Looks bad.......read the "management commentary." All they talked about was the expansion of their portfolio (done thru SPOs and loans). Didn't address any of the reasons for the portfolio losses.
Also noticed they borrowed money at 8.25%. Pretty high rate to try to invest those funds and make money in this environment, especially if they make and poor choices. Very ugly. Just my opinion.
Frig....a question....when PIK is received is it generally just a $$ amount added to the loan balance? Or is it something that can be turned into immediate cash? Can see where too much PIK would be a problem if it can't be turned into something liquid.
I know that when some CEFs got in trouble they paid out more shares in place of cash distributions. Of course, private companies w/o publicly traded stock would be unable to do that.
Got about $138 for my $1270 loss.....about a 10.8% recovery. Better than I expected.
Been waiting a long time for this $137.76. Wasn't sure how much it would be on my $1269 loss about 7 years ago. Looks like 10.8% recovery, better than most class actions.
This lawsuit dealt with holders of bonds and the $25 type preferred, which were bonds more or less converted to preferred stock.
Has to be some others out there waiting on these checks................??????????
Have been looking at MCC as it appears to be a good value in the 12.40 area. Seeking Alpha article from this morning is very critical. Says they have loans that are basically over valued. Adds that interest income is misleading as some of it is PIK (payment in kind).
Some who commented brought up some good points. Such as, are these issues things that most / all BDCs are dealing with on an ongoing basis? Just being over hyped with MCC?
Well worth reading if you're at all interested or involved with MCC. Not a current holder...
Strange day....my list of Utilities....all were up
BDCs......almost everything down
MLPs.......almost every one down
The 10 year was flat to slightly down for the day. Not sure why the Utes did so well. Anyone know?
AVNR has approved and selling product with strong likelihood of additional approvals. There are numerous biotechs out there with market caps many multiples of AVNR's. Many of them have no sales and products that are far from being proven, and, if approved, questionable ability to generate substantial sales.
Looked a lot at both today. Was very tempted but decided to wait. Ugly group today.
Did sell some of my AVNR @ 11.16, closed at 12.59....up 85%. Bought some ARIA and returned to SFY.....just trading material. hopefully.
Been holding / trading AVNR for 3 + years. The payoff has finally arrived. Been through enough suffering. Also hold ATHX since 1.43. A little suffering, no reward yet.
Mike....also holding AVNR as you may know. Sold 1/2 today @ 11.16. Some fear of a secondary. Holding other shares at a double +. Looking at ARIA the last few weeks. Been waiting for it to slide down to this area. Will probably buy in today.
Compared it to XCO. SFY much better. SFY over 15 years reserve life, XCO only about 6 -7 years. SFY cash flow ratio is better value. SFY better cash flow / debt ratio.
Sold the shares in my IRA account @ 11.16. Cost basis was 5.42 less than 2 months ago. Still holding regular account shares bought at 5.22 recently. Numerous trades in and out of this stock over the last 3.5 years.
My cautious market outlook kept me from holding as large a position as I did at other times. Sold some recently in the 6.20 area. Still enough to line my pockets a little. Replace some lint with some coins.....