Securities that have over 10% yield at entry and pay monthly.
Securities that have over 10% yield at entry and pay monthly.
11 thoughts on “Securities that have over 10% yield at entry and pay monthly.”
one of my favorite income funds is (ncz) convertibles and high yielding bonds – junk bonds . yield is 10.87% and pays monthly. closed end fund invested 50% convertibles 50% bonds.
The PowerShares Senior Loan Portfolio (BKLN) is the only ETF that invests in bank loans. It tracks the S&P/LSTA U.S. Leveraged Loan 100 Index, which is a market-value-weighted index designed to track the 100 largest bank loans. The index”s focus on the largest loans will increase liquidity of the portfolio. Because the bank-loan market can become illiquid, the ETF has special liquidity provisions. First, because of the unique nature of bank loans and the specialized trading desk required to transact loans, BKLN will take creations and redemptions in cash instead of the traditional in-kind method. This means that the fund is responsible for buying and selling loans in the fund. Also, the fund may borrow through an existing credit line in response to adverse market conditions. Borrowings are limited to 33 1/3% of the fund”s total assets. If BKLN uses this provision, the fund will become leveraged similar to a closed-end fund. In the event of a market panic, the portfolio manager has the ability to choose between using the credit line or selling individual loans. This increased flexibility should improve overall liquidity of the ETF.
Other Alternatives
In the mutual fund space, the two highest-rated funds are Eaton Vance Floating Rate (EIBLX) and Fidelity Advisor Floating Rate High Income (FFRAX). For investors interested in higher yields and added leverage, ING Prime Rate (PPR) and Eaton Vance Floating-Rate Income (EFT) could make sense in the closed-end market. I would caution investors that PPR and EFT both currently trade at a premium to their net asset values and are currently leveraged over 30%.
For investors searching for the cheapest option in the mREIT space, look no further than MORT. This product tracks the Market Vectors Global Mortgage REITs Index, which looks to give investors exposure to the overall performance of publically traded mortgage REITs (also see Time for a Commercial Real Estate ETF?).
In total, the ETF holds about 25 securities in its basket, with a heavy focus on Annaly Capital (NLY) which makes up nearly 20% of assets and then American Capital Agency Corp (AGNC) which accounts for roughly 15% of the fund. Still, the fund offers a nice mix of capitalization levels, as large caps make up roughly one-third of the portfolio while small and micro caps comprise just over 60% of the assets as well.
As we alluded to earlier, MORT is the cheaper of the two on this list, charging just 0.40% after waivers, while volume is at a reasonable 35,000 shares a day. Meanwhile, from a yield perspective, the product is hard to beat coming in at 11% in 30 Day SEC Yield terms.
iShares FTSE NAREIT Mortgage REIT ETF (REM)
The original ETF in the mREIT market comes to us from iShares in its REM which tracks the FTSE NAREIT All Mortgage Capped Index. This benchmark follows the residential and commercial mortgage real estate sector of the U.S. market, holding about 30 securities in total.
Despite holdings more securities in its basket, REM is arguably more concentrated as it puts 22.6% in NLY and then 16.85% in AGNC. Much like its Market Vectors counterpart, REM is skewed towards pint sized securities as large caps account for roughly 40% of assets with mid caps making up another 5% as well (read Is ROOF A Better Real Estate ETF?).
While REM might not be as cheap as its MORT cousin—charging eight basis points more a year—it does have a much higher volume suggesting tighter bid ask spreads for this product. Additionally, it does slightly beat out the other fund on yield, paying out just over 12.4% in 30 Day SEC terms, although it is more focused on its top few holdings.
1. Seadrill Ltd. (SDRL): A worldwide offshore drilling contractor to the oil and gas industry.
Quarterly paying dividend stock
Most recent closing price $38.40
Current yield approximately 8.75%
Has increased its dividend payout every year since 2009
Reached a stock price over $40 three different times in 2012
2. StoneMor Partners L.P. (STON): Owner and operator of cemeteries in the United States.
Quarterly paying dividend stock
Most recent closing price $25.08
Current yield approximately 9.41%
Has increased its dividend payout every year since 2008
Reached a stock price over $26 three different times in 2012
3. Suburban Propane Partners L.P. (SPH): Distributes a range of products for energy needs.
Quarterly paying dividend stock
Most recent closing price $41.43
Current yield approximately 8.45%
Has maintained or increased its dividend payout every year since 1997
Reached a stock price over $45 three different times in 2012
4. BreitBurn Energy Partners L.P. (BBEP): Is an independent oil and gas partnership focused on properties in the United States.
