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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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  • 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/Q3-13PriceYTD Percent ChangeLTMLTM
    Company_name_and_ticker1-0101-31YieldEPS13EPS14NIIltmNAVNAVNAVPricePr+DivEPSTargetDivNAV

    American Cap(ACAS)15.6415.610.000.00.00.00.019.540.80-0.19-0.190.000.44na12.36
    Apollo Invest(AINV)8.488.449.4896.490.993.49.88.301.02-0.471.890.00-0.680.00-1.78
    Ares Capital(ARCC)17.7717.718.5892.791.694.99.416.351.08-0.34-0.340.000.000.003.88
    BlackRock(BKCC)9.339.2911.19133.3110.6149.711.19.380.99-0.432.360.000.000.00-1.78
    Fidus Invest(FDUS)21.7420.777.32110.985.4109.39.515.981.30-4.46-4.460.000.000.004.65
    Fifth St(FSC)9.259.4110.6299.097.098.810.19.850.961.732.540.000.48-13.05-0.71
    Full Circle(FULL)7.047.3610.92104.4105.8109.310.07.480.984.555.40-2.56-3.03-12.99-12.10
    Gladstone Inv(GAIN)8.068.137.3888.284.572.57.09.120.890.871.490.009.380.002.13
    Golub Cap(GBDC)19.1118.306.9999.293.498.98.515.211.20-4.24-4.240.000.000.004.18
    Gladstone Cap(GLAD)9.579.878.5195.5100.095.49.89.811.013.133.870.000.000.009.85
    Horizon(HRZN)14.2114.479.5499.394.599.59.314.950.971.832.560.690.000.00-8.90
    Hercules(HTGC)16.4015.867.82100.895.4105.512.310.421.52-3.29-3.290.000.0024.0010.62
    Kayne Ander(KED)27.9728.157.1083.377.8102.57.627.841.010.642.430.000.0016.2816.49
    Kohlberg(KCAP)8.077.9712.55109.999.0110.112.18.020.99-1.24-1.24-0.98-0.75-10.712.56
    Main St.(MAIN)32.6933.885.8498.085.396.910.620.011.693.644.141.753.7710.0014.41
    Medley Cap(MCC)13.8513.7910.7396.794.396.711.612.701.09-0.43-0.430.000.602.780.79

      Share Price Div/Div/Div/Div/Q3-13PriceYTD Percent ChangeLTMLTM
    Company_name_and_ticker1-0101-31YieldEPS13EPS14NIIltmNAVNAVNAVPricePr+DivEPSTargetDivNAV

    MCG Capital(MCGC)4.404.4711.19113.6104.2118.99.75.100.881.591.59-2.040.000.001.59
    New Mountain(NMFC)15.0414.789.2089.598.697.89.514.321.03-1.73-1.730.000.000.001.56
    NGP Capital(NGPC)7.477.408.65100.0103.2101.47.09.220.80-0.941.200.000.000.00-4.95
    Prospect(PSEC)11.2210.8712.1884.3104.390.512.410.721.01-3.12-2.230.000.000.32-1.47
    Pennant Float(PFLT)13.7313.957.7498.294.792.37.714.100.991.602.190.000.002.860.86
    Pennant Cap(PNNT)11.6011.329.89110.9102.8110.710.710.491.08-2.410.000.000.260.002.64
    Saratoga(SAR)15.6516.270.000.00.00.00.023.770.683.963.964.74-8.70na-12.61
    Solar Cap(SLRC)22.5522.137.2384.790.475.67.122.250.99-1.86-0.090.000.50-33.33-1.98
    Solar Senior(SUNS)18.2218.077.80119.5104.4116.07.717.911.01-0.82-0.240.00-3.010.00-3.71
    Medallion(TAXI)14.3513.336.9080.778.0143.69.010.381.28-7.11-7.110.000.004.554.22
    Triangle Cap(TCAP)27.6526.968.0196.093.992.613.815.941.69-2.50-2.500.000.000.003.98
    THL Credit(TCRD)16.4915.828.6093.895.194.110.313.381.18-4.06-4.060.000.003.031.29
    TICC Cap(TICC)10.3410.1511.43111.5102.7116.511.99.901.03-1.84-1.840.00-0.660.000.51

