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SOLAR SENIOR CAPITAL: Credit Snapshot IIQ 2016

|Includes: Solar Senior Capital (SUNS)
  • Republished from the BDC Credit Reporter. First published in the BDC Reporter.
  • August 3, 2016: Solar Senior Capital (NASDAQ:SUNS) filed IIQ 2016 earnings.
  • On the Income Statement, Company reported $22,000 in Realized Gains, and $586,000 in Unrealized Gains.
  • BDC Credit Reporter initial review of the 57 companies in portfolio identified 6 under-performers with a fair market value just over $40mn, marginally up in value since year-end calculation.
  • Under-performers value equal to roughly 10% of aggregate portfolio value and number of companies. Equals 20% of SUNS Net Asset Value.
  • However, all under-performing companies/investments paying on a current basis.
  • Since year-end 2015, two under-performers returned to Performing status, 4 remain in category and two new added.
  • However, most of the under-performers are rated 2 or 3 in BDC Credit Reporter's 5 point scale: i.e. prospect of Realized Loss low.
  • Solar Senior's internal Risk Rating values under-performing investments at $26mn.
  • [BDC Credit Reporter's system is different and includes all investments to a company operating at below expectations in the "under-performing" category].
  • Names to keep track of given investment size: Metalogix (new on list), Securus Technologies , Hostway Corporation (New) and Miller Heiman, amongst others.
  • BDC Credit Reporter says: " Overall, credit quality appears to be in good shape across three different portfolios (including Gemino and Joint Venture). No major Worry credit at this time."
  • Adds:"Except for Healthcare concentration in Gemino, portfolio is diversified by industry and by individual company exposure".
  • SUNS

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.