This was the second week of gathering numbers on the liability side of the balance sheet. I was not aware of the amount of the story I was missing due to - like dang near everybody else - I was 99% focused on assets.
One of the key questions on valuation is "What is the right Price/NAV ratio for stock XYZ given it has the 'fill in the blank' attribute?" I parse the data to show me the key attributes. And those attributes are (1) distribution coverage; (2) NAV trend; (3) PWAY or portfolio weighted average yield and (4) NII/TII ratio.
There is a lot of 'liability story' in the NII/TII ratio.
On the surface, these stats are not overwhelming. But, a BDC can have a good NII/TII ratio while lacking dividend coverage or a good NAV trend. Given that there are strong 'other forces' at work, it is not a surprise that - with the exception of the two extreme groups - a good NII/TII ratio fails to produce a higher Price/NAV.
The Correlation Between NII/TII Ratios and Price/NAV Ratios and weeding out FULL, KCAP, OHAI, SAR, MFIN and TICC
The following had LTM NII/TII Ratios over 60%: ACSF, BKCC, GSBD, MAIN and SUNS. Their mean price to NAV [where par = 100] is 112.94%. Their mean P/E is 11.1.
The following had LTM NII/TII Ratios between 53% and 60%: ABDC, CMFN, GARS, PFLT, TCAP, TCPC, TCRD, TPVG and TSLX. Their mean price to NAV ratio is 97.78%. Their mean P/E is 9.2.
The following had LTM NII/TII Ratios between 50% and 53%: AINV, FSIC, GLAD, HTGC, MRCC, NMFC, PNNT and SLRC. Their mean price to NAV ratio is 104.71%. Their mean P/E is 9.8.
The following had LTM NII/TII Ratios between 46% and 50%: ARCC, FDUS, FSFR, GBDC, HCAP, HRZN, OFS, PSEC and WHF. Their mean price to NAV ratio is 95.82%. Their mean P/E is 10.08.
The following had LTM NII/TII Ratios under 46%: CPTA, FSC, GAIN, MCC and SCM. Their mean price to NAV ratio is 84.83%. Their mean P/E is 8.9.
These above stats - even with their faults - tell me that if you are not looking at the NII/TII ratio - then you have no idea what a fair Price/NAV ratio would be for a given BDC.
The current BDC data:
BDCs 8-26-16
Yield in the spreadsheet below is based on the Q3-16 'regular' dividend. Spreadsheet header abbreviations: Div = dividend; EPS = earnings per share; LTM = last twelve months; YTD = year to date. The last four columns measure the percentage change in the 2016 EPS projection; the change in the price target since the beginning of the year; the change in the Q1-16 dividend from the Q1-15 dividend; and the change in NAV between Q3-15 and Q3-14. Special dividends are not included in this data. ARCC, CPTA, FDUS, FSIC, MAIN and TCPC have paid special dividends on a near regular schedule. Full announced 6-24 it will merge with Great Elm Capital Corp to form net yet traded GECC. On 8-05 AINV cut its dividend from $0.20 to $0.15/quarter. On 8-09 MCC cuts its dividend from $0.30 to $0.22/quarter.
