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Fifth Street Finance Corp. Message Board

stan1736 32 posts  |  Last Activity: Apr 29, 2016 8:43 PM Member since: Feb 22, 2003
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  • The web site may be up, but I've had no luck in transmitting an email to management. What is your experience ? My occasional queries / comments to the company ( both management and investor relations ) have never garnered a response.
    I can understand their reluctance to initiate a dividend if the funds can be be used productively in growing the co. But I cannot understand the failure to repurchase shares. This not only sends a positive message to the investment community, but rewards shareholders who have endured well over 5 years of no appreciation , or of losses, on the stock. I encourage my fellow shareholders to communicate this to management and to Investor Relations if you agree with my premise. A $2M share repurchase was authorized several years ago, but never consummated. Considering the cash on hand, a five million share buyback is quite doable.

  • Reply to

    Energy loans

    by drink2mucho Apr 23, 2016 11:26 AM
    stan1736 stan1736 Apr 27, 2016 8:16 AM Flag

    As of 3/5/16, the co. noted that if all energy investments were put on non-accrual, NII would decrease by .05/share/quarter. Of the 11 firms that have been on non-accrual since the firm began, 80% of capital invested was recovered. The co. has .53/share of undistributed income that can be used to protect the dividend .

  • stan1736 by stan1736 Mar 21, 2016 11:04 AM Flag

    Has anyone been able to contact Investor Relations via email recently ? I'm trying to find out when4th quarter and full year results for 2015 will be available.

    Thanks.

  • Reply to

    Alan

    by stevesinger37 Mar 16, 2016 1:31 PM
    stan1736 stan1736 Mar 17, 2016 7:31 AM Flag

    Alan -I respect your evaluation of the co. and your intelligent postings. But earnings improvements, bromine prices, NG potentials and cash accumulation seem to have no effect on the share price. What is going to propel the share price upward ? Considering that the cash/share exceeds the price /share, why isn't someone offering to buy the co. or to take it private ?

  • stan1736 by stan1736 Mar 16, 2016 10:42 AM Flag

    Despite multiple positive earnings reports, despite recurrent optimistic projections by management, the reality is that GURE continues to trade at a fraction of its NAV and below the cash per share. Management has done nothing to enhance shareholder value . They have failed to repurchase shares, an absolute no-brainer. The only hope for shareholders, of which I'm one, is for someone to buy this undervalued company .

  • While the very high dividend on the common shares implies a significant degree of risk, i don't understand why the preferred shares have dropped so much in price . The return on preferred shares is quite high considering the safety of the dividend on these securities. Can someone shed light on this enigma ?

  • Reply to

    Brutal sell off

    by aussieaye Feb 11, 2016 7:50 PM
    stan1736 stan1736 Feb 16, 2016 7:55 AM Flag

    For a co. with portfolio growth of 37% a year since the IPO, with FFO growth of 9% a year, with a safe 9% dividend, with an investment grade credit rating,and selling at a sizable discount to NAV, STAG would seem to be very undervalued at the current price.

  • Can someone explain the sizable non-market purchases by multiple insiders in January ?

  • Reply to

    Short positions

    by alan74z Jan 26, 2016 2:31 PM
    stan1736 stan1736 Jan 28, 2016 7:45 AM Flag

    Alan - I tried to contact via email address that I've used in the past, but it bounced back. Do you have a current address for her ? Actually, I don't know why I bother because the co. has never responded to legitimate shareholder queries and comments. Your intelligent posts are probably what keeps me from abandoning this position. Thanks !

  • Reply to

    Website issues?

    by p_quiet_river Jan 24, 2016 8:33 PM
    stan1736 stan1736 Jan 26, 2016 1:30 PM Flag

    In the past I could reach Helen Xu, in management, via email ;not that I ever got a response to my questions or comments . Now her email address is no longer functioning. Shareholders can only hope that some of the institutional shareholders are able to influence management to act in the interest of shareholders .

