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I am a private investor who has invested in individual stocks for over a decade. I have a BBA from the University of Texas at Austin. I am retired and living off of dividends and distributions from a portfolio of BDCs, consumer staple stocks, MLPs, regional banks and REITs.
  • BDC Stats 12-31-13 2 comments
    Jan 3, 2014 9:34 PM

    BDCs 12-31-13

    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/ Q3-13 Price YTD Percent Change LTM LTM
    Company_name_and_ticker 1-01 12-31 Yield EPS13 EPS14 NIIltm NAV NAV NAV Price Pr+Div EPS Target Div NAV

    American Cap (NASDAQ:ACAS) 12.02 15.64 0.00 0.0 0.0 0.0 0.0 19.54 0.80 30.12 30.12 -20.95 22.32 na 12.36
    Apollo Invest (NASDAQ:AINV) 8.36 8.48 9.43 92.0 90.9 93.4 9.8 8.30 1.02 1.44 11.00 -1.14 5.09 0.00 -1.78
    Ares Capital (NASDAQ:ARCC) 17.50 17.77 8.55 92.7 91.6 94.9 9.4 16.35 1.09 1.54 10.23 -1.20 2.96 0.00 3.88
    BlackRock (NASDAQ:BKCC) 10.06 9.33 11.15 133.3 110.6 149.7 11.1 9.38 0.99 -7.26 3.08 -22.77 0.81 0.00 -1.78
    Fidus Invest (NASDAQ:FDUS) 16.45 21.74 6.99 110.9 85.4 109.3 9.5 15.98 1.36 32.16 41.40 -19.88 18.92 0.00 4.65
    Fifth St (NASDAQ:FSC) 10.42 9.25 10.81 96.1 94.3 98.8 10.1 9.85 0.94 -11.23 -1.64 -6.31 -5.94 -13.05 -0.71
    Full Circle (NASDAQ:FULL) 7.43 7.04 11.93 109.1 107.7 114.2 10.5 7.48 0.94 -5.25 6.06 -4.94 10.00 -9.09 -12.10
    Gladstone Inv (NASDAQ:GAIN) 6.96 8.06 7.44 84.5 85.7 72.5 7.0 9.12 0.88 15.80 24.43 29.09 -11.11 0.00 2.13
    Golub Cap (NASDAQ:GBDC) 15.98 19.11 6.70 97.7 93.4 98.9 8.5 15.21 1.26 19.59 27.60 2.34 5.88 0.00 4.18
    Gladstone Cap (NASDAQ:GLAD) 8.16 9.57 8.78 100.0 97.7 95.4 9.8 9.81 0.98 17.28 27.57 -2.33 0.00 0.00 9.85
    Horizon (NASDAQ:HRZN) 14.92 14.21 9.71 100.0 95.2 99.5 9.3 14.95 0.95 -4.76 4.49 -9.21 -5.95 0.00 -8.90
    Hercules (NYSE:HTGC) 11.13 16.40 6.83 91.1 86.2 95.3 11.1 10.42 1.57 47.35 57.41 12.84 38.76 16.67 10.62
    Kayne Ander (NYSE:KED) 24.44 27.97 6.51 75.8 70.8 93.3 6.9 27.84 1.00 14.44 21.89 25.00 22.79 5.81 16.49
    Kohlberg (NASDAQ:KCAP) 9.19 8.07 13.88 123.1 109.8 123.4 13.6 8.02 1.01 -12.19 0.00 -10.78 -1.68 16.67 2.56
    Main St. (NYSE:MAIN) 30.51 32.69 5.69 92.5 81.6 91.1 9.9 20.01 1.63 7.15 13.24 -1.47 25.38 3.33 14.41
    Medley Cap (NYSE:MCC) 14.56 13.85 10.69 96.7 94.3 96.7 11.6 12.70 1.09 -4.88 5.29 5.52 2.86 2.78 0.79

        Share Price   Div/ Div/ Div/ Div/ Q3-13 Price YTD Percent Change LTM LTM
    Company_name_and_ticker 1-01 12-31 Yield EPS13 EPS14 NIIltm NAV NAV NAV Price Pr+Div EPS Target Div NAV