| Share Price | Q2-16 | Price | YTD Percent Change | LTM | LTM | |||||||||||
| ------- The_Company_name_and_stock_ticker ------- | 1-01 | 08-26 | Yield | NAV | NAV | Price | Pr+Div | EPS | Target | Div | NAV | |||||
| Alcentra Capital Corporation | (ABDC) | 11.60 | 12.50 | 10.88 | 14.16 | 0.88 | 7.76 | 16.55 | 9.09 | -8.20 | 0.00 | -5.79 | ||||
| American Capital Senior Floating | (ACSF) | 9.83 | 11.11 | 10.44 | 12.45 | 0.89 | 13.02 | 21.87 | 1.63 | -13.46 | 0.00 | -14.37 | ||||
| Apollo Investment Corporation | (AINV) | 5.22 | 6.13 | 9.79 | 6.90 | 0.89 | 17.43 | 26.05 | 0.00 | -19.30 | -25.00 | -13.86 | ||||
| Ares Capital Corporation | (ARCC) | 14.25 | 16.00 | 9.50 | 16.62 | 0.96 | 12.28 | 17.61 | -3.77 | -5.17 | 0.00 | -1.07 | ||||
| BlackRock Capital Investment | (BKCC) | 9.40 | 8.68 | 9.68 | 9.13 | 0.95 | -7.66 | -3.19 | 1.98 | -17.29 | 0.00 | -13.54 | ||||
| CM Finance Inc | (CMFN) | 10.02 | 9.60 | 14.46 | 11.96 | 0.80 | -4.19 | 6.20 | 15.87 | -26.67 | 0.00 | -17.00 | ||||
| Capitala Finance Corp. | (CPTA) | 12.08 | 15.07 | 12.48 | 16.28 | 0.93 | 24.75 | 36.42 | -2.60 | -11.93 | 0.00 | -9.30 | ||||
| Fidus Investment Corporation | (FDUS) | 13.69 | 16.11 | 9.68 | 15.52 | 1.04 | 17.68 | 23.37 | -13.17 | -6.26 | 0.00 | 2.24 | ||||
| Fifth Street Finance Corp. | (FSC) | 6.38 | 6.21 | 11.59 | 8.15 | 0.76 | -2.66 | 4.95 | -5.19 | -15.91 | 0.00 | -10.73 | ||||
| Fifth Street Senior Floating Rate | (FSFR) | 8.57 | 8.78 | 10.25 | 10.99 | 0.80 | 2.45 | 10.33 | -12.12 | -6.86 | 0.00 | -10.14 | ||||
| Franklin Square Investment Corp | (FSIC) | 8.99 | 9.72 | 9.18 | 9.18 | 1.06 | 8.12 | 15.56 | -12.00 | -9.24 | 0.00 | -7.18 | ||||
| Full Circle Capital Corporation | (FULL) | 2.47 | 2.61 | 16.09 | 3.61 | 0.72 | 5.67 | 14.17 | -16.67 | 2.18 | 0.00 | -18.51 | ||||
| Gladstone Investment Corporation | (GAIN) | 7.67 | 9.04 | 8.30 | 9.84 | 0.92 | 17.86 | 24.38 | 8.33 | 6.06 | 0.00 | 6.49 | ||||
| Garrison Capital Inc. | (GARS) | 12.17 | 10.48 | 13.36 | 12.94 | 0.81 | -13.89 | -8.13 | -7.01 | -22.23 | 0.00 | -15.37 | ||||
| Golub Capital BDC, Inc. | (GBDC) | 16.63 | 19.06 | 6.72 | 15.88 | 1.20 | 14.61 | 18.46 | -3.76 | 3.35 | 0.00 | 0.89 | ||||
| Gladstone Capital Corporation | (GLAD) | 7.31 | 8.52 | 9.86 | 7.95 | 1.07 | 16.55 | 24.21 | 0.00 | -16.38 | 0.00 | -16.23 | ||||
| Goldman Sachs BDC | (GSBD) | 19.00 | 21.71 | 8.29 | 18.41 | 1.18 | 14.26 | 21.37 | 1.46 | -5.67 | 0.00 | -5.40 | ||||
| Harvest Capital Credit | (HCAP) | 11.73 | 12.51 | 10.79 | 13.71 | 0.91 | 6.65 | 14.42 | -0.70 | -3.39 | 0.00 | -5.25 | ||||
| Share Price | Q1-16 | Price | YTD Percent Change | LTM | LTM | |||||||||||
| ----The_Company_name_and_stock_ticker---- | 1-01 | 08-26 | Yield | NAV | NAV | Price | Pr+Div | EPS | Target | Div | NAV | |||||
| Horizon Technology Finance Corp | (HRZN) | 11.73 | 13.38 | 10.31 | 13.27 | 1.01 | 14.07 | 22.01 | 2.11 | -1.65 | 0.00 | -5.15 | ||||
| Hercules Capital | (HTGC) | 12.19 | 13.58 | 9.13 | 9.66 | 1.41 | 11.40 | 19.03 | -6.11 | 3.70 | 0.00 | -5.85 | ||||
