ARCC -1.5%), Main Street (MAIN -1.8%), Blackrock Kelso (BKCC -3.3%), Triangle (TCAP -2.2%), TICC Capital (TICC -1.2%), PennantPark (PNNT -2.7%), THL Credit (TCRD -1.2%), Hercules Technology (HTGC -2.6%).
- BDC ETFs: BDCL, BDCS, BIZD
- See also: AINV with 12M share secondary
Wednesday, Jan 158:00 AM
Wednesday, Jan 158:00 AM| Comment!
- The sell-off over the last month after one of its portfolio companies declared bankruptcy has created a buying opportunity in Hercules Technology Growth Capital (HTGC), says analyst Merrill Ross, upgrading the stock to a Buy.
- The $18 price target is based on premium 1.6x forward estimated NAV - "We think this premium multiple is justified by the company's track record of capturing value from its equity and warrant positions in portfolio companies."
Thursday, Dec 192013, 1:10 PM
Thursday, Dec 192013, 1:10 PM| 1 Comment
- Hercules Technology Growth Capital (HTGC -2.6%) originated about $121.3M of debt and equity commitments to new and existing portfolio companies through Dec. 19, while reminding not all commitments may necessarily be drawn upon.
- The company received about $108M in principal repayments thus far this quarter, of which about $71M were unscheduled early repayments.
- There have been 8 "liquidity events" so far in Q4, and one of Hercules' portfolio companies completed an IPO - ADMA Biologics (ADMA). Hercules currently has warrant positions in 4 more portfolio companies in registration for a potential IPO.
- Press release
Tuesday, Nov 262013, 1:16 PM
Tuesday, Nov 262013, 1:16 PM| Comment!
- Celsion (CLSN +7.9%) rallies after announcing a new strategic loan facility with Hercules Growth Capital (HTGC).
- Under the deal, CLSN can tap up to $20M in multiple tranches — the first tranche ($5M) was drawn yesterday.
- CLSN used ~$4M to payoff an existing loan agreement.
- "Our current cash position, $45.5M as of September 30, is expected to provide resources sufficient to fund current operations well into the second half of 2016," CEO Michael Tardugno says, adding that this time frame should include "expenses associated with [the] planned pivotal Phase 3 HCC trial." (PR)
Thursday, Nov 142013, 7:55 AM|Thursday, Nov 142013, 7:55 AM| Comment!
Friday, Nov 82013, 11:39 AM
Friday, Nov 82013, 11:39 AM| Comment!
- Trading higher after an earnings beat last night and a 10.7% hike in the dividend is Hercules Technology Growth Capital (HTGC +3.7%).
- NII income per share of $0.35 grew 52.2% from a year ago. The new dividend is $0.31 per share.
- Company also reported a record-high 18 "liquidity events" in Q3 amid a powerful IPO market.
- Total investment assets of $983.4M is up 27% from a year ago. $102M of new debt and equity investments committed to during quarter.
- Net asset value per share of $10.42 is up from $10.09 at the end of Q2.
- Q3 results, press release
Thursday, Nov 72013, 5:55 PM|Thursday, Nov 72013, 5:55 PM| Comment!
Thursday, Nov 72013, 4:08 PM
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davidshelton:: Thanks to OM for the reminder on Friday to keep a closer eye!
yliu54:: Whats happening today.. I thought this one is defensive enough in this market..
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nclsamy:: lol. Thanks, OM!
Bitchpls:: gonna follow at monday :) thx for the good call looks rly attractive at these levels
- View all 17 replies
Ocean Man:: I would need to read their conf call to see why they're dropping, probably won't get to it til this weekend.
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Ocean Man:: If AGNC had a 50% weight and ZERO value, it would still only take it down to 0.9x compared to those other two.
earthtodan:: I took a small position in ACAS, yet trying to ignore the fact that insiders have been selling constantly over the past year.
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