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GlobeNewswire (Apr 10, 2014)
GlobeNewswire (Apr 2, 2014)
GlobeNewswire (Feb 26, 2014)
GlobeNewswire (Feb 24, 2014)
GlobeNewswire (Feb 20, 2014)
GlobeNewswire (Feb 19, 2014)
Triangle Capital Corporation Announces Two Special Cash Distributions to Shareholders Totaling $0.30 Per ShareGlobeNewswire (Feb 12, 2014)
Triangle Capital Corporation Announces Conference Call to Discuss Fourth Quarter and Full Year 2013 ResultsGlobeNewswire (Jan 29, 2014)
GlobeNewswire (Jan 27, 2014)
GlobeNewswire (Jan 23, 2014)
TCAP vs. ETF Alternatives
Wednesday, Apr 24:07 PM|Wednesday, Apr 24:07 PM| 2 Comments
Wednesday, Mar 267:13 AM
Tuesday, Mar 43:30 PM
Tuesday, Mar 43:30 PM| 16 Comments
- Unless the SEC changes the sector's fee-reporting standards by May 15, Russell told clients last night it will remove BDCs from its indexes during its June reconstitution.
- Earlier calling such a move somewhat of a nonevent, Wells' team sounds like it's singing a different tune now. They believe there's a chance the SEC does change the rules, because not doing so would "likely drive sophisticated institutional capital away from the space." More: "We believe this is the very capital that is adept on calling out subpar BDCs. … In our view, a healthy and sophisticated public market is needed to ensure that only those deserving BDCs are the ones to receive the capital."
- It's no little deal as an estimated 8% of all BDC shares are owned by funds benchmarked to the Russell 2000 index.
- Index maker CRSP, whose benchmarks are tracked by Vanguard, already bars BDCs, calling them "essentially publicly traded private investment vehicles ... [we] excluded BDCs from the get-go, recognizing that they really don’t represent equity securities of the type that are trying to be captured in equity indexes."
- In a big green down for the markets, most of the BDC sector is in the red. Prospect (PSEC -0.5%), Fifth Street (FSC -1.5%), Ares(ARCC -0.9%), BlackRock Kelso (BKCC -1.6%), Medley (MCC -0.9%) THL (TCPC -1.6%), NGP (NGPC -2.9%), New Mountain (NMFC -1.6%), PennantPark (PNNT -0.5%), Triangle (TCAP -0.7%).
- ETFs: BDCL, BDCS, BIZD
Wednesday, Feb 264:17 PM
Wednesday, Feb 264:17 PM| 3 Comments
- Net investment income of $13.2M falls 14.8% from $15.5M a year ago. NII per share of $0.48 slides from $0.57. The declines come as the investment portfolio shrinks amid repayments amid investment realizations ($18.4M in net realized long-term gains in 2013), with new originations not keeping up.
- Net asset value per share of $16.10 up from $15.30 a year ago. Weighted average yield on investments of 14.1% is off 50 bps from a year ago.
- CC tomorrow at 9 ET
- Press release, Q4 results
- TCAP no trades AH
Wednesday, Feb 264:04 PM|Wednesday, Feb 264:04 PM| Comment!
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
Wednesday, Feb 2612:10 AM|Wednesday, Feb 2612:10 AM| Comment!
Tuesday, Feb 255:35 PM|Tuesday, Feb 255:35 PM| 4 Comments
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
Monday, Feb 246:05 AM|Monday, Feb 246:05 AM| Comment!
Thursday, Feb 207:31 AM
Thursday, Feb 207:31 AM| Comment!
- The $14.8M investment in Justrite Manufacturing Company by Triangle Capital (TCAP) consists of subordinated debt and equity. Justrite designs, develops, and supplies storage, handling, and security products for hazardous materials, as well as environmental protection and spill containment devices.
- Press release
Wednesday, Feb 197:34 AM|Wednesday, Feb 197:34 AM| Comment!
Wednesday, Feb 127:29 AM
Wednesday, Feb 127:29 AM| 2 Comments
- Due to Triangle's (TCAP) significant level of realized gains last year, the board declares two special distributions totaling $0.30 per share. Payment #1 of $0.15 has a record date of March 5 and payment date of March 26. Payment #2 of $0.15 has a record date of May 28 and payment date of June 25.
- These will be in addition to the company's regular distribution (currently set an annualized $2.46 per share).
- Press release
Monday, Jan 274:11 PM|Monday, Jan 274:11 PM| Comment!
Friday, Jan 247:59 AM|Friday, Jan 247:59 AM| Comment!
Friday, Jan 1011:56 AM