| KCAP Financial,Inc. | (KCAP) | 4.07 | 4.16 | 14.42 | 5.45 | 0.76 | 2.21 | 13.27 | -15.15 | -11.82 | -28.57 | -21.70 | ||||
| Main Street Capital Corporation | (MAIN) | 29.08 | 34.12 | 6.51 | 21.11 | 1.62 | 17.33 | 22.42 | -8.09 | 1.82 | 2.78 | -3.34 | ||||
| Medley Capital Corporation | (MCC) | 7.52 | 7.60 | 11.58 | 9.76 | 0.78 | 1.06 | 6.91 | -21.95 | -21.96 | -26.67 | -15.35 | ||||
| Monroe Capital Corporation | (MRCC) | 13.09 | 15.89 | 8.81 | 14.50 | 1.10 | 21.39 | 26.74 | 3.73 | 3.09 | 0.00 | 2.26 | ||||
| New Mountain Finance Corporation | (NMFC) | 13.02 | 13.85 | 9.82 | 13.23 | 1.05 | 6.37 | 11.60 | -4.90 | -6.67 | 0.00 | -4.82 | ||||
| OFS Capital Corporation | (OFS) | 11.48 | 14.00 | 9.71 | 14.76 | 0.95 | 21.95 | 27.87 | -1.35 | 2.61 | 0.00 | 0.68 | ||||
| Oak Hill Advisors | (OHAI) | 3.80 | 2.75 | 17.45 | 4.80 | 0.57 | -27.63 | -18.16 | -13.95 | 0.00 | 0.00 | -32.96 | ||||
| Prospect Capital Corporation | (PSEC) | 6.98 | 8.48 | 11.79 | 9.61 | 0.88 | 21.49 | 31.16 | 0.98 | -14.82 | 0.00 | -6.79 | ||||
| PennantPark Floating Rate Capital | (PFLT) | 11.25 | 13.05 | 8.74 | 13.75 | 0.95 | 16.00 | 22.84 | 0.99 | -2.68 | 0.00 | -4.05 | ||||
| PennantPark Investment Corp | (PNNT) | 6.18 | 7.75 | 14.45 | 8.94 | 0.87 | 25.40 | 34.47 | 1.98 | -9.46 | 0.00 | -10.96 | ||||
| Saratoga Investment Corp. | (SAR) | 15.42 | 18.02 | 9.10 | 22.11 | 0.82 | 16.86 | 22.18 | -2.05 | -8.75 | 24.24 | -2.81 | ||||
| Stellus Capital Investment | (SCM) | 9.64 | 11.24 | 12.10 | 13.12 | 0.86 | 16.60 | 27.18 | 0.00 | -4.18 | 0.00 | -6.35 | ||||
| Solar Capital Ltd. | (SLRC) | 16.43 | 20.27 | 7.89 | 21.51 | 0.94 | 23.37 | 28.24 | 0.00 | 1.89 | 0.00 | -1.87 | ||||
| Solar Senior Capital Ltd. | (SUNS) | 14.90 | 16.90 | 8.34 | 16.76 | 1.01 | 13.42 | 18.15 | 0.00 | 0.00 | 0.00 | -4.50 | ||||
| Medallion Financial Corp. | (MFIN) | 7.04 | 4.91 | 20.37 | 11.41 | 0.43 | -30.26 | -19.60 | -33.59 | -33.36 | 0.00 | 1.33 | ||||
| Triangle Capital Corp | (TCAP) | 19.11 | 19.85 | 9.07 | 14.82 | 1.34 | 3.87 | 8.58 | -26.20 | -6.90 | -16.67 | -4.20 | ||||
| TCP Capital Corp. | (TCPC) | 13.93 | 16.19 | 8.89 | 14.74 | 1.10 | 16.22 | 21.39 | -7.93 | -1.36 | 0.00 | -2.38 | ||||
| THL Credit, Inc. | (TCRD) | 11.70 | 10.06 | 13.52 | 11.88 | 0.85 | -14.02 | -8.21 | 0.71 | -15.82 | 0.00 | -10.61 | ||||
| TICC Capital Corp. | (TICC) | 6.08 | 6.45 | 17.98 | 6.54 | 0.99 | 6.09 | 15.63 | -33.80 | -37.50 | 0.00 | -23.95 | ||||
| TriplePoint Venture Growth | (TPVG) | 11.96 | 11.66 | 12.35 | 13.05 | 0.89 | -2.51 | 3.51 | -11.90 | -24.60 | 0.00 | -10.25 | ||||
| TPG Specialty Lending | (TSLX) | 16.22 | 18.32 | 8.52 | 15.55 | 1.18 | 12.95 | 20.16 | 1.19 | -0.60 | 0.00 | -1.83 | ||||
| WhiteHorse Finance | (WHF) | 11.48 | 11.66 | 12.18 | 13.37 | 0.87 | 1.57 | 10.84 | -2.08 | -12.50 | 0.00 | -11.04 | ||||
| Sector Average | 11.06 | 0.95 | 8.24 | 15.54 | -5.14 | -9.00 | -8.11 | |||||||||
| With the 10 Treasury at 1.61% and sector average yield on Q2 dividends at 11.06% - the spread is 945 bps. | ||||||||||||||||
| The cap weighted ETF BDCS has a price change of 8.97% year to date - with dividends its total return is 15.69%. | ||||||||||||||||