    MCG Capital (NASDAQ:MCGC) 4.60 4.40 11.36 113.6 102.0 118.9 9.7 5.10 0.86 -4.35 6.52 -4.35 7.99 -10.71 1.59
    New Mountain (NYSE:NMFC) 14.90 15.04 9.04 89.5 98.6 97.8 9.5 14.32 1.05 0.94 10.07 11.76 1.50 0.00 1.56
    NGP Capital (NGPC) 7.22 7.47 8.57 100.0 103.2 101.4 7.0 9.22 0.81 3.46 12.33 -17.95 -16.67 0.00 -4.95
    Prospect (NASDAQ:PSEC) 10.87 11.22 11.80 84.3 104.3 90.5 12.4 10.72 1.05 3.22 15.40 5.37 10.12 0.32 -1.47
    Pennant Float (NASDAQ:PFLT) 12.70 13.73 7.87 98.2 94.7 92.3 7.7 14.10 0.97 8.11 16.61 0.00 6.43 5.88 0.86
    Pennant Cap (NASDAQ:PNNT) 10.99 11.60 9.66 110.9 102.8 110.7 10.7 10.49 1.11 5.55 15.74 -10.62 0.51 0.00 2.64
    Saratoga (NYSE:SAR) 15.40 15.65 0.00 0.0 0.0 0.0 0.0 23.77 0.66 1.62 1.62 -2.11 -32.09 na -12.61
    Solar Cap (NASDAQ:SLRC) 23.91 22.55 7.10 84.7 90.4 75.6 7.1 22.25 1.01 -5.69 1.00 -26.46 -4.84 -33.33 -1.98
    Solar Senior (NASDAQ:SUNS) 18.66 18.22 7.74 119.5 104.4 116.0 7.7 17.91 1.02 -2.36 5.20 -16.90 1.32 0.00 -3.71
    Medallion (TAXI) 11.74 14.35 6.41 80.7 78.0 143.6 9.0 10.38 1.38 22.23 30.07 7.55 36.00 9.52 4.22
    Triangle Cap (NYSE:TCAP) 25.49 27.65 7.81 96.0 93.9 92.6 13.8 15.94 1.73 8.47 16.95 -0.44 15.45 1.89 3.98
    THL Credit (NASDAQ:TCRD) 14.79 16.49 8.25 93.8 95.1 94.1 10.3 13.38 1.23 11.49 20.69 1.40 9.11 3.03 1.29
    TICC Cap (NASDAQ:TICC) 10.12 10.34 11.22 111.5 102.7 116.5 11.9 9.90 1.04 2.17 13.64 -14.75 -4.48 0.00 0.51

    Sector Average     8.96 99.2     9.8   1.08 6.77 15.38 -3.23 5.57

    With the 10 Treasury at 3.03% and sector average yield (on Q4 dividends) at 8.96% - the spread is 593 bps.
    The cap weighted ETF BDCS is up 7.25% year to date - with dividends its total return is 14.72%.
    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 6.09%.

    Dates used to credit dividends:

    ACAS : none AINV : 10-03-13 ARCC: 12-30-13 BKCC: 01-02-14 FDUS: 12-19-13 FSC : monthly FULL: monthly
    GAIN: monthly GLAD;: monthly GBDC;: 01-27-14 HTGC: 11-24-13 HRZN: monthly KCAP: 10-28-13 KED : 10-17-13
    MAIN: monthly MCC: 12-13-13 MCGC: 11-21-13 NGPC: 01-06-14 PFLT: monthly PNNT : 01-01-14 PSEC: monthly
    SAR: none SLRC: 10-01-13 SUNS: monthly TAXI : 11-26-13 TCAP: 12-24-13 TICC : 12-30-13 TCRD: 12-30-13

    Historical BDC Yield to 10 Year Treasury Spreads for the sector:

