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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 1-24-14 0 comments
    Jan 24, 2014 8:05 PM
    BDCs 01-24-14

    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 3-28-14. FDUS paid a special dividend of $0.38/share payable 12-20-13. MAIN paid 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 01-24 Yield EPS13 EPS14 NIIltm NAV NAV NAV Price Pr+Div EPS Target Div NAV

    American Cap (NASDAQ:ACAS) 15.64 15.71 0.00 0.0 0.0 0.0 0.0 19.54 0.80 0.45 0.45 0.00 0.44 na 12.36
    Apollo Invest (NASDAQ:AINV) 8.48 8.84 9.05 96.4 90.9 93.4 9.8 8.30 1.07 4.25 6.60 0.00 -0.68 0.00 -1.78
    Ares Capital (NASDAQ:ARCC) 17.77 17.74 8.57 92.7 91.6 94.9 9.4 16.35 1.09 -0.17 -0.17 0.00 0.00 0.00 3.88
    BlackRock (NASDAQ:BKCC) 9.33 9.39 11.08 133.3 110.6 149.7 11.1 9.38 1.00 0.64 3.43 0.00 0.00 0.00 -1.78
    Fidus Invest (NASDAQ:FDUS) 21.74 21.20 7.17 110.9 85.4 109.3 9.5 15.98 1.33 -2.48 -2.48 0.00 0.00 0.00 4.65
    Fifth St (NASDAQ:FSC) 9.25 9.39 10.65 99.0 97.0 98.8 10.1 9.85 0.95 1.51 1.51 0.00 0.48 -13.05 -0.71
    Full Circle (NASDAQ:FULL) 7.04 7.37 11.40 109.1 109.1 114.2 10.5 7.48 0.99 4.69 4.69 -1.28 -3.03 -9.09 -12.10
    Gladstone Inv (NASDAQ:GAIN) 8.06 8.19 7.33 88.2 84.5 72.5 7.0 9.12 0.90 1.61 1.61 0.00 4.13 0.00 2.13
    Golub Cap (NASDAQ:GBDC) 19.11 18.82 6.80 99.2 93.4 98.9 8.5 15.21 1.24 -1.52 -1.52 0.00 0.00 0.00 4.18
    Gladstone Cap (NASDAQ:GLAD) 9.57 10.15 8.28 95.5 100.0 95.4 9.8 9.81 1.03 6.06 6.06 0.00 0.00 0.00 9.85
    Horizon (NASDAQ:HRZN) 14.21 14.31 9.64 99.3 94.5 99.5 9.3 14.95 0.96 0.70 0.70 0.69 0.00 0.00 -8.90
    Hercules (NYSE:HTGC) 16.40 15.84 7.07 91.1 86.2 95.3 11.1 10.42 1.52 -3.41 -3.41 0.00 0.00 16.67 10.62
    Kayne Ander (NYSE:KED) 27.97 27.46 6.63 75.8 70.8 93.3 6.9 27.84 0.99 -1.82 -1.82 0.00 0.00 5.81 16.49
    Kohlberg (NASDAQ:KCAP) 8.07 8.02 13.97 123.1 110.9 123.4 13.6 8.02 1.00 -0.62 -0.62 -0.98 -0.75 16.67 2.56
    Main St. (NYSE:MAIN) 32.69 34.21 5.44 92.1 80.2 91.1 9.9 20.01 1.71 4.65 4.65 1.75 4.29 3.33 14.41
    Medley Cap (NYSE:MCC) 13.85 14.36 10.31 96.7 94.3 96.7 11.6 12.70 1.13 3.68 3.68 0.00 0.60 2.78 0.79

        Share Price   Div/ Div/ Div/ Div/ Q3-13 Price YTD Percent Change LTM LTM
    Company_name_and_ticker 1-01 01-24 Yield EPS13 EPS14 NIIltm NAV NAV NAV Price Pr+Div EPS Target Div NAV

    MCG Capital (NASDAQ:MCGC) 4.40 4.62 10.82 113.6 104.2 118.9 9.7 5.10 0.91 5.00 5.00 -2.04 0.00 -10.71 1.59
    New Mountain (NYSE:NMFC) 15.04 14.93 9.11 89.5 98.6 97.8 9.5 14.32 1.04 -0.73 -0.73 0.00 0.00 0.00 1.56
    NGP Capital (NGPC) 7.47 7.53 8.50 100.0 103.2 101.4 7.0 9.22 0.82 0.80 2.95 0.00 0.00 0.00 -4.95
    Prospect (NASDAQ:PSEC) 11.22 11.19 11.83 84.3 104.3 90.5 12.4 10.72 1.04 -0.27 -0.27 0.00 0.00 0.32 -1.47
    Pennant Float (NASDAQ:PFLT) 13.73 13.73 7.87 98.2 94.7 92.3 7.7 14.10 0.97 0.00 0.00 0.00 0.00 5.88 0.86
    Pennant Cap (NASDAQ:PNNT) 11.60 11.24 9.96 110.9 102.8 110.7 10.7 10.49 1.07 -3.10 -0.69 0.00 0.26 0.00 2.64
    Saratoga (NYSE:SAR) 15.65 15.85 0.00 0.0 0.0 0.0 0.0 23.77 0.67 1.28 1.28 4.74 -8.70 na -12.61
    Solar Cap (NASDAQ:SLRC) 22.55 22.78 7.02 84.7 90.4 75.6 7.1 22.25 1.02 1.02 2.79 0.00 0.50 -33.33 -1.98
    Solar Senior (NASDAQ:SUNS) 18.22 18.26 7.72 119.5 104.4 116.0 7.7 17.91 1.02 0.22 0.22 0.00 0.00 0.00 -3.71
    Medallion (NASDAQ:TAXI) 14.35 13.58 6.77 80.7 78.0 143.6 9.0 10.38 1.31 -5.37 -5.37 0.00 0.00 9.52 4.22
    Triangle Cap (NYSE:TCAP) 27.65 27.20 7.94 96.0 93.9 92.6 13.8 15.94 1.71 -1.63 -1.63 0.00 0.00 1.89 3.98
    THL Credit (NASDAQ:TCRD) 16.49 16.10 8.45 93.8 95.1 94.1 10.3 13.38 1.20 -2.37 -2.37 0.00 0.00 3.03 1.29
    TICC Cap (NASDAQ:TICC) 10.34 10.30 11.26 111.5 102.7 116.5 11.9 9.90 1.04 -0.39 -0.39 0.00 -0.66 0.00 0.51

    Sector Average     8.91 99.4     9.8   1.09 0.44 0.83 0.10 -0.11

    With the 10 Treasury at 2.72% and sector average yield (on Q4 dividends) at 8.91% - the spread is 619 bps.
    The cap weighted ETF BDCS is up -1.41% year to date - with dividends its total return is -1.41%.
    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 0.41%.

    Dates used to credit dividends:

    ACAS : none AINV : 01-05-14 ARCC: 12-30-13 BKCC: 01-02-14 FDUS: 12-19-13 FSC : monthly FULL: monthly
    GAIN: monthly GLAD;: monthly GBDC;: 12-26-13 HTGC: 11-24-13 HRZN: monthly KCAP: 01-26-14 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: 01-02-14 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

    Disclosure: I am long ARCC, MAIN, PFLT, PNNT.

    Additional disclosure: I have an investment in HTGY - which is a baby bond from HTGC

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