| The SPY or S&P 500 EFT is 6.58% year to date. - and with unreinvested dividends is 7.63% year to date. | ||||||||||||||||
A weird story - the spread between the YTD returns of the good and bad BDCs is shrinking. Some of the story is due to a rising tide lifting all boats. But a lot of it is due to the funky side of BDC math. FSC has fallen out of the 'bad' grouping due to a rising NII projection - which gives FSC dividend coverage in 2016. A rising NII projections sounds great. But the projection is rising due to NAV declines that have significantly reduced incentive fees. It is the lower rate of incentive fees that is the cause of the NII increase. FSC is having a bad year - and that shows in the YTD returns. But . . the 'bad BDC' grouping is determined by a formula. And FSC no longer fits my existing formula for a bad BDC. And the deletion of FSC from the bad group is one of the reasons the spread between good and bad is falling.
BDCs with Good Ratios 08-26-16
Yield in the spreadsheet below is based on the Q3-16 'regular' dividend. Spreadsheet header abbreviations: Div = dividend; EPS = earnings per share; LTM = last twelve months; YTD = year to date. NAV = Net Asset Value. This is a grouping of BDCs with below 98.5% dividend to 2016 NII coverage and LTM NAV change of better than a 4% fall.
| Share Price | Div/ | Div/ | Div/ | Div/ | Q2-16 | Price | YTD Percent Change | LTM | LTM | |||||||
| Company_name_and_ticker | 1-01 | 08-26 | Yield | EPS16 | EPS17 | NIIltm | NAV | NAV | NAV | Price | Pr+Div | EPS | Target | Div | NAV | |
| Gladstone Investment Corporation | 7.67 | 9.04 | 8.30 | 96.2 | 97.4 | 102.5 | 7.6 | 9.84 | 0.92 | 17.86 | 24.38 | 8.33 | 6.06 | 0.00 | 6.49 | |
| Monroe Capital Corporation | 13.09 | 15.89 | 8.81 | 83.8 | 87.5 | 85.6 | 9.7 | 14.50 | 1.10 | 21.39 | 26.74 | 3.73 | 3.09 | 0.00 | 2.26 | |
| OFS Capital Corporation | 11.48 | 14.00 | 9.71 | 93.2 | 85.5 | 87.7 | 9.2 | 14.76 | 0.95 | 21.95 | 27.87 | -1.35 | 2.61 | 0.00 | 0.68 | |
| Saratoga Investment Corp. | 15.42 | 18.02 | 9.10 | 85.9 | 85.0 | 80.6 | 7.4 | 22.11 | 0.82 | 16.86 | 22.18 | -2.05 | -8.75 | 24.24 | -2.81 | |
| Solar Capital Ltd. | 16.43 | 20.27 | 7.89 | 92.0 | 87.0 | 96.2 | 7.4 | 21.51 | 0.94 | 23.37 | 28.24 | 0.00 | 1.89 | 0.00 | -1.87 | |
| TCP Capital Corp. | 13.93 | 16.19 | 8.89 | 95.4 | 92.3 | 91.4 | 9.8 | 14.74 | 1.10 | 16.22 | 21.39 | -7.93 | -1.36 | 0.00 | -2.38 | |
| TPG Specialty Lending | 16.22 | 18.32 | 8.52 | 91.8 | 90.7 | 88.6 | 10.0 | 15.55 | 1.18 | 12.95 | 20.16 | 1.19 | -0.60 | 0.00 | -1.83 | |
| Group Average | 8.75 | 91.2 | 8.7 | 1.00 | 18.66 | 24.42 | 0.27 | 0.42 | 0.08 | |||||||
BDCs with Bad Ratios 08-26-16
Yield in the spreadsheet below is based on the Q3-16 'regular' dividend. Spreadsheet header abbreviations: Div = dividend; EPS = earnings per share; LTM = last twelve months; YTD = year to date. NAV = Net Asset Value. This is a grouping of BDCs with above 99.0% dividend to 2016 NII coverage and LTM NAV change of worse than a 7% fall.
