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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 7-18-14 0 comments
    Jul 18, 2014 7:12 PM
    BDCs 07-18-14

    Yield in the spreadsheet below is based on the Q2-14 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 last four columns measure the percentage change in the 2014 EPS projection; the change in the price target since the beginning of the year; the change in the Q1-14 dividend from the Q1-13 dividend; and the change in NAV between Q4-12 and Q4-13. Special dividends are not included in this data. FSC and FULL cut their first quarter dividend. BKCC and MCGC cut their Q2-14 dividend. KED And TAXI increased their Q2 dividends. Ride-sharing smartphone apps like Uber, Lyft, and Sidecar threaten the value of the medallions that are the source of TAXI loans.


        Share Price   Div/ Div/ Div/ Div/ Q1-14 Price YTD Percent Change LTM LTM
    Company_name_and_ticker 1-01 07-18 Yield EPS14 EPS15 NIIltm NAV NAV NAV Price Pr+Div EPS Target Div NAV

    American Capital, Ltd. (NASDAQ:ACAS) 15.64 15.16 0.00 0.0 0.0 0.0 0.0 19.29 0.79 -3.07 -3.07 -36.11 9.81 na 6.33
    Apollo Investment Corporation (NASDAQ:AINV) 8.48 8.72 9.17 90.9 90.9 89.6 9.8 8.67 1.01 2.83 9.91 0.00 2.03 0.00 4.84
    Ares Capital Corporation (NASDAQ:ARCC) 17.77 17.03 8.93 96.8 93.8 95.5 9.4 16.42 1.04 -4.16 0.11 -5.42 -0.11 0.00 2.75
    BlackRock Kelso Capital Corporation (NASDAQ:BKCC) 9.33 8.98 9.35 101.2 92.3 126.1 9.0 9.59 0.94 -3.75 3.00 -11.70 -6.02 -19.23 1.27
    Fidus Investment Corporation (NASDAQ:FDUS) 21.74 18.90 8.04 92.1 86.4 105.2 9.5 15.22 1.24 -13.06 -9.57 -7.30 -4.55 0.00 -1.55
    Fifth Street Finance Corp. (NASDAQ:FSC) 9.25 9.76 10.24 97.0 94.3 102.4 10.1 9.81 0.99 5.51 10.92 0.00 -0.57 -13.05 -0.91
    Full Circle Capital Corporation (NASDAQ:FULL) 7.04 7.85 11.72 127.8 121.1 123.5 11.5 7.20 1.09 11.51 18.04 -7.69 -3.03 -0.43 -10.00
    Gladstone Investment Corporation (NASDAQ:GAIN) 8.06 7.40 8.11 83.3 83.3 74.4 7.0 8.34 0.89 -8.19 -4.47 1.41 0.00 0.00 -8.35
    Golub Capital BDC, Inc. (NASDAQ:GBDC) 19.11 17.28 7.41 101.6 91.4 102.3 8.5 15.41 1.12 -9.58 -6.23 -8.03 -1.11 0.00 4.12
    Gladstone Capital Corporation (NASDAQ:GLAD) 9.57 10.04 8.37 100.0 100.0 98.3 9.8 9.79 1.03 4.91 9.30 0.00 0.00 0.00 9.88
    Horizon Technology Finance Corp (NASDAQ:HRZN) 14.21 14.31 9.64 112.2 97.2 102.2 9.3 14.32 1.00 0.70 5.56 -15.17 -7.29 0.00 -5.29
    Hercules Technology Growth Capital (NYSE:HTGC) 16.40 16.59 7.47 99.2 88.6 99.0 12.3 10.58 1.57 1.16 4.94 -3.85 -1.14 14.81 5.80
    Kayne Anderson Energy Development (NYSE:KED) 27.97 34.77 5.87 83.3 81.6 107.2 7.7 31.02 1.12 24.31 29.78 -4.67 13.42 17.24 24.68
    KCAP Financial, Inc. (NASDAQ:KCAP) 8.07 8.10 12.35 101.0 99.0 118.4 12.1 7.62 1.06 0.37 6.57 -2.94 0.43 -10.71 -8.52
    Main Street Capital Corporation (NYSE:MAIN) 32.69 31.77 6.23 91.2 83.2 95.5 10.6 20.14 1.58 -2.81 0.21 -4.82 4.29 6.45 8.57
    Medley Capital Corporation (NYSE:MCC) 13.85 12.87 11.50 94.9 92.5 93.7 11.6 12.69 1.01 -7.08 -1.73 -0.64 -0.66 2.78 -0.31