Quarterly paying dividend stock
Most recent closing price $19.80
Current yield approximately 9.39%
Has increased its dividend payout every year since 2010
Reached a stock price over $20 two times during 2012-13
5. Consolidated Communications Holdings Inc (CNSL): Offers telecommunications services.
Quarterly paying dividend stock
Most recent closing price $17.48
Current yield approximately 8.87%
Has maintained its dividend payout every year since 2006
Reached a stock price over $19 twice in 2012
DBBR is serving up a dividend yield of 12.3 percent.
While not the only ETF to offer access to the Brazilian equity market, it’s the only one to hedge against exposure to the Brazilian real—a feature that impacts the pattern of returns of the fund as the currency fluctuates against the dollar.
DBBR tracks a market-cap-weighted index of Brazilian firms covering the entire market-cap spectrum, hedging out currency exposure. Year-to-date, the fund has struggled to break to the upside, tallying losses of 4.7 percent.
DVHL
• Monthly compounded 2x leveraged exposure to the NYSE® Diversified High Income Index, an index comprised of a diversified portfolio of 138 publicly-traded, income-producing securities.
• Significant income potential in the form of a variable monthly coupon linked to 2 times the net cash distributions, if any, on the Index constituents.
The list of REITs that pay monthly include: American Realty Capital Properties (NASDAQ:ARCP), ARMOUR Residential (NYSE:ARR), Chatham Lodging Trust (NYSE:CLDT), Chambers Street (NYSE:CSG), EPR Properties (NYSE:EPR), Gladstone Commercial (NASDAQ:GOOD), Gladstone Land (NASDAQ:LAND), Inland Real Estate (NYSE:IRC),LTC Properties (NYSE:LTC), Realty Income (NYSE:O), STAG Industrial (NYSE:STAG),Wheeler Real Estate (NASDAQ:WHLR), WPT Industrial (TSX:WIR.U) (OTCQX:WPTIF), Whitestone Real Estate (NYSE:WSR), New York REIT (NYSE:NYRT), United Development Funding (NASDAQ:UDF), Orchid Island Capital (NYSE:ORC), Independence Realty Trust (NYSEMKT:IRT), and Agellan Commercial (TSX:ACR.UN) (OTC:ACRVF).
WhiteHorse Finance, Inc. (NASDAQ:WHF) (“Whitehorse,” “WHF” or the “Company”) is a business development company focused on originating and underwriting senior secured debt investments focused on lower middle market investments. WhiteHorse is managed by H.I.G. Capital, a well-regarded alternative asset manager focused on the middle-market. WHF was funded in 2011 through a drop-down of $190MM in loans from H.I.G. Capital”s Bayside portfolio in exchange for equity and subsequently IPO”d in December 2012 for $15 per share. WhiteHorse currently has a market capitalization of $175MM or 0.75x tangible book value.
one of my favorite income funds is (ncz) convertibles and high yielding bonds – junk bonds . yield is 10.87% and pays monthly. closed end fund invested 50% convertibles 50% bonds.
(ncz) convertibls 50% and junk bonds 50% pays 10.87% monthly dividend.
AGNC
American Capital Agency
19.30% 29.02 5.60 3/21 4/27
CYS
Cypress Sharpridge Investments, Inc.
18.79% 12.77 2.40 4/4 4/20
IVR
Invesco Mortgage Capital
18.51% 21.61 4.00 3/18 4/27
RSO
Resource Capital
15.15% 6.60 1.00 3/29 4/28
NLY
Annaly Capital
14.24% 17.42 2.48 3/29 4/27
HTS
Hatteras Financial Corp
14.15% 28.27 4.00 3/16 4/22
CIM
Chimera Investment
14.14% 3.96 0.56 3/29 4/28
ANH
Anworth Mortgage
13.81% 7.24 1.00 4/7 4/27
CMO
Capstead Mortgage
12.82% 12.79 1.64 3/29 4/20
BKCC
BlackRock Kelso Capital Corporation
12.56% 10.19 1.28 3/16 4/1
WWE
World Wrestling Entertainment
11.50% 12.52 1.44 3/11 3/25
MFA
MFA Mortgage Investments
11.46% 8.20 0.94 4/7 4/29
CEL
Cellcom Israel
11.26% 33.39 3.76 4/7 4/28
DX
Dynex Capital
10.84% 9.96 1.08 3/29 4/29
TSTY
Tasty Baking Co.