| Share Price | Div/ | Div/ | Div/ | Div/ | Q2-16 | Price | YTD Percent Change | LTM | LTM | |||||||
| Company_name_and_ticker | 1-01 | 08-26 | Yield | EPS16 | EPS17 | NIIltm | NAV | NAV | NAV | Price | Pr+Div | EPS | Target | Div | NAV | |
| Capitala Finance Corp. | 12.08 | 15.07 | 12.48 | 100.5 | 103.3 | 99.3 | 11.5 | 16.28 | 0.93 | 24.75 | 36.42 | -2.60 | -11.93 | 0.00 | -9.30 | |
| Fifth Street Senior Floating Rate | 8.57 | 8.78 | 10.25 | 103.4 | 97.8 | 100.2 | 8.2 | 10.99 | 0.80 | 2.45 | 10.33 | -12.12 | -6.86 | 0.00 | -10.14 | |
| Franklin Square Investment Corp | 8.99 | 9.72 | 9.18 | 101.4 | 102.5 | 95.5 | 9.7 | 9.18 | 1.06 | 8.12 | 15.56 | -12.00 | -9.24 | 0.00 | -7.18 | |
| Full Circle Capital Corporation | 2.47 | 2.61 | 16.09 | 120.0 | 85.7 | 113.7 | 11.6 | 3.61 | 0.72 | 5.67 | 14.17 | -16.67 | 2.18 | 0.00 | -18.51 | |
| Gladstone Capital Corporation | 7.31 | 8.52 | 9.86 | 100.0 | 100.0 | 94.3 | 10.6 | 7.95 | 1.07 | 16.55 | 24.21 | 0.00 | -16.38 | 0.00 | -16.23 | |
| KCAP Financial,Inc. | 4.07 | 4.16 | 14.42 | 107.1 | 105.3 | 102.5 | 11.0 | 5.45 | 0.76 | 2.21 | 13.27 | -15.15 | -11.82 | -28.57 | -21.70 | |
| Oak Hill Advisors | 3.80 | 2.75 | 17.45 | 129.7 | 111.6 | 107.9 | 10.0 | 4.80 | 0.57 | -27.63 | -18.16 | -13.95 | 0.00 | 0.00 | -32.96 | |
| PennantPark Investment Corp | 6.18 | 7.75 | 14.45 | 108.7 | 113.1 | 107.4 | 12.5 | 8.94 | 0.87 | 25.40 | 34.47 | 1.98 | -9.46 | 0.00 | -10.96 | |
| TICC Capital Corp. | 6.08 | 6.45 | 17.98 | 246.8 | 223.1 | 279.7 | 17.7 | 6.54 | 0.99 | 6.09 | 15.63 | -33.80 | -37.50 | 0.00 | -23.95 | |
| WhiteHorse Finance | 11.48 | 11.66 | 12.18 | 100.7 | 100.0 | 98.0 | 10.6 | 13.37 | 0.87 | 1.57 | 10.84 | -2.08 | -12.50 | 0.00 | -11.04 | |
| Group Average | 13.43 | 121.8 | 11.4 | 0.86 | 6.52 | 15.67 | -10.64 | -11.35 | -16.20 | |||||||
BDC Earnings Growth & P/E Ratios 08-26
Fiscal and calendar years are not in sync. BDCs than began fiscal 2016 on or before calendar Q4-15 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. All EPS projections are from Yahoo Finance - with the exceptions of ASBC and FSIC - where projections are not NIIs.
