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I seek to liberate investors from the chains of borrowed opinions by teaching metric awareness. I do not have the usual attributes that qualifies me to write on investing. I am a retail investor. But I do gather, process and analyze significantly more data than average. I share that data in my... More
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  • Feedback Request - BDC Stats 8 comments
    Dec 8, 2013 9:46 PM

    What follows is a display experiment with a "two header" spreadsheet. This is a response to a suggestion that my coverage universe is so large, that the header is lost from the screen for data that is towards the bottom of the spreadsheet - thus a second header would improve the reading experience.

    I am requesting your feedback. If this improves the display - then reply with "I like two heads". If not, reply "1 head is enough". I have acclimated to the old format. I will change to the two head format if 60% prefer the new - or if the response is large (over 25 replies) and two heads gets 55% of the vote. Thanks in advance for your participation.

    If I need to enlarge or expand the explanation of the spreadsheet components, (for example - why include the div/NAV ratio?) - this is also a good time to let me know that information.

    The two head format

    BDCs 12-06-13

    Yield in the spreadsheet below is based on the Q4-13 dividend. Spreadsheet header abbreviations: Div = dividend; EPS = earnings per share; LTM = last twelve months; YTD = year to date. The dividend to EPS ratio is a measure of dividend safety. Due to calendar and fiscal years failing to overlap, I also include a dividend to the sum of the last four quarters of NII - in the Div/NIIltm column. The dividend to NAV ratio is a measure of safety and efficiency. The last four columns measure the percentage change in the 2013 EPS projection and the change in the price target since the beginning of the year; the change in the Q4-13 dividend from the Q4-12 dividend. Special dividends are not included in this data. ARCC will pay a special dividend of $0.05/share payable on 12-31-13 and again on 3-28-14. FDUS will pay a special dividend of $0.38/share payable 12-20-13. MAIN will pay a special dividend of $0.25/share on 12-24-13. FSC and FULL have cut their first quarter dividend - and that new rate is temporarily encoded as a Q4-12 div to show their forward yield

     

     


      Share Price Div/Div/Div/Div/Q3-13PriceYTD Percent ChangeLTMLTM
    Company_name_and_ticker1-0112-06YieldEPS13EPS14NIIltmNAVNAVNAVPricePr+DivEPSTargetDivNAV

    American Cap(ACAS)12.0215.070.000.00.00.00.019.540.7725.3725.37-20.9522.32na12.36
    Apollo Invest(AINV)8.368.839.0692.090.992.19.88.301.065.6215.19-1.144.980.00-1.69
    Ares Capital(ARCC)17.5018.278.3292.791.6100.49.416.351.124.4010.91-1.202.740.004.51
    BlackRock(BKCC)10.069.6410.79133.3110.6115.611.19.381.03-4.176.16-22.770.810.00-2.50
    Fidus Invest(FDUS)16.4520.117.56110.985.4107.99.515.981.2622.2530.80-19.8816.220.006.92
    Fifth St(FSC)10.429.3710.6796.197.095.910.19.850.95-10.08-1.20-6.31-5.04-13.050.51
    Full Circle(FULL)7.437.4811.23115.1107.7109.110.57.481.000.6711.13-9.8810.00-9.09-6.75
    Gladstone Inv(GAIN)6.967.537.9784.585.780.27.09.120.838.1915.3729.09-11.110.00-5.49
    Golub Cap(GBDC)15.9818.087.0897.792.899.38.515.211.1913.1419.152.345.880.003.70
    Gladstone Cap(GLAD)8.169.538.81100.096.6103.39.89.810.9716.7926.23-2.330.000.00-3.48
    Horizon(HRZN)14.9214.169.7599.393.2102.29.314.950.95-5.093.46-8.55-6.190.00-11.00
    Hercules(HTGC)11.1316.826.6691.186.8106.411.110.421.6151.1258.6712.8436.8416.675.77
    Kayne Ander(KED)24.4427.046.7375.870.892.96.927.840.9710.6416.2225.0022.795.8116.58
    Kohlberg(KCAP)9.198.0713.88121.7108.7118.113.68.021.01-12.19-3.05-9.80-0.4216.677.57
    Main St.(MAIN)30.5132.155.7992.581.690.19.920.011.615.3810.96-1.4725.383.3310.83
    Medley Cap(MCC)14.5613.9510.6198.793.7100.011.612.651.10-4.193.433.455.182.781.03