10.10% 1.98 0.20 11/18 12/1
LPHI
Life Partners Holdings
10.00% 8.00 0.80 2/2 3/15
PSEC
Prospect Capital Corporation
9.97% 12.18 1.21 4/27 5/31
ARI
Apollo Commercial Real Estate Finance, Inc.
9.82% 16.30 1.60 3/29 4/12
OZM
Och-Ziff Capital Management
9.78% 16.25 1.59 2/16 2/25
CODI
Compass Diversified Holdings
9.72% 14.82 1.44 3/25 4/12
The PowerShares Senior Loan Portfolio (BKLN) is the only ETF that invests in bank loans. It tracks the S&P/LSTA U.S. Leveraged Loan 100 Index, which is a market-value-weighted index designed to track the 100 largest bank loans. The index”s focus on the largest loans will increase liquidity of the portfolio. Because the bank-loan market can become illiquid, the ETF has special liquidity provisions. First, because of the unique nature of bank loans and the specialized trading desk required to transact loans, BKLN will take creations and redemptions in cash instead of the traditional in-kind method. This means that the fund is responsible for buying and selling loans in the fund. Also, the fund may borrow through an existing credit line in response to adverse market conditions. Borrowings are limited to 33 1/3% of the fund”s total assets. If BKLN uses this provision, the fund will become leveraged similar to a closed-end fund. In the event of a market panic, the portfolio manager has the ability to choose between using the credit line or selling individual loans. This increased flexibility should improve overall liquidity of the ETF.
Other Alternatives
In the mutual fund space, the two highest-rated funds are Eaton Vance Floating Rate (EIBLX) and Fidelity Advisor Floating Rate High Income (FFRAX). For investors interested in higher yields and added leverage, ING Prime Rate (PPR) and Eaton Vance Floating-Rate Income (EFT) could make sense in the closed-end market. I would caution investors that PPR and EFT both currently trade at a premium to their net asset values and are currently leveraged over 30%.
Eaton Vance Risk-Managed Diversified Equity Income Fund
(ETJ) is currently trading at $10.34, a 15.59% discount
to its net asset value of $12.25. The fund focuses on
investments in dividend paying common stock as well as
covered call and options strategies and offers a 10.79%
annual distribution rate, with distributions occurring on
a quarterly basis. It is also worth noting that the most
recent distribution amount of $0.2790, which occurred on
April 30th, 2012, was a reduction from previous
distributions of $0.3195.
Eaton Vance Tax-Managed Premium & Dividend Income Fund
(ETY) is currently trading at $9.46, a 13.92% discount to
its net asset value of $10.99. The fund focuses on
dividend paying common stocks whose income is exempt from
Federal income tax and also utilizes options strategies
for capital appreciation. ETY offers a 10.70% annual
distribution rate, with distributions occurring on a
quarterly basis. As with ETJ, it is worth noting that
ETY”s next distribution amount of $0.2530, which will
occur on May 31st, 2012, is a reduction from previous
distributions of $0.2895.
Eaton Vance Tax Managed Global Buy Write Opportunities
Fund (ETW) is currently trading at $10.88, a 13.86%
discount to its net asset value of $12.63. The fund
focuses on investments in global common stock and through
covered call and options strategies. ETW offers a 10.74%
annual distribution rate, with distributions occurring on
a quarterly basis. Like the funds above, ETW”s most
recent distribution amount of $0.2920, which occurred on
March 30th, 2012, was a reduction from previous
distributions of $0.3024.
Eaton Vance Tax-Managed Global Diversified Equity Income
Fund (EXG) is currently trading at $8.79, a 13.57%
discount to its net asset value of $10.17. The fund
focuses on investments in global common stock and through
options strategies. EXG offers an 11.10% annual
distribution rate, with distributions occurring on a
quarterly basis. This fund will also experience a
distribution reduction, from its previous distribution of
$0.2843 to its next distribution, occurring on May 31st,
2012, of $0.2440.
GDL Fund, Common Shares (GDL) is currently trading at
$12.25, a 12.12% discount to its net asset value of
$13.94. The fund focuses on investments in merger
arbitrage transactions, corporate reorganizations
involving stubs, spin offs, and liquidations. GDL offers
a 10.45% annual distribution rate, with distributions
occurring on a quarterly basis.