| Earnings / Share | Earn. Growth | P/E Ratios | Current Fiscal Year | ||||||||||||||
| Co. | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 14-15 | 15-16 | 16-17 | 2015 | 2016 | 2017 | High | Low | Range | Yr End |
| ABDC | 0.00 | 0.00 | 0.00 | 0.86 | 1.43 | 1.56 | 1.46 | 66.28% | 9.09% | -6.41% | 8.74 | 8.01 | 8.56 | 1.57 | 1.54 | 1.92% | Dec |
| ACSF | 0.00 | 0.00 | 0.00 | 0.38 | 1.29 | 1.25 | 1.17 | 239.47% | -3.10% | -6.40% | 8.61 | 8.89 | 9.50 | 1.84 | 1.84 | 0.00% | Dec |
| AINV | 0.99 | 0.83 | 0.83 | 0.91 | 0.82 | 0.84 | 0.70 | -9.89% | 2.44% | -16.67% | 7.48 | 7.30 | 8.76 | 0.76 | 0.64 | 14.29% | Mar |
| ARCC | 1.56 | 1.65 | 1.64 | 1.43 | 1.54 | 1.53 | 1.62 | 7.69% | -0.65% | 5.88% | 10.39 | 10.46 | 9.88 | 1.56 | 1.49 | 4.58% | Dec |
| BKCC | 1.00 | 1.00 | 0.78 | 0.91 | 0.97 | 1.03 | 0.94 | 6.59% | 6.19% | -8.74% | 8.95 | 8.43 | 9.23 | 1.07 | 0.99 | 7.77% | Dec |
| CMFN | 0.00 | 0.00 | 0.00 | 1.17 | 1.48 | 1.46 | 1.30 | 26.50% | -1.35% | -10.96% | 6.49 | 6.58 | 7.38 | 1.47 | 1.44 | 2.05% | Jun |
| CPTA | 0.00 | 0.00 | 0.00 | 1.54 | 1.66 | 1.87 | 1.82 | 7.79% | 12.65% | -2.67% | 9.08 | 8.06 | 8.28 | 1.88 | 1.85 | 1.60% | Dec |
| FDUS | 1.63 | 1.54 | 1.54 | 1.62 | 1.64 | 1.45 | 1.60 | 1.23% | -11.59% | 10.34% | 9.82 | 11.11 | 10.07 | 1.48 | 1.42 | 4.14% | Dec |
| FSC | 1.01 | 1.07 | 1.01 | 0.99 | 0.75 | 0.73 | 0.75 | -24.24% | -2.67% | 2.74% | 8.28 | 8.51 | 8.28 | 0.75 | 0.72 | 4.11% | Sep |
| FSFR | 0.00 | 0.00 | 0.00 | 0.96 | 0.96 | 0.87 | 0.92 | 0.00% | -9.37% | 5.75% | 9.15 | 10.09 | 9.54 | 0.88 | 0.87 | 1.15% | Sep |
| FSIC | 0.00 | 0.00 | 0.00 | 0.80 | 0.92 | 0.88 | 0.87 | 15.00% | -4.35% | -1.14% | 10.57 | 11.05 | 11.17 | 0.98 | 0.61 | 42.05% | Dec |
| FULL | 0.84 | 0.78 | 0.77 | 0.71 | 0.63 | 0.35 | 0.49 | -11.27% | -44.44% | 40.00% | 4.14 | 7.46 | 5.33 | 0.34 | 0.34 | 0.00% | Jun |
| GAIN | 0.73 | 0.62 | 0.68 | 0.73 | 0.75 | 0.78 | 0.77 | 2.74% | 4.00% | -1.28% | 12.05 | 11.59 | 11.74 | 0.80 | 0.74 | 7.69% | Mar |
| GARS | 0.00 | 0.00 | 1.28 | 1.31 | 1.79 | 1.46 | 1.38 | 36.64% | -18.44% | -5.48% | 5.85 | 7.18 | 7.59 | 1.53 | 0.91 | 42.47% | Dec |
| GBDC | 1.16 | 1.15 | 1.29 | 1.26 | 1.26 | 1.28 | 1.28 | 0.00% | 1.59% | 0.00% | 15.13 | 14.89 | 14.89 | 1.28 | 1.27 | 0.78% | Sep |