    Mar 10: 882 June: 649 Sept: 564 Dec: 509
    Mar 11: 470 June: 605 Sept: 947 Dec: 873
    Mar 12: 718 June: 760 Sept: 732 Dec: 761
    Mar 13: 714 June: 683 Sept: 642 Dec: 593

    BDC Earnings Growth & P/E Ratios 12-31

    Fiscal and calendar years are not in sync. BDCs than began fiscal 2014 on or before calendar Q4-13 include AINV, FULL, FSC, GAIN, GBDC, GLAD, MCC, PSEC, PFLT, and PNNT. The range metric is the high estimate minus the low estimate, with that result dividend by the consensus estimate - and serves as one of several measurements for assessing risk. That average is currently inflated by almost 300 bps due to atypical spreads in the projections for ACAS and GAIN. With the exception of KED, all EPS projections are from Yahoo Finance.

     

     


      Earnings / Share Earn. Growth P/E Ratios 14 EPS Range
    Co. 2008 2009 2010 2011 2012 2013 2014 11-12 12-13 13-14 2012 2013 2014 High Low Range

    ACAS 242 61 62 126 116 83 1.08 -7.94% -28.45% 30.12% 13.48 18.84 14.48 110 84 31.33%
    AINV 180 148 126 99 83 87 0.88 -16.16% 4.82% 1.15% 10.22 9.75 9.64 92 79 14.94%
    ARCC 142 128 132 156 165 164 1.66 5.77% -0.61% 1.22% 10.77 10.84 10.70 162 154 4.88%
    BKCC 176 139 101 100 100 78 0.94 0.00% -22.00% 20.51% 9.33 11.96 9.93 93 79 17.95%
    FDUS 0 0 0 163 154 137 1.78 -5.52% -11.04% 29.93% 14.12 15.87 12.21 156 136 14.60%
    FSC 130 127 95 101 107 104 1.06 5.94% -2.80% 1.92% 8.64 8.89 8.73 111 97 13.46%
    FULL 0 0 0 84 78 77 0.78 -7.14% -1.28% 1.30% 9.03 9.14 9.03 84 70 18.18%
    GAIN 79 62 48 73 62 71 0.70 -15.07% 14.52% -1.41% 13.00 11.35 11.51 66 60 8.45%
    GBDC 0 0 0 116 115 131 1.37 -0.86% 13.91% 4.58% 16.62 14.59 13.95 133 129 3.05%
    GLAD 135 100 84 88 91 84 0.86 3.41% -7.69% 2.38% 10.52 11.39 11.13 86 84 2.38%
    HRZN 0 0 0 150 141 138 1.45 -6.00% -2.13% 5.07% 10.08 10.30 9.80 149 132 12.32%
    HTGC 123 125 80 91 97 123 1.30 6.59% 26.80% 5.69% 16.91 13.33 12.62 117 112 4.07%
    KED 135 127 125 136 189 240 2.57 38.97% 26.98% 7.08% 14.80 11.65 10.88 210 210 0.00%
    KCAP 150 104 53 70 89 91 1.02 27.14% 2.25% 12.09% 9.07 8.87 7.91 93 92 1.10%
    MAIN 115 90 100 169 201 201 2.28 18.93% 0.00% 13.43% 16.26 16.26 14.34 208 202 2.99%
    MCC 0 0 0 56 131 153 1.57 133.93% 16.79% 2.61% 10.57 9.05 8.82 153 146 4.58%

      Earnings / Share Earn. Growth P/E Ratios 14 EPS Range
    Co. 2008 2009 2010 2011 2012 2013 2014 11-12 12-13 13-14 2012 2013 2014 High Low Range

