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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 1-31-14 1 comment
    Feb 1, 2014 12:00 PM

    A quick note on how the spreadsheets "display" - When Seeking Alpha increased the font size in the text of their documents, they also increased the font size in my javascript created spreadsheets. My spreadsheets are atypical. It is my current belief that most Seeking Alpha contributors upload spreadsheets as picture files - while my spreadsheets are of my own creation. There are - upon the request of the SA editors - live links embedded in those documents.

    When I view my spreadsheets as posted in some articles - and as posted in this specific blog - I am not seeing the full spreadsheet. The right hand side is truncated. All collumns are not being shown. Seeking Alpha staff have contacted me and told me that they are working on this problem.

    BDCs 01-31-14

    Yield in the spreadsheet below is based on the Q1-14 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 2014 EPS projection and the change in the price target since the beginning of the year; the change in the Q1-14 dividend from the Q1-13 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.


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

    American Cap (NASDAQ:ACAS) 15.64 15.61 0.00 0.0 0.0 0.0 0.0 19.54 0.80 -0.19 -0.19 0.00 0.44 na 12.36
    Apollo Invest (NASDAQ:AINV) 8.48 8.44 9.48 96.4 90.9 93.4 9.8 8.30 1.02 -0.47 1.89 0.00 -0.68 0.00 -1.78
    Ares Capital (NASDAQ:ARCC) 17.77 17.71 8.58 92.7 91.6 94.9 9.4 16.35 1.08 -0.34 -0.34 0.00 0.00 0.00 3.88
    BlackRock (NASDAQ:BKCC) 9.33 9.29 11.19 133.3 110.6 149.7 11.1 9.38 0.99 -0.43 2.36 0.00 0.00 0.00 -1.78
    Fidus Invest (NASDAQ:FDUS) 21.74 20.77 7.32 110.9 85.4 109.3 9.5 15.98 1.30 -4.46 -4.46 0.00 0.00 0.00 4.65
    Fifth St (NYSE:FSC) 9.25 9.41 10.62 99.0 97.0 98.8 10.1 9.85 0.96 1.73 2.54 0.00 0.48 -13.05 -0.71
    Full Circle (NASDAQ:FULL) 7.04 7.36 10.92 104.4 105.8 109.3 10.0 7.48 0.98 4.55 5.40 -2.56 -3.03 -12.99 -12.10
    Gladstone Inv (NASDAQ:GAIN) 8.06 8.13 7.38 88.2 84.5 72.5 7.0 9.12 0.89 0.87 1.49 0.00 9.38 0.00 2.13
    Golub Cap (NASDAQ:GBDC) 19.11 18.30 6.99 99.2 93.4 98.9 8.5 15.21 1.20 -4.24 -4.24 0.00 0.00 0.00 4.18
    Gladstone Cap (NASDAQ:GLAD) 9.57 9.87 8.51 95.5 100.0 95.4 9.8 9.81 1.01 3.13 3.87 0.00 0.00 0.00 9.85
    Horizon (NASDAQ:HRZN) 14.21 14.47 9.54 99.3 94.5 99.5 9.3 14.95 0.97 1.83 2.56 0.69 0.00 0.00 -8.90
    Hercules (NASDAQ:HTGC) 16.40 15.86 7.82 100.8 95.4 105.5 12.3 10.42 1.52 -3.29 -3.29 0.00 0.00 24.00 10.62
    Kayne Ander (NYSE:KED) 27.97 28.15 7.10 83.3 77.8 102.5 7.6 27.84 1.01 0.64 2.43 0.00 0.00 16.28 16.49
    Kohlberg (NASDAQ:KCAP) 8.07 7.97 12.55 109.9 99.0 110.1 12.1 8.02 0.99 -1.24 -1.24 -0.98 -0.75 -10.71 2.56
    Main St. (NYSE:MAIN) 32.69 33.88 5.84 98.0 85.3 96.9 10.6 20.01 1.69 3.64 4.14 1.75 3.77 10.00 14.41
    Medley Cap (NYSE:MCC) 13.85 13.79 10.73 96.7 94.3 96.7 11.6 12.70 1.09 -0.43 -0.43 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 01-31 Yield EPS13 EPS14 NIIltm NAV NAV NAV Price Pr+Div EPS Target Div NAV