| GLAD | 0.88 | 0.91 | 0.88 | 0.87 | 0.84 | 0.84 | 0.84 | -3.45% | 0.00% | 0.00% | 10.14 | 10.14 | 10.14 | 0.84 | 0.83 | 1.19% | Sep |
| Earnings / Share | Earn. Growth | P/E Ratios | Current Fiscal Year | ||||||||||||||
| Co. | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 14-15 | 15-16 | 16-17 | 2015 | 2016 | 2017 | High | Low | Range | |
| GSBD | 0.00 | 0.00 | 0.00 | 1.77 | 2.04 | 2.09 | 2.04 | 15.25% | 2.45% | -2.39% | 10.64 | 10.39 | 10.64 | 2.10 | 2.05 | 2.39% | Dec |
| HCAP | 0.00 | 0.00 | 0.00 | 1.34 | 1.36 | 1.41 | 1.39 | 1.49% | 3.68% | -1.42% | 9.20 | 8.87 | 9.00 | 1.42 | 1.03 | 27.66% | Dec |
| HRZN | 1.50 | 1.41 | 1.39 | 1.11 | 1.25 | 1.45 | 1.41 | 12.61% | 16.00% | -2.76% | 10.70 | 9.23 | 9.49 | 1.47 | 1.43 | 2.76% | Dec |
| HTGC | 0.91 | 0.97 | 1.23 | 1.13 | 1.04 | 1.23 | 1.32 | -7.96% | 18.27% | 7.32% | 13.06 | 11.04 | 10.29 | 1.29 | 1.22 | 5.69% | Dec |
| KCAP | 0.70 | 0.89 | 0.91 | 0.97 | 0.65 | 0.56 | 0.57 | -32.99% | -13.85% | 1.79% | 6.40 | 7.43 | 7.30 | 0.57 | 0.54 | 5.36% | Dec |
| MAIN | 1.69 | 2.01 | 2.02 | 2.20 | 2.18 | 2.16 | 2.24 | -0.91% | -0.92% | 3.70% | 15.65 | 15.80 | 15.23 | 2.22 | 2.04 | 8.33% | Dec |
| MCC | 0.56 | 1.31 | 1.53 | 1.58 | 1.27 | 0.96 | 0.92 | -19.62% | -24.41% | -4.17% | 5.98 | 7.92 | 8.26 | 1.09 | 0.96 | 13.54% | Sep |
| MRCC | 0.00 | 0.00 | 1.16 | 1.55 | 1.60 | 1.67 | 1.60 | 3.23% | 4.37% | -4.19% | 9.93 | 9.51 | 9.93 | 1.79 | 1.63 | 9.58% | Dec |
| NMFC | 0.56 | 1.35 | 1.52 | 1.41 | 1.39 | 1.36 | 1.39 | -1.42% | -2.16% | 2.21% | 9.96 | 10.18 | 9.96 | 1.37 | 1.35 | 1.47% | Dec |
| OFS | 0.00 | 0.65 | 0.62 | 0.99 | 1.40 | 1.46 | 1.59 | 41.41% | 4.29% | 8.90% | 10.00 | 9.59 | 8.81 | 1.48 | 1.45 | 2.05% | Dec |
| OHAI | 0.73 | 0.55 | 0.64 | 0.61 | 0.37 | 0.37 | 0.43 | -39.34% | 0.00% | 16.22% | 7.43 | 7.43 | 6.40 | 0.37 | 0.37 | 0.00% | Dec |
| PSEC | 1.09 | 1.63 | 1.57 | 1.19 | 1.03 | 1.03 | 0.98 | -13.45% | 0.00% | -4.85% | 8.23 | 8.23 | 8.65 | 1.04 | 0.99 | 4.85% | Jun |
| PFLT | 0.05 | 1.01 | 1.10 | 1.12 | 1.08 | 1.02 | 1.15 | -3.57% | -5.56% | 12.75% | 12.08 | 12.79 | 11.35 | 1.04 | 0.98 | 5.88% | Sep |
| PNNT | 1.25 | 1.08 | 1.01 | 1.06 | 1.10 | 1.03 | 0.99 | 3.77% | -6.36% | -3.88% | 7.05 | 7.52 | 7.83 | 1.08 | 1.02 | 5.83% | Sep |
