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%. | ||||||||||||||||