Fri, Apr. 17, 9:12 AM
Tue, Mar. 24, 8:43 AM| Comment!
Dec. 19, 2014, 9:36 AM
Oct. 17, 2014, 10:02 AM
Sep. 11, 2014, 10:37 AM
- FQ3 interest income of $3.2M, dividend income of $811K, and fee and other income of $1M vs. $2.6M, $3M, and $1.6M, respectively one year ago. The big drop in dividend income comes as U.S. Gas & Electric did not make a payout in FQ3.
- Net decrease in net assets resulting from operations of $0.35 per share compared to a gain of $0.79 one year ago. Net asset value per share of $15.86 falls from $16.42 at end of FQ2 and $17.36 one year ago.
- "The uncertain economic environment in Europe, particularly for consumers, continued to weigh on our portfolio during the quarter," says Chairman & Portfolio Manager Michael Tokarz. "We continue to believe that the long-term fundamentals of our portfolio companies remain bright and we are excited about the optionality that the Equus transaction provides."
- Previously: MVC Capital reports FQ3 operating income
- MVC -2%
Sep. 9, 2014, 5:39 PM
Aug. 11, 2014, 8:59 AM
- Octagon Credit manages leveraged loans and high yield bonds, and MVC Capital (NYSE:MVC) sold its equity interest as part of a put option negotiated in 2008.
- MVC initially purchased majority control in Octagon from JPMorgan in 2004. It was paid back on its debt investment in 2011, while continuing to hold onto its equity. With the sale, MVC generated an 8.9x return on its equity capital and an IRR of 39%.
- Source: Press Release
Jul. 15, 2014, 9:18 AM
Jun. 6, 2014, 9:07 AM
May 23, 2014, 7:36 AM
- The selloff in BDCs is a buying opportunity, writes BDC reporter, noting the opportunity today to invest in a basket of BDCs (using BDCS as a proxy) at an 11% higher yield than just three months ago. The sector is yielding 43% more than high yield bonds (HYG) and nearly double floating rate loans (BKLN).
- The higher yield, of course, reflects market concern distributions are set to fall (and BKCC and MCGC cut in Q1), but for the sector as a whole, distributions have been fairly stable over the last three years. Further, a number of players are under-leveraged or in growth phase, and occasionally have realized gains which are paid out as special distributions.
- Keep this list around, says BDC Reporter, musing on those who may boost payouts over the next year: ACAS, ARCC, ACRE, ACSF, CPTA, FDUS, FSFR, FULL, HCAP, HTGC, MAIN, MVC, TAXI, PSEC, TCPC, TSLX
- ETFs: BDCL, BDCS, BIZD
Apr. 14, 2014, 8:59 AM
Mar. 24, 2014, 3:19 PM
Feb. 26, 2014, 1:16 PM
- 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
Dec. 20, 2013, 9:13 AM
Oct. 14, 2013, 10:03 AM
Sep. 10, 2013, 7:39 AM
MVC vs. ETF Alternatives
MVC Capital, Inc., is an externally managed, non-diversified, closed-end management investment company. The Company's investment objective is to seek to maximize total return from capital appreciation and/or income.
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