| SAR | 2.15 | 1.86 | 1.86 | 1.85 | 1.80 | 1.91 | 1.93 | -2.70% | 6.11% | 1.05% | 10.01 | 9.43 | 9.34 | 2.04 | 1.77 | 14.14% | Dec |
| SCM | 0.00 | 0.00 | 1.34 | 1.34 | 1.33 | 1.33 | 1.35 | -0.75% | 0.00% | 1.50% | 8.45 | 8.45 | 8.33 | 1.36 | 1.32 | 3.01% | Dec |
| SLRC | 2.25 | 2.20 | 1.89 | 1.56 | 1.52 | 1.74 | 1.84 | -2.56% | 14.47% | 5.75% | 13.34 | 11.65 | 11.02 | 1.80 | 1.63 | 9.77% | Dec |
| SUNS | 0.63 | 1.31 | 1.18 | 1.20 | 1.33 | 1.41 | 1.41 | 10.83% | 6.02% | 0.00% | 12.71 | 11.99 | 11.99 | 1.48 | 1.40 | 5.67% | Dec |
| MFIN | 1.01 | 1.21 | 1.14 | 1.14 | 1.20 | 0.85 | 0.93 | 5.26% | -29.17% | 9.41% | 4.09 | 5.78 | 5.28 | 0.88 | 0.81 | 8.24% | Dec |
| TCAP | 2.06 | 2.16 | 2.25 | 2.08 | 2.16 | 1.69 | 1.98 | 3.85% | -21.76% | 17.16% | 9.19 | 11.75 | 10.03 | 1.54 | 1.48 | 3.55% | Dec |
| TCPC | 0.00 | 1.81 | 1.63 | 1.56 | 1.63 | 1.51 | 1.56 | 4.49% | -7.36% | 3.31% | 9.93 | 10.72 | 10.38 | 1.49 | 1.35 | 9.27% | Dec |
| TCRD | 1.04 | 1.38 | 1.45 | 1.42 | 1.41 | 1.41 | 1.29 | -0.70% | 0.00% | -8.51% | 7.13 | 7.13 | 7.80 | 1.54 | 1.48 | 4.26% | Dec |
| TICC | 0.94 | 1.12 | 1.04 | 1.05 | 0.73 | 0.47 | 0.52 | -30.48% | -35.62% | 10.64% | 8.84 | 13.72 | 12.40 | 1.21 | 0.46 | 159.57% | Dec |
| TPVG | 0.00 | 0.00 | 0.00 | 1.30 | 1.44 | 1.48 | 1.52 | 10.77% | 2.78% | 2.70% | 8.10 | 7.88 | 7.67 | 1.43 | 1.40 | 2.03% | Dec |
| TSLX | 0.00 | 1.36 | 1.66 | 2.07 | 1.77 | 1.70 | 1.72 | -14.49% | -3.95% | 1.18% | 10.35 | 10.78 | 10.65 | 1.73 | 1.65 | 4.71% | Dec |
| WHF | 0.00 | 0.00 | 1.28 | 1.14 | 1.48 | 1.41 | 1.42 | 29.82% | -4.73% | 0.71% | 7.88 | 8.27 | 8.21 | 1.45 | 1.38 | 4.96% | Dec |
| BDC Average | 8.76 | -3.52 | 1.88 | 9.31 | 9.60 | 9.44 | 10.96 | ||||||||||
The poet Robert Burn wrote "the best-laid schemes o' mice an' men gang aft agley". This tangential information is provided for your benefit - because the next time I get a question about an acronym where I lack the time to give a full explanation - I am using this line as the source of my answer. What does "BDC" stand for? Gang aft agley. What is the significance of the Div/NAV to PWAY ratio? Gang aft agley. Does the IE/TII matter? Gang aft agley. Why should dividend coverage have a strong influence on Price/NAV ratios? Gang aft agley. I have found a one size fits all answer.