Dividend and Income Fund, Inc. (DNI) is currently trading
at $3.55, an 11.47% discount to its net asset value of
$4.01. The fund focuses on high income with capital
appreciation through investments in income-generating
equity, dividend-paying common stocks, convertible
securities, preferred stocks, and as well as an options
strategy. DNI offers an 11.49% annual distribution rate,
with distributions occurring on a quarterly basis. It is
worth noting that on September 30th, 2011, the fund
increased its distribution from $0.0340 to its current
distribution of $0.1020.
Eaton Vance Tax-Managed Buy-Write Opportunities Fund
(ETV) is currently trading at $12.74, an 11.47% discount
to its net asset value of $14.39. The fund uses a covered
call and options strategy and focuses on investments in
common stocks that seek to exceed the total return
performance of either the S&P 500 or the NASDAQ-1100
Index. ETV offers a 10.43% annual distribution rate, with
distributions occurring on a quarterly basis.
Gabelli Global Multimedia Trust, Inc. (GGT) is currently
trading at $7.08, a 9.81% discount to its net asset value
of $7.85. The fund focuses on long-term investments in
companies that create and distribute intellectual
property rights. GGT offers an 11.30% annual distribution
rate, with distributions occurring on a quarterly basis.
BlackRock International Growth & Income Trust (BGY) is
currently trading at $7.53, a 9.39% discount to its net
asset value of $8.31. The fund uses an option strategy
and focuses on investments in equity securities, up to
half of which are in emerging markets. BGY offers an
11.69% annual distribution rate, with distributions
occurring on a quarterly basis. It is worth noting that
the fund”s most recent distribution of $0.2200, which
occurred on March 13th, 2012, was a decrease from
previous distributions of $0.3400.
Oxford Lane Capital Corp (OXLC) is currently trading at
$13.75, a 9.18% discount to its net asset value of
$15.14. The fund focuses on high risk investments in
senior, secured loans made to companies whose debt is
unrated or rated below investment grade. OXLC offers a
16.00% annual distribution rate, with distributions
occurring on a quarterly basis. It is worth noting that
the fund”s most recent distribution of $0.5500, which
occurred on March 30th, 2012, was an increase from
previous distributions of $0.5000.
Cohen & Steers Global Income Builder, Inc. (INB) is
currently trading at $10.38, an 8.87% discount to its net
asset value of $11.39. The fund uses a covered call and
options strategy that focuses on investments in large-cap
common stocks, real estate securities, utility companies,
and MLPs issued equity securities. INB offers a 10.79%
annual distribution rate, with distributions occurring on
a quarterly basis.
BlackRock Enhanced Capital & Income Fund, Inc. (CII) is
currently trading at $13.19, a 7.63% discount to its net
asset value of $14.28. The fund utilizes covered call and
options strategies and focuses on income and capital
gains obtained through investments in equity securities.
CII offers a 10.92% annual distribution rate, with
distributions occurring on a quarterly basis.
ING Global Advantage & Premium Opportunity Fund (IGA) is
currently trading at $11.34, a 7.13% discount to its net
asset value of $12.21. The fund utilizes covered call and
options strategies and focuses on high current income
with capital appreciation through investment in global
common stocks. IGA offers an 11.01% annual distribution
rate, with distributions occurring on a quarterly basis.
It is worth noting that on January 16th, 2012, the fund
decreased its distribution from $0.3350 to its current
$0.3120.
BlackRock Global Opportunities Equity Trust (BOE) is
currently trading at $14.37, a 6.69% discount to its net
asset value of $15.40. The fund utilizes covered call and
options strategies and focuses on investments in equity
securities or on related options, indices, and sectors.
BOE offers an 11.41% annual distribution rate, with
distributions occurring on a quarterly basis. It is also
worth noting that the fund”s next distribution of
$0.4100, which will occur on May 31st, 2012, will be a
decrease from previous distributions of $0.5688.
Alpine Total Dynamic Dividend Fund (AOD) is currently
trading at $4.55, a 6.57% discount to its net asset value
of $4.87. The fund utilizes a strategy of investing in
global equity securities. AOD offers a 14.51% annual
distribution rate, with distributions occurring on a
monthly basis.
ING Risk Managed Natural Resources Fund (IRR) is
currently trading at $11.46, a 4.74% discount to its net
asset value of $12.03. The fund uses covered call and
options strategies and focuses on investment in equities
securities of energy, natural resources, and basic
material industry companies. IRR offers an 11.52% annual
distribution rate, with distributions occurring on a
quarterly basis. It is worth noting that on January 16th,
2012, the fund decreased its distribution from $0.3630 to
its current $0.3300.
