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BDC Stats 1/21/16 - The (Down) Beat Goes On

Jan. 21, 2016 5:16 PM ET1 Comment
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There were several BDCs with significant (more than 10%) price falls this week - but that fact is hidden in the average numbers. On 12-03-15, the sector average Price/NAV was 88%. On 12-31-15 it was 83%. On 1-08-16, it was 81%. On 1-15-16, it was 74%. For 1-20-16, the ratio is 73%.

BDCs 1-20-16

Yield in the spreadsheet below is based on the Q4-15 'regular' 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 2015 EPS projection; the change in the price target since the beginning of the year; the change in the Q4-15 dividend from the Q4-14 dividend; and the change in NAV between Q2-15 and Q2-14. Special dividends are not included in this data. ARCC, CPTA, FDUS, FSIC, MAIN and TCPC have paid special dividends on a near regular schedule. KCAP will reduce its Q1-16 dividend to $0.15 - while I have encoded this change as happening in Q4-15 so it will be reflected in the stats right now.


Div/ Div/ Div/ Div/ Q3-15 Price YTD Percent Change LTM LTM
Company_name_and_ticker Yield EPS15 EPS16 NIIltm NAV NAV NAV Price Pr+Div EPS Target Div NAV

Alcentra Capital Corporation (ABDC) 13.91 94.4 95.1 94.9 9.1 14.92 0.66 -15.69 -14.81 0.00 0.00 0.00 -0.53
American Capital Senior Floating (ACSF) 14.04 89.9 94.3 91.1 8.6 13.53 0.61 -15.97 -15.97 0.00 0.00 3.57 -8.89
Apollo Investment Corporation (AINV) 16.39 97.6 95.2 90.4 10.2 7.83 0.62 -6.51 -2.68 0.00 -0.42 0.00 -10.21
Ares Capital Corporation (ARCC) 11.35 98.7 95.6 97.7 9.1 16.79 0.80 -6.04 -6.04 0.00 -0.74 0.00 0.48
BlackRock Capital Investment (BKCC) 9.71 87.5 83.2 117.4 7.9 10.66 0.81 -7.98 -5.74 0.00 0.00 0.00 6.92
CM Finance Inc (CMFN) 16.97 93.8 110.2 92.7 10.2 13.65 0.60 -18.36 -14.90 0.00 0.00 2.66 -6.83
Capitala Finance Corp. (CPTA) 18.52 113.9 97.9 119.1 10.4 18.04 0.56 -15.98 -15.98 0.00 -1.48 0.00 -9.30
Fidus Investment Corporation (FDUS) 13.07 96.9 93.4 96.7 10.3 15.12 0.79 -12.78 -12.78 0.00 0.00 2.63 -0.40
Fifth Street Finance Corp. (FSC) 14.43 96.0 93.5 92.5 8.0 9.00 0.55 -21.79 -21.79 0.00 -1.03 -27.97 -6.64
Fifth Street Senior Floating Rate (FSFR) 13.16 93.8 90.9 85.6 7.4 12.11 0.56 -20.19 -20.19 0.00 0.00 -25.00 -4.27
Franklin Square Investment Corp (FSIC) 11.45 97.0 89.2 77.2 9.3 9.64 0.81 -13.35 -12.60 0.00 0.00 0.00 -5.40
Full Circle Capital Corporation (FULL) 19.09 66.7 100.0 66.5 10.5 4.00 0.55 -10.93 -10.93 0.00 0.00 -47.50 -35.90
Gladstone Investment Corporation (GAIN) 10.61 100.0 104.2 96.9 8.3 9.05 0.78 -7.82 -7.82 0.00 0.00 25.00 6.60
Garrison Capital Inc. (GARS) 12.47 80.0 89.2 78.3 9.4 14.92 0.75 -7.72 -7.72 0.00 0.00 0.00 -4.30
Golub Capital BDC, Inc. (GBDC) 8.19 100.0 96.2 106.3 8.1 15.80 0.99 -6.07 -6.07 0.00 -0.56 0.00 1.61
Gladstone Capital Corporation (GLAD) 14.56 100.0 100.0 99.7 9.3 9.06 0.64 -21.07 -21.07 0.00 0.00 0.00 -4.73
Goldman Sachs BDC (GSBD) 10.10 87.8 87.4 85.1 9.2 19.46 0.92 -6.21 -6.21 0.00 -2.84 0.00 -2.46
Harvest Capital Credit (HCAP) 12.96 100.7 95.1 101.0 9.5 14.27 0.73 -11.17 -11.17 0.00 0.00 0.00 -1.65

Div/ Div/ Div/ Div/ Q3-15 Price YTD Percent Change LTM LTM
Company_name_and_ticker Yield EPS15 EPS16 NIIltm NAV NAV NAV Price Pr+Div EPS Target Div NAV