        Share Price   Div/ Div/ Div/ Div/ Q1-14 Price YTD Percent Change LTM LTM
    Company_name_and_ticker 1-01 07-18 Yield EPS14 EPS15 NIIltm NAV NAV NAV Price Pr+Div EPS Target Div NAV

    MCG Capital Corporation (NASDAQ:MCGC) 4.40 3.97 0.71 14.7 11.2 7.6 0.5 4.37 0.91 -9.77 -9.45 -61.22 -18.40 -94.40 -15.64
    New Mountain Finance Corporation (NYSE:NMFC) 15.04 14.73 9.23 97.8 97.8 97.1 9.5 14.53 1.01 -2.06 2.46 0.72 -1.61 0.00 1.54
    NGP Capital Resources Company (NGPC) 7.47 6.48 9.88 145.5 130.6 108.2 7.0 8.73 0.74 -13.25 -6.83 -29.03 4.00 0.00 -3.54
    Prospect Capital Corporation (NASDAQ:PSEC) 11.22 10.67 12.46 104.7 103.1 100.3 12.4 10.68 1.00 -4.90 1.02 0.00 -1.87 0.76 -0.28
    PennantPark Floating Rate Capital (NASDAQ:PFLT) 13.73 13.99 7.72 102.9 91.5 104.6 7.7 14.46 0.97 1.89 5.83 -7.89 -1.81 2.86 2.55
    PennantPark Investment Corporation (NASDAQ:PNNT) 11.60 11.44 9.79 98.2 95.7 102.2 10.7 11.13 1.03 -1.38 3.45 4.59 -1.79 0.00 6.00
    Saratoga Investment Corp. (NYSE:SAR) 15.65 16.20 0.00 0.0 0.0 0.0 0.0 21.36 0.76 3.51 3.51 -15.26 -8.70 na -4.97
    Solar Capital Ltd. (NASDAQ:SLRC) 22.55 20.79 7.70 99.4 87.4 92.4 7.1 22.43 0.93 -7.80 -4.26 -9.04 -1.17 -33.33 -2.48
    Solar Senior Capital Ltd. (NASDAQ:SUNS) 18.22 16.80 8.39 106.0 101.4 116.1 7.7 18.04 0.93 -7.79 -3.92 -1.48 -2.60 0.00 -1.15
    Medallion Financial Corp. (TAXI) 14.35 11.49 8.36 85.7 79.3 101.3 9.4 10.95 1.05 -19.93 -16.59 -5.08 1.94 9.09 8.63
    Triangle Capital Corporation (NYSE:TCAP) 27.65 27.50 7.85 100.5 90.4 99.6 13.8 15.72 1.75 -0.54 3.36 -6.52 -0.92 0.00 2.61
    THL Credit, Inc. (NASDAQ:TCRD) 16.49 13.61 9.99 100.7 97.8 95.4 10.3 13.34 1.02 -17.47 -13.34 -5.59 -10.58 0.00 1.06
    TICC Capital Corp. (NASDAQ:TICC) 10.34 9.70 11.96 100.0 100.9 103.0 11.9 9.78 0.99 -6.19 -0.58 2.65 -1.03 0.00 -2.40

    Sector Average     8.83 97.4     9.4   1.05 -2.97 1.31 -8.28 -1.35

    With the 10 Treasury at 2.48% and sector average yield (on Q2 dividends) at 8.83% - the spread is 635 bps.
    The cap weighted ETF BDCS is up -4.86% year to date - with dividends its total return is 0.35%.
    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 -3.20%.

    Dates used to credit dividends:

    ACAS : none AINV : 07-06-14 ARCC: 06-29-14 BKCC: 07-01-14 FDUS: 07-30-14 FSC : monthly FULL: monthly
    GAIN: monthly GLAD;: monthly GBDC: 06-26-14 HTGC: 06-16-14 HRZN: monthly KCAP: 07-24-14 KED : 07-17-14
    MAIN: monthly MCC: 06-12-14 MCGC: 05-29-14 NGPC: 07-06-14 PFLT: monthly PNNT : 06-30-14 PSEC: monthly
    SAR: none SLRC: 06-30-14 SUNS: monthly TAXI : 05-22-14 TCAP: 06-24-14 TICC : 06-29-14 TCRD: 06-29-14
    BDC Earnings Growth & P/E Ratios 07-18

    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. 2009 2010 2011 2012 2013 2014 2015 12-13 13-14 14-15 2013 2014 2015 High Low Range

