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Wed, Aug. 6, 11:58 AM
- Q2 net investment income of $8M or $0.24 per share vs. $6.6M and $0.20 one year ago. Dividend of $0.25.
- Net asset value per share of $7.67 up from $7.51 at 2014's start. Current stock price is $7.92.
- Portfolio fair market value size of $437M as of June 30, down $3M from start of year.
- Conference call at 4 ET
- Previously: KCAP Financial NII of $0.24
- KCAP +0.6%
Wed, Aug. 6, 9:29 AM
Mon, Jun. 23, 2:36 PM| Comment!
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- 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
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KCAP vs. ETF Alternatives
KCAP Financial Inc is an internally managed closed-end investment company. The Company originates, structures and invests in senior secured term loans, mezzanine debt and privately-held middle market companies.
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