    MCG Capital (NASDAQ:MCGC) 4.40 4.47 11.19 113.6 104.2 118.9 9.7 5.10 0.88 1.59 1.59 -2.04 0.00 0.00 1.59
    New Mountain (NYSE:NMFC) 15.04 14.78 9.20 89.5 98.6 97.8 9.5 14.32 1.03 -1.73 -1.73 0.00 0.00 0.00 1.56
    NGP Capital (NGPC) 7.47 7.40 8.65 100.0 103.2 101.4 7.0 9.22 0.80 -0.94 1.20 0.00 0.00 0.00 -4.95
    Prospect (NASDAQ:PSEC) 11.22 10.87 12.18 84.3 104.3 90.5 12.4 10.72 1.01 -3.12 -2.23 0.00 0.00 0.32 -1.47
    Pennant Float (NASDAQ:PFLT) 13.73 13.95 7.74 98.2 94.7 92.3 7.7 14.10 0.99 1.60 2.19 0.00 0.00 2.86 0.86
    Pennant Cap (NASDAQ:PNNT) 11.60 11.32 9.89 110.9 102.8 110.7 10.7 10.49 1.08 -2.41 0.00 0.00 0.26 0.00 2.64
    Saratoga (NYSE:SAR) 15.65 16.27 0.00 0.0 0.0 0.0 0.0 23.77 0.68 3.96 3.96 4.74 -8.70 na -12.61
    Solar Cap (NASDAQ:SLRC) 22.55 22.13 7.23 84.7 90.4 75.6 7.1 22.25 0.99 -1.86 -0.09 0.00 0.50 -33.33 -1.98
    Solar Senior (NASDAQ:SUNS) 18.22 18.07 7.80 119.5 104.4 116.0 7.7 17.91 1.01 -0.82 -0.24 0.00 -3.01 0.00 -3.71
    Medallion (TAXI) 14.35 13.33 6.90 80.7 78.0 143.6 9.0 10.38 1.28 -7.11 -7.11 0.00 0.00 4.55 4.22
    Triangle Cap (NYSE:TCAP) 27.65 26.96 8.01 96.0 93.9 92.6 13.8 15.94 1.69 -2.50 -2.50 0.00 0.00 0.00 3.98
    THL Credit (NASDAQ:TCRD) 16.49 15.82 8.60 93.8 95.1 94.1 10.3 13.38 1.18 -4.06 -4.06 0.00 0.00 3.03 1.29
    TICC Cap (NASDAQ:TICC) 10.34 10.15 11.43 111.5 102.7 116.5 11.9 9.90 1.03 -1.84 -1.84 0.00 -0.66 0.00 0.51

    Sector Average     9.02 99.6     9.7   1.07 -0.62 0.06 0.06 -0.05

    With the 10 Treasury at 2.65% and sector average yield (on Q1 dividends) at 9.02% - the spread is 637 bps.
    The cap weighted ETF BDCS is up -2.56% year to date - with dividends its total return is -0.81%.
    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 -0.80%.

    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 : 01-30-14
    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