NFJ Dividend Interest & Premium Strategy Fund (NFJ) is
currently trading at $17.02, a 3.79% discount to its net
asset value of $17.69. The fund uses covered call and
options strategies, seeking income through investments in
dividend-paying common stocks and income producing
convertible securities. NFJ offers a 10.58% annual
distribution rate, with distributions occurring on a
quarterly basis.
ING Global Equity Dividend & Premium Opportunity Fund
(IGD) is currently trading at $9.24, a 3.45% discount to
its net asset value of $9.57. The fund uses an options
strategy and focuses on investments in global, dividend-
paying common stocks. IGD offers a 12.08% annual
distribution rate, with distributions occurring on a
monthly basis. It is worth noting that on January 16th,
2012, the fund decreased its distribution from $0.1000 to
its current $0.0930.
Wells Fargo Advantage Global Dividend Opportunity Fund
(EOD) is currently trading at $8.21, a 2.96% discount to
its net asset value of $8.46. The fund uses an options
strategy and focuses on investments in common stocks of
global companies, preferred stocks, convertible preferred
stocks, and convertible debt. EOD offers a 13.64% annual
distribution rate, with distributions occurring on a
quarterly basis.
ING Emerging Markets High Dividend Equity Fund Common
Shares of Beneficial Interest (IHD) is currently trading
at $14.79, a 2.50% discount to its net asset value of
$15.17. The fund focuses on investments in equity
securities, primarily of issuers in emerging markets. IHD
offers a 10.82% annual distribution rate, with
distributions occurring on a quarterly basis.
Gabelli Equity Trust, Inc. (GAB) is currently trading at
$5.47, a 1.44% discount to its net asset value of $5.55.
The fund focuses on long-term capital growth and income
through a broad investment strategy in equity securities.
GAB offers a 10.24% annual distribution rate, with
distributions occurring on a quarterly basis.
Guggenheim Enhanced Equity Income Fund (GPM) is currently
trading at $9.45, a 0.74% discount to its net asset value
of $9.52. The fund primarily focuses on high income and
gains with a secondary objective of long-term capital
appreciation. GPM offers a 10.16% annual distribution
rate, with distributions occurring on a quarterly basis.
AGIC International & Premium Strategy Fund (NAI) is
currently trading at $10.55, a 0.57% discount to its net
asset value of $10.61. The fund uses covered call and
options strategies and focuses on investments in foreign
equity securities. NAI offers a 15.17% annual
distribution rate, with distributions occurring on a
quarterly basis.
ING Asia Pacific High Dividend Equity Income Fund (IAE)
is currently trading at $15.59, a 0.13% discount to its
net asset value of $15.61. The fund uses an options
strategy and focuses on investments in dividend yielding
equity securities of Asia Pacific companies. IAE offers a
10.16% annual distribution rate, with distributions
occurring on a quarterly basis. It is worth noting that
on January 16th, 2012, the fund decreased its
distribution from $0.4260 to its current $0.3960.
Market Vectors Mortgage REIT Income ETF (MORT)
For investors searching for the cheapest option in the mREIT space, look no further than MORT. This product tracks the Market Vectors Global Mortgage REITs Index, which looks to give investors exposure to the overall performance of publically traded mortgage REITs (also see Time for a Commercial Real Estate ETF?).
In total, the ETF holds about 25 securities in its basket, with a heavy focus on Annaly Capital (NLY) which makes up nearly 20% of assets and then American Capital Agency Corp (AGNC) which accounts for roughly 15% of the fund. Still, the fund offers a nice mix of capitalization levels, as large caps make up roughly one-third of the portfolio while small and micro caps comprise just over 60% of the assets as well.
As we alluded to earlier, MORT is the cheaper of the two on this list, charging just 0.40% after waivers, while volume is at a reasonable 35,000 shares a day. Meanwhile, from a yield perspective, the product is hard to beat coming in at 11% in 30 Day SEC Yield terms.
iShares FTSE NAREIT Mortgage REIT ETF (REM)
The original ETF in the mREIT market comes to us from iShares in its REM which tracks the FTSE NAREIT All Mortgage Capped Index. This benchmark follows the residential and commercial mortgage real estate sector of the U.S. market, holding about 30 securities in total.
