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End Of Quarter Update - BDCs

BDCs 09-27-16

Yield in the spreadsheet below is based on the Q2-16 '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. After the Price/NAV ratio, the next column displays the percent change in price YTD. The next display price change plus YTD dividends accrued on the payment date - not the earned date. For the last four columns - the first measures the percentage change in the 2016 EPS projection since the beginning of the year; the second measures the change in the price target since the beginning of the year; the third measures the change in the Q2-16 dividend from the Q2-15 dividend; and the last measures the change in NAV between Q1-16 and Q1-15. Special dividends are not included in this data. ARCC, FDUS, 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.

    Share Price   Div/ Div/ Div/ Div/ Q1-16 Price YTD Percent Change LTM % LTM %
___The_Company_name_and_stock_ticker___ 1-01 09-27 Yield EPS16 EPS17 NIIltm NAV NAV NAV Price Pr+Div EPS Target DivChng NAVChng
Alcentra Capital Corporation (NASDAQ:ABDC) 11.60 13.32 10.21 87.2 93.2 86.8 9.6 14.16 0.94 14.83 23.62 9.09 -8.20 0.00 -5.79
American Capital Senior Floating (ACSF) 9.83 10.07 11.52 92.8 99.1 94.6 9.3 12.45 0.81 2.44 11.29 1.63 -13.46 0.00 -14.37
Apollo Investment Corporation (NASDAQ:AINV) 5.22 5.83 10.29 71.4 89.6 77.6 8.7 6.90 0.84 11.69 20.31 0.00 -19.30 -25.00 -13.86
Ares Capital Corporation (NASDAQ:ARCC) 14.25 15.50 9.81 99.3 93.8 95.4 9.1 16.62 0.93 8.77 16.77 -3.77 -5.17 0.00 -1.07
BlackRock Capital Investment (NASDAQ:BKCC) 9.40 8.22 10.22 81.6 89.4 80.9 9.2 9.13 0.90 -12.55 -5.85 1.98 -17.29 0.00 -13.54
CM Finance Inc (NASDAQ:CMFN) 10.02 9.12 15.22 95.1 121.8 96.2 11.7 11.90 0.77 -8.98 1.41 15.87 -26.67 0.00 -17.42
Capitala Finance Corp. (NASDAQ:CPTA) 12.08 13.11 14.34 100.5 101.6 99.3 11.5 16.28 0.81 8.53 20.20 -2.60 -12.42 0.00 -9.30
Fidus Investment Corporation (NASDAQ:FDUS) 13.69 15.87 9.83 107.6 97.5 97.9 10.1 15.52 1.02 15.92 24.47 -13.17 -5.04 0.00 2.24
Fifth Street Finance Corp. (FSC) 6.38 5.77 12.48 98.6 96.0 102.1 8.8 8.15 0.71 -9.56 -1.10 -5.19 -15.91 0.00 -10.73
Fifth Street Senior Floating Rate (FSFR) 8.57 8.60 10.47 103.4 97.8 100.2 8.2 10.99 0.78 0.35 8.23 -12.12 -6.86 0.00 -10.14
Franklin Square Investment Corp (NYSE:FSIC) 8.99 9.44 9.45 101.4 103.7 95.5 9.7 9.18 1.03 5.01 12.45 -12.00 -11.59 0.00 -7.18
Full Circle Capital Corporation (FULL) 2.47 2.66 15.79 120.0 85.7 113.7 11.7 3.59 0.74 7.69 20.45 -16.67 2.18 0.00 -18.96
Gladstone Investment Corporation (NASDAQ:GAIN) 7.67 8.77 8.55 96.2 97.4 102.5 7.6 9.84 0.89 14.34 21.68 8.33 6.06 0.00 6.49
Garrison Capital Inc. (NASDAQ:GARS) 12.17 10.34 13.54 95.9 101.4 86.6 10.8 12.94 0.80 -15.04 -6.41 -7.01 -22.23 0.00 -15.37
Golub Capital BDC, Inc. (NASDAQ:GBDC) 16.63 18.71 6.84 100.0 100.0 104.0 8.1 15.88 1.18 12.51 18.28 -3.76 3.35 0.00 0.89
Gladstone Capital Corporation (NASDAQ:GLAD) 7.31 8.02 10.47 100.0 100.0 94.3 10.6 7.95 1.01 9.71 18.33 0.00 -16.38 0.00 -16.23
Goldman Sachs BDC (NYSE:GSBD) 19.00 22.26 8.09 86.5 88.2 79.3 9.8 18.41 1.21 17.16 24.26 0.97 -5.05 0.00 -5.40
Harvest Capital Credit (NASDAQ:HCAP) 11.73 12.20 11.07 95.7 97.1 82.8 9.8 13.71 0.89 4.01 12.64 -0.70 -3.39 0.00 -5.25
    Share Price   Div/ Div/ Div/ Div/ Q1-16 Price YTD Percent Change LTM LTM
___The_Company_name_and_stock_ticker___ 1-01 09-27 Yield EPS16 EPS17 NIIltm NAV NAV NAV Price Pr+Div EPS Target Div NAV
Horizon Technology Finance Corp (NASDAQ:HRZN) 11.73 13.60 10.15 95.2 97.9 93.6 10.4 13.27 1.02 15.94 24.77 2.11 -1.65 0.00 -5.15
