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March 15, 2018

TICCL went ex-dividend today.  If it gets down to around $25.30 you can buy or add to the position.  It pays 6.3%.  This position has been working well for us.


We saw a positive article in SeekingAlpha.com on CGBD which is a holding in the Core Portfolio.  The price is now below what we paid.  You can buy now, or wait for a lower price when it goes ex-dividend at the end of the month.  Pays 8.3%.  All business development companies have declined in price, but it appears a turn-around is coming.

NOTE:  If BDC’s do in fact start on the upswing we will look at BDCL which is a leveraged CEF that pays 20%.  This is of course high risk, but we have owned in the past and had good luck.

Some copy pulled from article linked below:

For the quarter ended December 31, 2017, CGBD hit my best case projections mostly due to higher-than-expected income from increased portfolio yields and an increase in ‘other income’ from higher prepayment fees, covering its dividend by 115%. It is important to note that most of the recent increases were from recurring sources of dividend coverage implying the potential for a dividend increase or at least special dividends in the coming quarters.


“Total investment income was about $50 million, up $7 million versus the third quarter. The drivers of the meaningful increase were threefold: First, higher interest income from loans, based primarily on higher average investments outstanding over the course of the quarter, higher OID accretion on repaid positions and increasing LIBOR; second, growth in other income, primarily from higher call premiums and amendment fees; and third, growth in interest and dividend income from the JV as we continue to scale that vehicle.”



Here is another book you may be interested in.  If you want to be depressed read it!!!



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