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BDC Stats 3/04/16

There are still 10 BDCs yet to report Q4 numbers - so I am still using the Q3-15 NAV for the price/NAV ratios. That should change next week-end when only 2 BDCs will be left to report.

BDCs 3-04-16

Yield in the spreadsheet below is based on the Q1-16 '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 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. KCAP reduced its Q1-16 dividend to $0.15.

    Share Price   Q3-15 Price YTD Percent Change LTM LTM
-----The_Company_name_and_stock_ticker----- 1-01 03-04 Yield NAV NAV Price Pr+Div EPS Target Div NAV
Alcentra Capital Corporation (NASDAQ:ABDC) 11.60 10.28 13.23 14.92 0.69 -11.38 -8.45 -0.70 -3.80 0.00 -0.53
American Capital Senior Floating (ACSF) 9.83 8.95 12.96 13.53 0.66 -8.95 -6.00 -3.25 -8.15 0.00 -8.89
Apollo Investment Corporation (AINV) 5.22 5.47 14.63 7.83 0.70 4.79 8.62 0.00 -8.87 0.00 -10.21
Ares Capital Corporation (NASDAQ:ARCC) 14.25 14.19 10.71 16.79 0.85 -0.42 -0.42 -0.63 -7.55 0.00 0.48
BlackRock Capital Investment (NASDAQ:BKCC) 9.40 8.89 9.45 10.66 0.83 -5.43 -3.19 -0.99 -2.64 0.00 6.92
CM Finance Inc (NASDAQ:CMFN) 10.02 7.81 17.77 13.65 0.57 -22.06 -18.59 23.81 -16.67 0.00 -6.83
Capitala Finance Corp. (NASDAQ:CPTA) 12.08 11.54 16.29 18.04 0.64 -4.47 -4.47 -1.04 -3.57 0.00 -9.30
Fidus Investment Corporation (NASDAQ:FDUS) 13.69 15.16 10.29 15.12 1.00 10.74 10.74 -0.60 -6.67 2.63 -0.40
Fifth Street Finance Corp. (FSC) 6.38 5.16 13.95 9.00 0.57 -19.12 -17.15 -5.19 -15.39 0.00 -6.64
Fifth Street Senior Floating Rate (FSFR) 8.57 7.79 11.55 12.11 0.64 -9.10 -6.48 -4.04 -14.22 -25.00 -4.27
Franklin Square Investment Corp (FSIC) 8.99 8.54 10.44 9.64 0.89 -5.01 -5.01 -2.00 -8.48 0.00 -5.40
Full Circle Capital Corporation (FULL) 2.47 2.36 17.80 4.00 0.59 -4.45 -1.48 -19.05 -16.08 -47.50 -35.90
Gladstone Investment Corporation (NASDAQ:GAIN) 7.67 6.97 10.76 9.05 0.77 -9.13 -7.50 -1.39 -3.03 4.17 6.60
Garrison Capital Inc. (NASDAQ:GARS) 12.17 10.81 12.95 14.92 0.72 -11.18 -11.18 -8.92 -12.17 0.00 -4.30
Golub Capital BDC, Inc. (NASDAQ:GBDC) 16.63 16.73 7.65 15.80 1.06 0.60 0.60 -3.76 -2.68 0.00 1.61
Gladstone Capital Corporation (NASDAQ:GLAD) 7.31 7.00 12.00 9.06 0.77 -4.24 -2.33 0.00 -7.73 0.00 -4.73
Goldman Sachs BDC (NYSE:GSBD) 19.00 19.05 9.45 19.46 0.98 0.26 0.26 0.97 -4.47 0.00 -2.46
Harvest Capital Credit (NASDAQ:HCAP) 11.73 10.40 12.98 14.27 0.73 -11.34 -9.32 0.00 0.00 0.00 -1.65
    Share Price   Q3-15 Price YTD Percent Change LTM LTM
----The_Company_name_and_stock_ticker---- 1-01 03-04 Yield NAV NAV Price Pr+Div EPS Target Div NAV
Horizon Technology Finance Corp (NASDAQ:HRZN) 11.73 11.20 12.32 13.94 0.80 -4.52 -2.46 -0.70 0.00 0.00 -3.06
Hercules Technology Growth Capital (NYSE:HTGC) 12.19 11.22 11.05 10.02 1.12 -7.96 -7.96 -5.34 -3.20 0.00 -1.96
