NexPoint Capital Announces Updated Distribution Schedule
June 30, 2020 | Luke Schmidt | Blue Vault
On June 24, 2020, the board of directors of NexPoint Capital, Inc. (“NEXP”) approved the determination of the Company’s net asset value per share and the price at which the Company issues shares under its distribution reinvestment plan at $5.87 per share. This updated net asset value per share is an increase from previously announced values of $5.25 per share (effective April 29, 2020) and $5.69 per share (effective June 3, 2020). The Company’s net asset value per share was $5.05 as of March 31, 2020.
The board of directors also approved a change in its dividend and capital gains distribution schedule from monthly distributions to quarterly distributions, effective immediately. The first quarterly distribution is expected to be paid on September 30, 2020. The dividends declared will be in the amount of $0.09 per share of the Company’s common stock to the stockholders of record at each quarter end. This quarterly distribution of $0.09 per share is the equivalent to a 3.35% annualized distribution yield based on the last public offering price of $10.75. The Company had previously announced the suspension of the Company’s monthly distributions commencing with the month ending May 31, 2020.
The Company operates as an externally managed nontraded BDC. As of March 31, 2020, the Company reported total assets of $69.2 million with total investments of $38.1 million. The Company raised approximately $99.2 million in its public offering which commenced in August of 2014 and ended in February of 2018.
Source: SEC, Blue Vault
