Nov. 26, 2014, 7:23 AM| Comment!
Nov. 24, 2014, 4:12 PM
Nov. 19, 2014, 4:17 PM
Nov. 10, 2014, 7:16 AM
Nov. 6, 2014, 2:43 PM
- Needless to say, the subject was the main topic of conversation on the earnings call Q&A (transcript), with analysts noting - among other things - that two of non-accruals have the same equity sponsor, and wondering if there's any systemic risk here. "The simple answer is no," says Triangle Capital (NYSE:TCAP) CIO Brent Burgess. "In these particular cases, we were not pleased with the quality or timeliness of the communications but beyond that, there is really no common threat."
- TCAP remains sharply lower on the session, -11.2%.
- Previously: Triangle Capital "challenges" with some legacy investments
Nov. 5, 2014, 5:16 PM
- Q3 net investment income of $15.4M or $0.51 per share vs. $14.7M and $0.53 in Q2 (4.3M share secondary during Q3). Dividend is $0.54 (plus a supplemental $0.05 was paid out).
- Net decrease in net assets from operations of $8.8M or $0.29 per share vs. an increase of $24.2M in Q2.
- Net asset value per share of $16.64 vs. $15.95 at end of Q2.
- CEO Garland Tucker: "We also experienced some challenges with certain legacy investments which resulted in a higher portfolio non-accrual rate." Company expects stability in dividend next year, but should the non-accrual assets work out, a boost is a possibility.
- Conference call tomorrow at 9 ET
- Previously: Triangle Capital misses by $0.03, misses on revenue
- TCAP flat after-hours
Nov. 5, 2014, 4:20 PM| 3 Comments
Oct. 20, 2014, 4:08 PM| 3 Comments
Oct. 17, 2014, 9:46 AM
Oct. 16, 2014, 4:33 PM| Comment!
Oct. 14, 2014, 4:06 PM
Oct. 10, 2014, 4:24 PM
- "The sector's drawdown is 50% of what occurred in the 2011 euro-crisis without anything like the accompanying conditions," writes a bullish BDC Reporter, noting the sector is lower by about 14% since its February high, and stalwart Ares Capital (ARCC -3.1%) is trading at a discount to book value for the first time in years.
- Another example is TCP Capital (TCPC -2.5%), down about 15% from a high hit three months ago. The company has paid out a steadily-increasing dividend since going public, current and future earnings are in excess of the payout, the balance sheet was recently strengthened with medium-term debt capital, the average cost of debt is 2.63%. and its investments yield 9.2%. What's not to like?
- If the current benign business and credit cycle is indeed over, then BDCs have further to fall. If, as BDC Reporter believes, low rates are here to stay for awhile (and even if rates rise the BDC sector should prosper), BDCs are reaching bargain levels.
- ETFs: BDCL, BDCS, BIZD
- Today's action: Prospect Capital (PSEC -2.9%), Fifth Street Finance (FSC -3.5%), FS Investment (FSIC -3%), Apollo Investment (AINV -2.1%), Triangle Capital (TCAP -1.6%), THL Credit (TCRD -2%), OHA Investment (OHAI -4.2%).
Oct. 2, 2014, 4:23 PM
- The Small Business Administration set an interest rate of 3.015% on Triangle Capital's (NYSE:TCAP) recently-issued $31.3M of SBA-guaranteed notes. There's also a weighted-average annual fee of 0.775%, bringing the total average interest rate to 3.79%.
- The new paper replaces notes Triangle pre-paid in 2012 and 2013 which carried a weighted-average weight of 6.455%. Triangle currently has $225M in SBA-guaranteed notes outstanding with a weighted-average interest rate of 4.026%.
- Source: Press Release
Sep. 22, 2014, 2:55 PM
- As income favorites, business development companies often catch a bid during broader market selloffs (and bond market rallies), but the small caps (IWM -1.3%) are bearing the brunt of today's selling and the BDCs tend to fall into the that sector (though excluded from Russell indices).
- Fifth Street Finance (FSC -1.1%) has a market cap of $1.3B; Main Street Capital (MAIN -2.6%) - market cap of $1.4B; Apollo Investment (AINV -2%) - $2B; Triangle Capital (TCAP -1.3%) - $730M; Ares Capital (ARCC -0.4%) - $5.1B. Hanging in there better than the rest is Prospect Capital (PSEC -0.1%), with a $3.45B market cap.
- ETFs: BDCL, BDCS, BIZD
Sep. 16, 2014, 7:26 AM| 1 Comment
Sep. 11, 2014, 8:09 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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