KCAP Financial,Inc. (KCAP) 4.07 3.10 19.35 6.33 0.49 -23.83 -20.15 0.00 0.00 -40.00 -17.47
Main Street Capital Corporation (NYSE:MAIN) 29.08 29.69 7.28 21.79 1.36 2.10 3.34 -7.66 -5.83 5.88 3.37
Medley Capital Corporation (NYSE:MCC) 7.52 6.28 19.11 11.00 0.57 -16.49 -16.49 -8.13 -19.07 0.00 -11.50
Monroe Capital Corporation (NASDAQ:MRCC) 13.09 13.01 10.76 14.21 0.92 -0.61 -0.61 -0.62 -1.85 0.00 1.86
New Mountain Finance Corporation (NYSE:NMFC) 13.02 12.69 10.72 13.73 0.92 -2.53 -2.53 -0.70 -6.67 0.00 -4.19
OFS Capital Corporation (NASDAQ:OFS) 11.48 11.54 11.79 14.46 0.80 0.52 0.52 -0.68 0.00 0.00 1.69
Oak Hill Advisors (NASDAQ:OHAI) 3.80 3.15 15.24 6.71 0.47 -17.11 -13.95 0.00 0.00 -25.00 -17.26
Prospect Capital Corporation (NASDAQ:PSEC) 6.98 7.34 13.62 10.17 0.72 5.16 7.66 2.94 -17.62 0.00 -2.87
PennantPark Floating Rate Capital (NASDAQ:PFLT) 11.25 11.49 9.92 13.95 0.82 2.13 3.91 -1.98 -2.13 5.56 -3.13
PennantPark Investment Corporation (NASDAQ:PNNT) 6.18 6.28 17.83 9.82 0.64 1.62 6.15 1.98 -17.37 0.00 -10.97
Saratoga Investment Corp. (NYSE:SAR) 15.42 14.38 9.18 22.42 0.64 -6.74 -6.74 -2.56 -11.25 50.00 0.67
Stellus Capital Investment (NYSE:SCM) 9.64 9.34 14.56 13.62 0.69 -3.11 -3.11 -1.50 -2.48 0.00 -4.08
Solar Capital Ltd. (NASDAQ:SLRC) 16.43 17.45 9.17 21.52 0.81 6.21 8.64 -6.32 -3.16 0.00 -3.67
Solar Senior Capital Ltd. (NASDAQ:SUNS) 14.90 14.01 10.06 17.06 0.82 -5.97 -4.32 0.71 -4.06 0.00 -3.34
Medallion Financial Corp. (TAXI) 7.04 8.76 11.42 11.37 0.77 24.43 27.98 -7.81 0.00 4.17 2.90
Triangle Capital Corporation (TCAP) 19.11 19.29 11.20 15.48 1.25 0.94 0.94 -5.68 -1.92 0.00 -6.97
TCP Capital Corp. (NASDAQ:TCPC) 13.93 14.00 10.29 15.10 0.93 0.50 0.50 -3.05 -4.27 0.00 -2.14
THL Credit, Inc. (NASDAQ:TCRD) 11.70 10.15 13.40 13.03 0.78 -13.25 -13.25 0.00 -1.18 0.00 -1.96
TICC Capital Corp. (TICC) 6.08 5.63 20.60 7.81 0.72 -7.40 -7.40 -1.41 -12.50 7.41 -16.91
TriplePoint Venture Growth (NYSE:TPVG) 11.96 9.97 14.44 14.52 0.69 -16.64 -16.64 -2.38 -7.46 0.00 -0.82
TPG Specialty Lending (NYSE:TSLX) 16.22 16.42 9.50 15.62 1.05 1.23 3.64 -0.60 -2.19 0.00 -0.26
WhiteHorse Finance (NASDAQ:WHF) 11.48 10.15 13.99 14.77 0.69 -11.59 -8.49 0.00 -8.00 0.00 -2.57
Sector Average     12.66   0.79 -4.83 -3.38 -1.86 -6.53   -4.54
With the 10 Treasury at 1.85% and sector average yield on Q1 dividends at 12.66% - the spread is 1081 bps.
The cap weighted ETF BDCS has a price change of -4.29% year to date - with dividends its total return is -2.04%.
The SPY or S&P 500 EFT is -1.69% year to date. - and with unreinvested dividends is -1.69% year to date.

I am also waiting till next week to gather the 2017 earnings projection - thus I am omitting that spreadsheet for this update.

Disclosure: I am/we are long AINV, ARCC, MAIN, MRCC, PFLT, PNNT.