    Sector Average  9.0299.6  9.7 1.07-0.620.060.06-0.05

    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 : noneAINV : 01-05-14ARCC: 12-30-13BKCC: 01-02-14FDUS: 12-19-13FSC : monthlyFULL: monthly
    GAIN: monthlyGLAD;: monthlyGBDC;: 12-26-13HTGC: 11-24-13HRZN: monthlyKCAP: 01-26-14KED : 01-30-14
    MAIN: monthlyMCC: 12-13-13MCGC: 11-21-13NGPC: 01-06-14PFLT: monthlyPNNT : 01-01-14PSEC: monthly
    SAR: noneSLRC: 01-02-14SUNS: monthlyTAXI : 11-26-13TCAP: 12-24-13TICC : 12-30-13TCRD: 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 / ShareEarn. GrowthP/E Ratios14 EPS Range
    Co.200820092010201120122013201411-1212-1313-14201220132014HighLowRange

    ACAS2426162126116831.08-7.94%-28.45%30.12%13.4618.8114.4513210236.14%
    AINV1801481269983830.88-16.16%0.00%6.02%10.1710.179.5991857.23%
    ARCC1421281321561651641.665.77%-0.61%1.22%10.7310.8010.6718315218.90%
    BKCC176139101100100780.940.00%-22.00%20.51%9.2911.919.881038523.08%
    FDUS0001631541371.78-5.52%-11.04%29.93%13.4915.1611.671821708.76%
    FSC130127951011071011.035.94%-5.61%1.98%8.799.329.141119812.87%
    FULL0008478770.76-7.14%-1.28%-1.30%9.449.569.68857414.29%
    GAIN7962487362680.71-15.07%9.68%4.41%13.1111.9611.4575698.82%
    GBDC0001161151291.37-0.86%12.17%6.20%15.9114.1913.3615312918.60%
    GLAD135100848891880.843.41%-3.30%-4.55%10.8511.2211.7585841.14%
    HRZN0001501411391.46-6.00%-1.42%5.04%10.2610.419.911501379.35%
    HTGC1231258091971231.306.59%26.80%5.69%16.3512.8912.2013811419.51%
    KED1351271251361892402.5738.97%26.98%7.08%14.8911.7310.952572570.00%
    KCAP150104537089911.0127.14%2.25%10.99%8.968.767.891061006.59%
    MAIN115901001692012022.3218.93%0.50%14.85%16.8616.7714.6024421812.87%
    MCC000561311531.57133.93%16.79%2.61%10.539.018.7817215014.38%

     Earnings / ShareEarn. GrowthP/E Ratios14 EPS Range
    Co.200820092010201120122013201411-1212-1313-14201220132014HighLowRange

    MCGC9360605325440.48-52.83%76.00%9.09%17.8810.169.31564427.27%
    NMFC000561351521.38141.07%12.59%-9.21%10.959.7210.711451347.24%
    NGPC7957547355640.62-24.66%16.36%-3.13%13.4511.5611.94665517.19%
    PSEC1911871091091631571.2749.54%-3.68%-19.11%6.676.928.561311225.73%
    PFLT00051011101.141920.00%8.91%3.64%13.8112.6812.2412311110.91%
    PNNT881091091251081011.09-13.60%-6.48%7.92%10.4811.2110.391131048.91%
    SAR130016404572151861861.99-13.49%0.00%6.99%8.758.758.181901900.00%
    SLRC02002082252201891.77-2.22%-14.09%-6.35%10.0611.7112.5018916313.76%
    SUNS000631311181.35107.94%-9.92%14.41%13.7915.3113.3914412516.10%
    TAXI8656641011211141.1819.80%-5.79%3.51%11.0211.6911.301191162.63%
    TCAP1541611582062162252.304.85%4.17%2.22%12.4811.9811.722392198.89%
    TCRD0001041381451.4332.69%5.07%-1.38%11.4610.9111.061461404.14%
    TICC914989941121041.1319.15%-7.14%8.65%9.069.768.981171079.62%

    BDC Average     81.733.365.4511.8311.5510.91  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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  • Thanks for the meticulous work. Perhaps in the future you could simply upload a screenprint of your spreadsheets.
    1 Feb, 06:37 PM Reply Like
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