then again more in floats and they are nearly 100% senior - so more floats - what do they expect
still solid and a bit over book - most are moving down below book so that's the other concern.
It was stated that although the coupon yield was around 11.3% on new business, the effective yield was only slightly below the average existing yield of over 13%. Probably much ado about nothing.
well sure because what they added is small relative to what they have as a portfolio right now.
but eventually if much more starts coming in at 11.3 versus 13 to 13.50 - then you will see earnings and dividend shrink unless they ramp up their leverage a bit - its only .60 so they could ramp up a little more since they are mainly 99% senior float so safer in some ways.
no thast the announcement
the index rebalances end june, and of course you might see them snake it up with big buy orders to cover their mass selling but it looks like its continuing.
I was so short overall and just needed to sell more and go away I guess.
Russell told clients last night it will remove BDCs from its indexes during the June Russell reconstitution, unless the Securities & Exchange Commission changes the group’s fee-reporting standards by May 15.
Look for the shares to get volatile in the next few months, and use their price swings as a buying opportunity.
An estimated 8% of all BDC shares are owned by funds benchmarked to the popular Russell 2000 index of smallcap stocks, such as iShares Russell 2000 ETF (IWM), the Wells trio writes. So it’s not tiny.
reik think you are correct they originated $170ml into one of the toughest markets ever . . . looks like we are headed into the "discount to NAV" bin but I also agree with you that even if the dividend gets trimmed to 34-35 cents it is full priced in at $12.65 . . . been wrong before though . . I moved out of the baby bonds and into the common today . . . the spread is now like 610 bps vs. 300 bps a year ago
Another thing is their divi is known and in site monday the 26th - not around the corner but more so then not compared to otehrs
i like nmfc here too
preliinary earnings above consensus and book near 12.60 to 12.70 range i blieve so they are below and they like to pop 10 to 20 cents now and then.
im on the bid in that