    ACAS 61 62 126 116 83 69 0.92 -28.45% -16.87% 33.33% 18.27 21.97 16.48 97 47 72.46%
    AINV 148 126 99 83 83 88 0.88 0.00% 6.02% 0.00% 10.51 9.91 9.91 96 80 18.18%
    ARCC 128 132 156 165 164 157 1.62 -0.61% -4.27% 3.18% 10.38 10.85 10.51 164 151 8.28%
    BKCC 139 101 100 100 78 83 0.91 -22.00% 6.41% 9.64% 11.51 10.82 9.87 91 73 21.69%
    FDUS 0 0 163 154 137 165 1.76 -11.04% 20.44% 6.67% 13.80 11.45 10.74 171 156 9.09%
    FSC 127 95 101 107 101 103 1.06 -5.61% 1.98% 2.91% 9.66 9.48 9.21 110 100 9.71%
    FULL 0 0 84 78 77 72 0.76 -1.28% -6.49% 5.56% 10.19 10.90 10.33 72 71 1.39%
    GAIN 62 48 73 62 68 72 0.72 9.68% 5.88% 0.00% 10.88 10.28 10.28 75 70 6.94%
    GBDC 0 0 116 115 129 126 1.40 12.17% -2.33% 11.11% 13.40 13.71 12.34 130 123 5.56%
    GLAD 100 84 88 91 88 84 0.84 -3.30% -4.55% 0.00% 11.41 11.95 11.95 84 84 0.00%
    HRZN 0 0 150 141 139 123 1.42 -1.42% -11.51% 15.45% 10.29 11.63 10.08 135 116 15.45%
    HTGC 125 80 91 97 123 125 1.40 26.80% 1.63% 12.00% 13.49 13.27 11.85 138 117 16.80%
    KED 127 125 136 189 240 245 2.50 26.98% 2.08% 2.04% 14.49 14.19 13.91 245 245 0.00%
    KCAP 104 53 70 89 91 99 1.01 2.25% 8.79% 2.02% 8.90 8.18 8.02 101 98 3.03%
    MAIN 90 100 169 201 202 217 2.38 0.50% 7.43% 9.68% 15.73 14.64 13.35 231 208 10.60%
    MCC 0 0 56 131 153 156 1.60 16.79% 1.96% 2.56% 8.41 8.25 8.04 166 140 16.67%

      Earnings / Share Earn. Growth P/E Ratios 14 EPS Range
    Co. 2009 2010 2011 2012 2013 2014 2015 12-13 13-14 14-15 2013 2014 2015 High Low Range

    MCGC 60 60 53 25 44 19 0.25 76.00% -56.82% 31.58% 9.02 20.89 15.88 22 18 21.05%
    NMFC 0 0 56 135 152 139 1.39 12.59% -8.55% 0.00% 9.69 10.60 10.60 142 135 5.04%
    NGPC 57 54 73 55 64 44 0.49 16.36% -31.25% 11.36% 10.13 14.73 13.22 48 39 20.45%
    PSEC 187 109 109 163 157 127 1.29 -3.68% -19.11% 1.57% 6.80 8.40 8.27 129 126 2.36%
    PFLT 0 0 5 101 110 105 1.18 8.91% -4.55% 12.38% 12.72 13.32 11.86 107 100 6.67%
    PNNT 109 109 125 108 101 114 1.17 -6.48% 12.87% 2.63% 11.33 10.04 9.78 118 111 6.14%
    SAR 1640 457 215 186 186 161 1.53 0.00% -13.44% -4.97% 8.71 10.06 10.59 161 161 0.00%
    SLRC 200 208 225 220 189 161 1.83 -14.09% -14.81% 13.66% 11.00 12.91 11.36 175 150 15.53%
    SUNS 0 0 63 131 118 133 1.39 -9.92% 12.71% 4.51% 14.24 12.63 12.09 136 129 5.26%
    TAXI 56 64 101 121 114 112 1.21 -5.79% -1.75% 8.04% 10.08 10.26 9.50 116 108 7.14%
    TCAP 161 158 206 216 225 215 2.39 4.17% -4.44% 11.16% 12.22 12.79 11.51 219 208 5.12%
    TCRD 0 0 104 138 145 135 1.39 5.07% -6.90% 2.96% 9.39 10.08 9.79 146 133 9.63%
    TICC 49 89 94 112 104 116 1.15 -7.14% 11.54% -0.86% 9.33 8.36 8.43 120 112 6.90%

    BDC Average           3.36 -3.72 7.25 11.24 11.95 11.03     10.30

    Disclosure: The author is long AINV, ARCC, MAIN, PFLT, PNNT.

    Additional disclosure: I also have holdings in the baby bonds of HTGC, MCC and TCAP

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