    BDC Earnings Growth & P/E Ratios 01-31

    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% 13.46 18.81 14.45 132 102 36.14%
    AINV 180 148 126 99 83 83 0.88 -16.16% 0.00% 6.02% 10.17 10.17 9.59 91 85 7.23%
    ARCC 142 128 132 156 165 164 1.66 5.77% -0.61% 1.22% 10.73 10.80 10.67 183 152 18.90%
    BKCC 176 139 101 100 100 78 0.94 0.00% -22.00% 20.51% 9.29 11.91 9.88 103 85 23.08%
    FDUS 0 0 0 163 154 137 1.78 -5.52% -11.04% 29.93% 13.49 15.16 11.67 182 170 8.76%
    FSC 130 127 95 101 107 101 1.03 5.94% -5.61% 1.98% 8.79 9.32 9.14 111 98 12.87%
    FULL 0 0 0 84 78 77 0.76 -7.14% -1.28% -1.30% 9.44 9.56 9.68 85 74 14.29%
    GAIN 79 62 48 73 62 68 0.71 -15.07% 9.68% 4.41% 13.11 11.96 11.45 75 69 8.82%
    GBDC 0 0 0 116 115 129 1.37 -0.86% 12.17% 6.20% 15.91 14.19 13.36 153 129 18.60%
    GLAD 135 100 84 88 91 88 0.84 3.41% -3.30% -4.55% 10.85 11.22 11.75 85 84 1.14%
    HRZN 0 0 0 150 141 139 1.46 -6.00% -1.42% 5.04% 10.26 10.41 9.91 150 137 9.35%
    HTGC 123 125 80 91 97 123 1.30 6.59% 26.80% 5.69% 16.35 12.89 12.20 138 114 19.51%
    KED 135 127 125 136 189 240 2.57 38.97% 26.98% 7.08% 14.89 11.73 10.95 257 257 0.00%
    KCAP 150 104 53 70 89 91 1.01 27.14% 2.25% 10.99% 8.96 8.76 7.89 106 100 6.59%
    MAIN 115 90 100 169 201 202 2.32 18.93% 0.50% 14.85% 16.86 16.77 14.60 244 218 12.87%
    MCC 0 0 0 56 131 153 1.57 133.93% 16.79% 2.61% 10.53 9.01 8.78 172 150 14.38%

      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 0.48 -52.83% 76.00% 9.09% 17.88 10.16 9.31 56 44 27.27%
    NMFC 0 0 0 56 135 152 1.38 141.07% 12.59% -9.21% 10.95 9.72 10.71 145 134 7.24%
    NGPC 79 57 54 73 55 64 0.62 -24.66% 16.36% -3.13% 13.45 11.56 11.94 66 55 17.19%
    PSEC 191 187 109 109 163 157 1.27 49.54% -3.68% -19.11% 6.67 6.92 8.56 131 122 5.73%
    PFLT 0 0 0 5 101 110 1.14 1920.00% 8.91% 3.64% 13.81 12.68 12.24 123 111 10.91%
    PNNT 88 109 109 125 108 101 1.09 -13.60% -6.48% 7.92% 10.48 11.21 10.39 113 104 8.91%
    SAR 1300 1640 457 215 186 186 1.99 -13.49% 0.00% 6.99% 8.75 8.75 8.18 190 190 0.00%
    SLRC 0 200 208 225 220 189 1.77 -2.22% -14.09% -6.35% 10.06 11.71 12.50 189 163 13.76%
    SUNS 0 0 0 63 131 118 1.35 107.94% -9.92% 14.41% 13.79 15.31 13.39 144 125 16.10%
    TAXI 86 56 64 101 121 114 1.18 19.80% -5.79% 3.51% 11.02 11.69 11.30 119 116 2.63%
    TCAP 154 161 158 206 216 225 2.30 4.85% 4.17% 2.22% 12.48 11.98 11.72 239 219 8.89%
    TCRD 0 0 0 104 138 145 1.43 32.69% 5.07% -1.38% 11.46 10.91 11.06 146 140 4.14%
    TICC 91 49 89 94 112 104 1.13 19.15% -7.14% 8.65% 9.06 9.76 8.98 117 107 9.62%

    BDC Average           81.73 3.36 5.45 11.83 11.55 10.91     11.89

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

    Additional disclosure: I also own shares in one of the publicly traded bond of HTGC - which sells under the ticker HTGY

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  • bluesmoke
    , contributor
    Comments (795) | Send Message
     
    Thanks for the meticulous work. Perhaps in the future you could simply upload a screenprint of your spreadsheets.
    1 Feb 2014, 06:37 PM Reply Like
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