      Share Price Div/Div/Div/Div/Q3-13PriceYTD Percent ChangeLTMLTM
    Company_name_and_ticker1-0112-06YieldEPS13EPS14NIIltmNAVNAVNAVPricePr+DivEPSTargetDivNAV

    MCG Capital(MCGC)4.604.6710.71113.6102.0137.49.75.100.921.529.67-4.357.99-10.71-1.52
    New Mountain(NMFC)14.9014.989.0889.598.6104.89.514.321.050.547.3811.761.500.003.47
    NGP Capital(NGPC)7.227.618.41100.0103.296.77.09.220.835.4012.05-17.95-16.670.00-1.72
    Prospect(PSEC)10.8711.1711.8584.3105.182.812.410.721.042.7614.035.379.840.32-1.02
    Pennant Float(PFLT)12.7013.937.7593.993.994.37.714.100.999.6917.554.556.435.880.29
    Pennant Cap(PNNT)10.9911.939.39102.898.2106.410.710.491.148.5518.74-3.540.510.002.66
    Saratoga(SAR)15.4015.270.000.00.00.00.023.770.64-0.84-0.84-2.11-32.09na-12.61
    Solar Cap(SLRC)23.9122.966.9784.790.471.67.122.251.03-3.972.72-26.46-4.84-33.33-0.49
    Solar Senior(SUNS)18.6618.307.70119.5104.4113.17.717.911.02-1.935.06-16.901.320.00-1.56
    Medallion(TAXI)11.7415.995.7573.676.7161.09.010.381.5436.2042.0817.9227.049.523.04
    Triangle Cap(TCAP)25.4929.627.2996.093.993.613.815.941.8616.2022.56-0.4415.451.892.70
    THL Credit(TCRD)14.7916.798.1094.494.489.810.313.381.2513.5220.420.709.113.030.23
    TICC Cap(TICC)10.1210.6810.86111.5102.7131.711.99.901.085.5314.13-14.75-4.210.002.96

    Sector Average  8.8498.7  9.8 1.107.6214.98-2.685.23

    With the 10 Treasury at 2.85% and sector average yield (on Q4 dividends) at 8.84% - the spread is 599 bps.
    The cap weighted ETF BDCS is up 6.77% year to date - with dividends its total return is 14.24%.
    Sector yield, Dividend/NAV and Dividend/EPS ratio filter out the zero payout ACAS and SAR.
    Weeding out ACAS and SAR, the average share price gain is 7.28%.
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Comments (8)
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  • I like 'Two Heads' :)
    ---alan
    9 Dec 2013, 01:03 AM Reply Like
  • Two heads are better than one ... sorry, I'm not very good at following directions. ;~) In fact, the height is perfect. And, thank you very much for considering my feedback without taking offense to it.
    9 Dec 2013, 01:10 AM Reply Like
  • I like two heads
    9 Dec 2013, 01:16 PM Reply Like
  • The S.A. expanding table feature drives me crazy. So I copy it to an Excel spreadsheet and freeze the panes to keep the header at the top of the page. I only need one header but two is not a problem.
    9 Dec 2013, 05:05 PM Reply Like
  • I vote for 2
    9 Dec 2013, 05:14 PM Reply Like
  • Like two heads
    9 Dec 2013, 08:23 PM Reply Like
  • I like to print out the tables so I can mark them up and put notes on them, so I do a cut & paste. Like Tachyon1, I find SA less than convenient when it comes to copying and/or printing.
    I prefer a single header so I won't have to cut the second one out, but whatever the masses want is fine with me. I just want the info!
    10 Dec 2013, 10:37 AM Reply Like
  • I vote for 2, thanks for all you do!
    12 Mar, 08:58 AM Reply Like
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