Wed, Jul. 29, 4:10 PM
Fri, Jul. 24, 3:01 PM
- Just a 1% decline in the major averages (which are being helped by some high-profile earnings moves) is masking far greater carnage in a number of other sectors, notably healthcare (XLV -2.5%) and energy (XLE -2%).
- Business development companies and mortgage REITs are being socked again as well, suggesting the worry may go beyond interest rates and to credit in general, especially as commodity prices continue to tumble - to pick one, crude oil at $48.06 per barrel is at its lowest price in about four months.
- Among BDCs: Hercules Technology Growth (HTGC -4.2%), Triangle Capital (TCAP -3.3%), PennantPark Investment (PNNT -5.4%), Prospect Capital (PSEC -1.4%), Main Street Capital (MAIN -2.8%), TICC Capital (TICC -2.4%), KCAP Financial (KCAP -2.6%), THL Credit (TCRD -2.7%), FS Investment (FSIC -1.8%).
- Among mREITs: Armour Residential (ARR -3.1%), Two Harbors (TWO -0.9%), CYS Investments (CYS -2%), Invesco Mortgage (IVR -1.5%), Capstead Mortgage (CMO -1.2%), Apollo Residential (AMTG -2.6%), Arlington Asset (AI -3.7%), American Capital Mortgage (MTGE -0.9%), Orchid Island (ORC -5.8%).
- MReit ETFs: MORL, REM, MORT, LMBS
- BDC ETFs: BDCL, BDCS, BIZD, FGB
Thu, Jun. 25, 4:22 PM
Thu, Jun. 18, 10:09 AM
- Talking about BDCs in general, CFO Steven Lilly notes the recent rough patch for the sector coincides with S&P and Russell Index changes causing institutional investors to cut their BDC ownership by 30-35%.
- Presentation slides
- As with banks, continues Lilly, interest rate compression affects BDCs and creates challenges for dividend growth. Yet since 2012 when weighed average yield has slid by 17%, 50% of BDCs have boosted their dividend.
- He further notes the sector's current yield of 9.7% puts it on par with some of the more speculative government bonds on the planet.
- Speaking of Triangle Capital (TCAP -0.3%) in particular, CEO Garland Tucker says the company's track record of total shareholder value - a 15.8% IRR since 2007 - is second in the sector only to Main Street Capital's 17.3%.
- ETFs: BDCL, BDCS, BIZD, FGB
Wed, May 27, 4:30 PM
Wed, May 6, 5:23 PM
- Q1 net investment income of $17.8M or $0.54 per share vs. $18.1M and $0.55 in Q4. Dividend is $0.54.
- Net increase in net assets from operations of $8.4M or $0.25 per share vs. $500M and $0.01.
- Net asset value per share of $15.64 slips from $16.11 in Q4.
- Non-accrual assets as a percentage of total portfolio cost of 6.1%, of fair value 2.7%. One quarter ago 5.8% and 3%.
- Conference call tomorrow at 9 ET
- Previously: Triangle Capital beats by $0.03, beats on total investment income (May 6)
- TCAP -0.7%
Wed, May 6, 4:19 PM
Wed, May 6, 12:42 PM
- What suspiciously looks like the cracking of a major government debt bubble in Europe continues to affect the U.S., where the 10-year Treasury yield is up five more basis points today to 2.24% - its highest level of 2015.
- German 10-year yields are up another 7 bps to 0.59% - two weeks ago, they were 0.05%.
- Italian and Spanish 10-year yields have now about doubled since mid-March, but are still under 2%.
- Income favorites have struggled as rates have gone higher and the BDCs are particularly hard-hit today: Prospect Capital (PSEC -2.5%), Ares Capital (ARCC -1.6%), FS Investment (FSIC -1.3%), Main Street (MAIN -1.4%), Apollo Investment (AINV -3.6%), Triangle (TCAP -2.1%), PennantPark Investment (PNNT -1.4%), KCAP Financial (KCAP -1.5%).
- Earlier, Prospect Capital declared dividends of $0.083 per share for May, June, July, and August - inline with previous.
- ETFs: BDCL, BDCS, BIZD
Thu, Apr. 23, 4:44 PM
Mon, Mar. 2, 9:26 AM
- Q4 net investment income of $18.1M or $0.55 per share vs. $15.4M and $0.51 in Q3. Dividend is $0.54.
- Net increase in net assets from operations of $500M or $0.01 per share. The company experience a decline of $8.8M or $0.29 per share in Q3.
- Net asset value per share of $16.11 slips from $16.64. Friday's close was $23.67.
- Non-accrual assets as a percentage of total portfolio of 5.8%; as a percentage of fair value of 3%.
- Earnings call is underway.
- Previously: Triangle Capital beats by $0.04, beats on revenue (March 2)
- TCAP flat premarket
Mon, Mar. 2, 7:53 AM
Thu, Feb. 26, 5:35 PM
Wed, Feb. 25, 6:21 AM
Wed, Feb. 4, 7:33 AM
Tue, Feb. 3, 3:44 PM
- Lower interest rates hadn't really helped one of income players' favorite sectors as they were accompanied by the plunge in oil prices, and worry about what blowups were lurking in BDC portfolios.
- So even with the 10-year Treasury yield higher by 11 basis points to 1.78% today, oil's now more than 20% run higher in the past few sessions looks to be easing some of those credit concerns, and alongside the rally in BDCs is a nice move higher in junk bonds (HYG +0.6%), (JNK +0.6%).
- BDC ETFs: BDCL, BDCS, BIZD
- Individual names: Prospect Capital (PSEC +2.3%), Fifth Street Finance (FSC +3%), FS Investment (FSIC +1.6%), Main Street Capital (MAIN +2.4%), Apollo Investment (AINV +3%), Triangle Capital (TCAP +2.7%), TICC Capital (TICC +3%), PennantPark Investment (PNNT +3.8%), THL Credit (TCRD +3.5%), Golub Capital (GBDC +1.9%).
Thu, Jan. 15, 8:01 AM
TCAP vs. ETF Alternatives
Triangle Capital Corporation is a speciality finance company. The Company provides customized financing solutions to lower middle market companies located in United States. Itlends to and invests in customers in various industries.
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