Horizon Technology Finance Corp (HRZN) 14.24 112.2 97.2 112.3 9.9 13.94 0.70 -17.39 -17.39 0.00 0.00 0.00 -3.06
Hercules Technology Growth Capital (HTGC) 11.61 120.4 95.4 122.0 12.4 10.02 1.07 -12.39 -12.39 -0.76 -3.92 0.00 -1.96
KCAP Financial,Inc. (KCAP) 19.35 88.2 90.9 90.5 9.5 6.33 0.49 -23.83 -23.83 0.00 0.00 -40.00 -17.47
Main Street Capital Corporation (MAIN) 8.06 97.3 91.9 98.3 9.9 21.79 1.23 -7.87 -7.87 0.00 0.00 5.88 3.37
Medley Capital Corporation (MCC) 18.66 94.5 96.8 95.5 10.9 11.00 0.58 -14.49 -14.49 0.81 -2.06 -18.92 -11.50
Monroe Capital Corporation (MRCC) 11.76 86.4 87.0 81.7 9.9 14.21 0.84 -9.09 -9.09 0.00 0.00 2.94 1.86
New Mountain Finance Corporation (NMFC) 11.88 98.6 95.1 108.6 9.9 13.73 0.83 -12.06 -12.06 0.00 0.00 0.00 -4.19
OFS Capital Corporation (OFS) 13.41 105.4 91.9 114.0 9.4 14.46 0.70 -11.67 -11.67 0.00 0.00 0.00 1.69
Oak Hill Advisors (OHAI) 14.12 129.7 111.6 104.1 7.2 6.71 0.51 -10.53 -7.37 0.00 0.00 -25.00 -17.26
Prospect Capital Corporation (PSEC) 16.69 97.1 98.0 99.3 9.8 10.17 0.59 -14.18 -14.18 0.00 0.00 -24.81 -2.87
PennantPark Floating Rate Capital (PFLT) 10.97 105.6 112.9 102.6 8.2 13.95 0.74 -7.64 -7.64 0.00 0.00 5.56 -3.13
PennantPark Investment Corporation (PNNT) 22.44 101.8 110.9 101.8 11.4 9.82 0.51 -19.26 -14.72 0.00 -1.20 0.00 -10.97
Saratoga Investment Corp. (SAR) 8.96 73.3 69.5 65.4 5.9 22.42 0.66 -4.47 -4.47 -2.56 -11.25 83.33 0.67
Stellus Capital Investment (SCM) 14.75 106.3 102.3 109.8 10.0 13.62 0.68 -4.36 -0.83 0.00 0.00 0.00 -4.08
Solar Capital Ltd. (SLRC) 10.08 105.3 92.0 106.2 7.4 21.52 0.74 -3.35 -0.91 0.00 0.00 0.00 -3.67
Solar Senior Capital Ltd. (SUNS) 10.23 106.0 100.0 106.1 8.3 17.06 0.81 -7.52 -6.81 0.00 0.00 0.00 -3.34
Medallion Financial Corp. (TAXI) 16.13 81.3 78.1 72.1 8.8 11.37 0.55 -11.93 -11.93 0.00 0.00 4.17 2.90
Triangle Capital Corporation (TCAP) 13.00 100.9 94.3 101.5 14.0 15.48 1.07 -13.03 -13.03 0.00 0.00 0.00 -6.97
TCP Capital Corp. (TCPC) 11.28 89.4 87.8 89.9 9.5 15.10 0.85 -8.33 -8.33 0.00 -0.47 0.00 -2.14
THL Credit, Inc. (TCRD) 14.44 97.1 97.1 95.9 10.4 13.03 0.72 -19.49 -19.49 0.00 -0.15 0.00 -1.96
TICC Capital Corp. (TICC) 25.27 158.9 163.4 160.8 14.9 7.81 0.59 -24.51 -24.51 0.00 0.00 0.00 -16.91
TriplePoint Venture Growth (TPVG) 14.29 98.6 85.7 83.6 9.9 14.52 0.69 -15.72 -15.72 0.00 -7.46 0.00 -0.82
TPG Specialty Lending (TSLX) 9.87 89.1 92.9 82.2 10.0 15.62 1.01 -2.59 -2.59 0.00 -2.30 0.00 -0.26
WhiteHorse Finance (WHF) 14.84 96.6 98.6 97.3 9.6 14.77 0.65 -16.64 -13.55 0.00 0.00 0.00 -2.57

Sector Average 13.75 96.5 9.6 0.73 -12.33 -11.65 -0.06 -0.85

With the 10 Treasury at 2.01% and sector average yield on Q4 dividends at 13.75% - the spread is 1318 bps.
The cap weighted ETF BDCS has a price change of -12.23% year to date - with dividends its total return is -9.98%.

Analyst's Disclosure: I/we have no positions in any stocks mentioned, but may initiate a long position in AINV, ARCC, MAIN, MRCC, PFLT, PNNT over the next 72 hours.

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