  • stan1736 stan1736 Jan 19, 2016 2:14 PM Flag

    I have followed the BDC sector for several years ;and, sadly, currently own several BDCs . This sector seemed to be appropriate for income investors. I am at a loss to understand why a number of BDCs with steady dividends and selling well below NAV are floundering. I am aware that excessive management fees and energy exposure have contributed to the fall-off in share price.
    Two examples ( these are NOT recommendations) of undervalued BDCs , IMHO , are Medley Capital (MCC) and New Mountain Finance (NMFC). MCC has an NAV of $11 yet sells for about $6.46, with a 15% dividend. Historically the NII has covered the .30/quarter dividend ;estimates for the next 2 years also cover it. 5% of the portfolio is energy related. Share repurchased recently increased to $50M. Management fees recently reduced. Non-accruals = 2% . In December, two analysts re-iterated an outperform and a buy.

  • stan1736 stan1736 Jan 18, 2016 8:18 AM Flag

    I have no opinion on CMO common shares. I am watching CMO preferred E , which pays 8% at the current price of $23.17 ; it's a preferred that I have owned in the past.

  • stan1736 stan1736 Jan 18, 2016 8:15 AM Flag

    I do own shares in CYS. While the co. did lower the dividend by .02 in Sept,2015, it does cover the current divi. CEO Kevin Grant is quite knowledgeable. Currently selling at over 30% discount to book . Continues to repurchase shares ("Best use of capital now (10/21/15) are buybacks. As of that date still had $184 M in repurchase program. I'll await next earnings call (probably early Feb.) before deciding whether to add shares .

  • stan1736 stan1736 Jan 16, 2016 2:05 PM Flag

    While no stock is immune to a sharply declining market, I continue to view ARI positively -recent dividend increase , implying that the dividend is secure ; ROE = 12.8%, up y-o-y ; $1B in loans completed in 2015, all at floating rates robust pipeline, selling at discount to NAV , insiders own 17% of shares. In this low yield environment, 10% dividend continues to have appeal for this income investor.

  • Reply to

    19% yield?

    by ninja69turtle Jan 15, 2016 9:43 AM
    stan1736 stan1736 Jan 15, 2016 4:05 PM Flag

    While the yield based on current price seems too good to be true, I believe that MCC can maintain the current .30 quarterly dividend for the following reasons - historically co. has covered dividend with NII ; estimated earnings for next 4 -6 quarters will cover current dividend ; recent increase in share repurchase program suggests that co. has cash to cover dividend .

  • Reply to

    Question:

    by redspinelpinktopaz Jan 12, 2016 11:44 AM
    stan1736 stan1736 Jan 13, 2016 7:31 AM Flag

    I was told by IR in early Nov. that energy exposure was 15%, but that this included utilities. During the 3rd quarter earnings call, the co. stated that " the energy exposure is senior debt, backed by solid assets." We shall see.

  • Reply to

    Gulf Resources Website and BOD's Message

    by don_brogan Jan 11, 2016 10:54 AM
    stan1736 stan1736 Jan 11, 2016 11:37 AM Flag

    Alan - as a GURE long, I am encouraged by your usually optimistic outlook. Yet I cannot understand how a co. with $2.60 per share in cash can be trading in the $1.50 range ; or why the co. wouldn't buy back shares . I have found management & IR unresponsive to shareholder queries. Apparently the term " shareholder value " is not translatable into Chinese.

  • Reply to

    impact of Bromine price increase on Q4 earnings

    by alan74z Dec 4, 2015 3:27 PM
    stan1736 stan1736 Dec 14, 2015 7:26 AM Flag

    I do appreciate your insightful posts on GURE. The two ways for a co. to "reward" shareholders are by instituting a dividend or by buying back shares. This management has not seen fit to buy back any shares (to my knowledge ) under the existing trivial $2M share repurchase authorization. So talk of initiating a dividend seems unrealistic . For this management, "shareholder value" is an oxymoron.

  • Reply to

    How Much?

    by mysonchino Dec 12, 2015 4:23 PM
    stan1736 stan1736 Dec 14, 2015 7:03 AM Flag

    While the possibility of a dividend cut is always a concern for BDC investors, PNNT has .53 per share of undistributed income. This should provide some buffer if future earnings fall a bit short of the current .28 quarterly dividend.

  • Reply to

    PNNT is not an Oil Stock

    by alta10bc Dec 8, 2015 1:40 PM
    stan1736 stan1736 Dec 10, 2015 11:31 AM Flag

    It is my understanding PNNT's energy exposure is " senior debt backed by solid assets "( source -11/10/15 earnings call ). The 6% energy exposure quoted below is accurate. I question the comment about PNNT "owning " two energy companies.

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