Despite holdings more securities in its basket, REM is arguably more concentrated as it puts 22.6% in NLY and then 16.85% in AGNC. Much like its Market Vectors counterpart, REM is skewed towards pint sized securities as large caps account for roughly 40% of assets with mid caps making up another 5% as well (read Is ROOF A Better Real Estate ETF?).
While REM might not be as cheap as its MORT cousin—charging eight basis points more a year—it does have a much higher volume suggesting tighter bid ask spreads for this product. Additionally, it does slightly beat out the other fund on yield, paying out just over 12.4% in 30 Day SEC terms, although it is more focused on its top few holdings.
1. Seadrill Ltd. (SDRL): A worldwide offshore drilling contractor to the oil and gas industry.
Quarterly paying dividend stock
Most recent closing price $38.40
Current yield approximately 8.75%
Has increased its dividend payout every year since 2009
Reached a stock price over $40 three different times in 2012
2. StoneMor Partners L.P. (STON): Owner and operator of cemeteries in the United States.
Quarterly paying dividend stock
Most recent closing price $25.08
Current yield approximately 9.41%
Has increased its dividend payout every year since 2008
Reached a stock price over $26 three different times in 2012
3. Suburban Propane Partners L.P. (SPH): Distributes a range of products for energy needs.
Quarterly paying dividend stock
Most recent closing price $41.43
Current yield approximately 8.45%
Has maintained or increased its dividend payout every year since 1997
Reached a stock price over $45 three different times in 2012
4. BreitBurn Energy Partners L.P. (BBEP): Is an independent oil and gas partnership focused on properties in the United States.
Quarterly paying dividend stock
Most recent closing price $19.80
Current yield approximately 9.39%
Has increased its dividend payout every year since 2010
Reached a stock price over $20 two times during 2012-13
5. Consolidated Communications Holdings Inc (CNSL): Offers telecommunications services.
Quarterly paying dividend stock
Most recent closing price $17.48
Current yield approximately 8.87%
Has maintained its dividend payout every year since 2006
Reached a stock price over $19 twice in 2012
DBBR is serving up a dividend yield of 12.3 percent.
While not the only ETF to offer access to the Brazilian equity market, it’s the only one to hedge against exposure to the Brazilian real—a feature that impacts the pattern of returns of the fund as the currency fluctuates against the dollar.
DBBR tracks a market-cap-weighted index of Brazilian firms covering the entire market-cap spectrum, hedging out currency exposure. Year-to-date, the fund has struggled to break to the upside, tallying losses of 4.7 percent.
DVHL
• Monthly compounded 2x leveraged exposure to the NYSE® Diversified High Income Index, an index comprised of a diversified portfolio of 138 publicly-traded, income-producing securities.
• Significant income potential in the form of a variable monthly coupon linked to 2 times the net cash distributions, if any, on the Index constituents.
The list of REITs that pay monthly include: American Realty Capital Properties (NASDAQ:ARCP), ARMOUR Residential (NYSE:ARR), Chatham Lodging Trust (NYSE:CLDT), Chambers Street (NYSE:CSG), EPR Properties (NYSE:EPR), Gladstone Commercial (NASDAQ:GOOD), Gladstone Land (NASDAQ:LAND), Inland Real Estate (NYSE:IRC),LTC Properties (NYSE:LTC), Realty Income (NYSE:O), STAG Industrial (NYSE:STAG),Wheeler Real Estate (NASDAQ:WHLR), WPT Industrial (TSX:WIR.U) (OTCQX:WPTIF), Whitestone Real Estate (NYSE:WSR), New York REIT (NYSE:NYRT), United Development Funding (NASDAQ:UDF), Orchid Island Capital (NYSE:ORC), Independence Realty Trust (NYSEMKT:IRT), and Agellan Commercial (TSX:ACR.UN) (OTC:ACRVF).
WhiteHorse Finance, Inc. (NASDAQ:WHF) (“Whitehorse,” “WHF” or the “Company”) is a business development company focused on originating and underwriting senior secured debt investments focused on lower middle market investments. WhiteHorse is managed by H.I.G. Capital, a well-regarded alternative asset manager focused on the middle-market. WHF was funded in 2011 through a drop-down of $190MM in loans from H.I.G. Capital”s Bayside portfolio in exchange for equity and subsequently IPO”d in December 2012 for $15 per share. WhiteHorse currently has a market capitalization of $175MM or 0.75x tangible book value.