GARS intends to pay a $0.35 dividend toward the end of the second quarter, which equates to a 9.2% yield. Analyst Bob Napoli estimated that GARS would generate net operating income per share of $1.51 in 2013 and $1.53 in 2014.
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"GARS’s external manager, Garrison Capital Advisers, has access to Garrison’s 36 seasoned senior investment professionals," Napoli said. "The seven investment committee members have an average of 22 years of industry experience. We are encouraged that Garrison’s two co-chief investment officers and other members of the team previously worked at CIT Group, primarily in the business units focused on small-business lending. CIT has a reputation of being a good small-business lender, in our opinion."
He continued, "Garrison uses its extensive relationship network of middle-market contacts, investment experience, and financing solutions to directly and indirectly source investments. Garrison’s ability to leverage its nontraditional channel (e.g., real estate and structured finance) provides additional access to deal flow. We believe Garrison’s sourcing capabilities are a competitive advantage."
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