    MCGC 93 60 60 53 25 44 0.49 -52.83% 76.00% 11.36% 17.60 10.00 8.98 48 46 4.55%
    NMFC 0 0 0 56 135 152 1.38 141.07% 12.59% -9.21% 11.14 9.89 10.90 154 150 2.63%
    NGPC 79 57 54 73 55 64 0.62 -24.66% 16.36% -3.13% 13.58 11.67 12.05 69 63 9.37%
    PSEC 191 187 109 109 163 157 1.27 49.54% -3.68% -19.11% 6.88 7.15 8.83 138 121 10.83%
    PFLT 0 0 0 5 101 110 1.14 1920.00% 8.91% 3.64% 13.59 12.48 12.04 115 107 7.27%
    PNNT 88 109 109 125 108 101 1.09 -13.60% -6.48% 7.92% 10.74 11.49 10.64 105 101 3.96%
    SAR 1300 1640 457 215 186 186 1.90 -13.49% 0.00% 2.15% 8.41 8.41 8.24 186 186 0.00%
    SLRC 0 200 208 225 220 189 1.77 -2.22% -14.09% -6.35% 10.25 11.93 12.74 192 182 5.29%
    SUNS 0 0 0 63 131 118 1.35 107.94% -9.92% 14.41% 13.91 15.44 13.50 125 118 5.93%
    TAXI 86 56 64 101 121 114 1.18 19.80% -5.79% 3.51% 11.86 12.59 12.16 135 112 20.18%
    TCAP 154 161 158 206 216 225 2.30 4.85% 4.17% 2.22% 12.80 12.29 12.02 228 218 4.44%
    TCRD 0 0 0 104 138 145 1.43 32.69% 5.07% -1.38% 11.95 11.37 11.53 148 139 6.21%
    TICC 91 49 89 94 112 104 1.13 19.15% -7.14% 8.65% 9.23 9.94 9.15 107 101 5.77%

    BDC Average           81.73 3.66 5.25 11.91 11.61 10.98     8.30

    Year To Date BDC Newbie Stats 12-31
    The first Div/EPS uses the 2013 projection and the second ratio uses the 2014 projection

     

     


      Share Price   2013 Div/ 2014 Div/ Q3-13 Price YTD Percent Change
    Company 12-31 12-31 Yield EPS EPS EPS EPS NAV NAV Price Pr+Div

    Garrison GARS 15.00 13.88 10.09 1.28 109.38 1.40 100.00 15.11 0.92 -7.47 -0.47
    Monroe Capital MRCC 14.83 12.20 11.15 1.16 117.24 1.33 102.26 14.01 0.87 -17.73 -8.56
    OFS Capital OFS 13.69 12.83 10.60 0.62 219.35 1.05 129.52 14.46 0.89 -6.28 3.65
    Stellus Capital SCM 16.38 14.95 9.10 1.34 101.49 1.41 96.45 14.57 1.03 -8.73 -0.43
    TCP Capital TCPC 14.74 16.78 9.77 1.63 100.61 1.65 99.39 15.06 1.11 13.84 23.61
    White Horse WHF 14.81 15.11 8.87 1.28 104.69 1.32 101.52 15.09 1.00 2.03 11.61

    Sector Average     9.93   125.46   104.86   0.97 -4.06 5.04

    EPS Estimates and P/E Ratios 12-31 -13

     

     


      ; Earnings / Share Earn. Growth P/E Ratios 14 EPS Range
    Co. 2011 2012 2013 2014 11-12 12-13 13-14 2012 2013 2014 High Low Spread

    GARS 0 0 128 140 na na 9.37% na 10.84 9.91 141 140 0.71%
    MRCC 0 20 116 133 na 480.00% 14.66% 61.00 10.52 9.17 141 125 12.03%
    OFS 0 65 62 105 na -4.62% 69.35% 19.74 20.69 12.22 152 63 84.76%
    SCM 0 30 134 141 na 346.67% 5.22% 49.83 11.16 10.60 145 138 4.96%
    TCPC 0 181 163 165 na -9.94% 1.23% 9.27 10.29 10.17 175 159 9.70%
    WHF 0 32 128 132 na 300.00% 3.13% 47.22 11.80 11.45 144 115 21.97%

    Average       0.00 185.35 17.16 31.18 12.55 10.59
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Comments (2)
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  • AdamDivy
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    Thanks for the lists.
    4 Jan 2014, 12:15 AM Reply Like
  • Robert Mattei
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    Thanks. Really enjoy your data focused articles.
    4 Jan 2014, 11:37 AM Reply Like
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