Hercules Capital (NASDAQ:HTGC) 12.19 13.45 9.22 100.8 93.9 102.0 12.8 9.66 1.39 10.34 17.97 -6.11 3.70 0.00 -5.85
KCAP Financial,Inc. (NASDAQ:KCAP) 4.07 4.72 12.71 107.1 105.3 102.5 11.0 5.45 0.87 15.97 27.03 -15.15 -11.82 -28.57 -21.70
Main Street Capital Corporation (NYSE:MAIN) 29.08 34.23 6.49 102.8 99.1 100.9 10.5 21.11 1.62 17.71 23.44 -8.09 1.82 2.78 -3.34
Medley Capital Corporation (NYSE:MCC) 7.52 7.66 11.49 91.7 95.7 84.0 9.0 9.76 0.78 1.86 10.64 -21.95 -21.96 -26.67 -15.35
Monroe Capital Corporation (NASDAQ:MRCC) 13.09 15.47 9.05 83.8 87.5 85.6 9.7 14.50 1.07 18.18 26.20 3.73 2.90 0.00 2.26
New Mountain Finance Corporation (NYSE:NMFC) 13.02 13.83 9.83 100.0 97.8 96.8 10.3 13.23 1.05 6.22 14.06 -4.90 -6.67 0.00 -4.82
OFS Capital Corporation (NASDAQ:OFS) 11.48 13.17 10.33 93.2 85.5 87.7 9.2 14.76 0.89 14.72 23.61 -1.35 2.61 0.00 0.68
Oak Hill Advisors (NASDAQ:OHAI) 3.80 3.17 15.14 129.7 111.6 107.9 10.0 4.80 0.66 -16.58 -7.11 -13.95 0.00 0.00 -32.96
Prospect Capital Corporation (NASDAQ:PSEC) 6.98 8.26 12.11 97.1 101.0 96.0 10.4 9.62 0.86 18.34 29.08 0.98 -12.14 0.00 -6.69
PennantPark Floating Rate Capital (NASDAQ:PFLT) 11.25 13.18 8.65 111.8 99.1 128.5 8.3 13.75 0.96 17.16 24.76 0.99 -2.68 0.00 -4.05
PennantPark Investment Corp (NASDAQ:PNNT) 6.18 7.53 14.87 108.7 113.1 107.4 12.5 8.94 0.84 21.84 35.44 1.98 -9.46 0.00 -10.96
Saratoga Investment Corp. (NYSE:SAR) 15.42 17.96 9.13 85.9 85.0 80.6 7.4 22.11 0.81 16.47 24.45 -2.05 -8.75 24.24 -2.81
Stellus Capital Investment (NYSE:SCM) 9.64 11.28 12.06 102.3 100.7 110.2 10.4 13.12 0.86 17.01 27.59 0.00 -4.18 0.00 -6.35
Solar Capital Ltd. (NASDAQ:SLRC) 16.43 20.36 7.86 92.0 86.5 96.2 7.4 21.51 0.95 23.92 31.22 0.00 1.89 0.00 -1.87
Solar Senior Capital Ltd. (NASDAQ:SUNS) 14.90 16.12 8.75 100.0 101.4 99.9 8.4 16.76 0.96 8.19 15.29 0.00 1.52 0.00 -4.50
Medallion Financial Corp. (NASDAQ:MFIN) 7.04 4.06 24.63 128.2 138.9 56.7 8.8 11.41 0.36 -42.33 -31.68 -39.06 -40.26 0.00 1.33
Triangle Capital Corp (TCAP) 19.11 19.32 9.32 106.5 90.9 94.2 12.1 14.82 1.30 1.10 8.16 -26.20 -6.90 -16.67 -4.20
TCP Capital Corp. (NASDAQ:TCPC) 13.93 16.37 8.80 95.4 92.3 91.4 9.8 14.74 1.11 17.52 25.27 -7.93 -0.47 0.00 -2.38
THL Credit, Inc. (NASDAQ:TCRD) 11.70 9.59 14.18 96.5 105.4 92.9 11.4 11.88 0.81 -18.03 -9.32 0.71 -16.78 0.00 -10.61
TICC Capital Corp. (TICC) 6.08 5.81 19.97 246.8 223.1 279.7 17.7 6.54 0.89 -4.44 9.87 -33.80 -37.50 0.00 -23.95
TriplePoint Venture Growth (NYSE:TPVG) 11.96 10.70 13.46 101.4 94.7 105.7 11.0 13.05 0.82 -10.54 -1.51 -15.48 -24.60 0.00 -10.25
TPG Specialty Lending (NYSE:TSLX) 16.22 18.30 8.52 91.8 90.7 88.6 10.0 15.55 1.18 12.82 20.04 1.19 -0.11 0.00 -1.83
WhiteHorse Finance (NASDAQ:WHF) 11.48 11.03 12.87 100.7 100.0 98.0 10.6 13.37 0.82 -3.92 5.36 -2.08 -10.71 0.00 -11.04
Sector Average     11.38 102.4     10.1   0.93 5.86 14.66 -5.37 -9.04   -8.13
With the 10 Treasury at 1.54% and sector average yield on Q2 dividends at 11.38% - the spread is 984 bps.
The cap weighted ETF BDCS has a price change of 8.19% year to date - with dividends its total return is 14.90%.
The SPY or S&P 500 EFT is 5.74% year to date. - and with unreinvested dividends is 6.78% year to date.
BDCs with Good Ratios 09-27-16

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 2017 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 09-27 Yield EPS16 EPS17 NIIltm NAV NAV NAV Price Pr+Div EPS Target Div NAV
Ares Capital Corporation   14.25 15.50 9.81 99.3 93.8 95.4 9.1 16.62 0.93 8.77 16.77 -3.77 -5.17 0.00 -1.07
Fidus Investment Corporation   13.69 15.87 9.83 107.6 97.5 97.9 10.1 15.52 1.02 15.92 24.47 -13.17 -5.04 0.00 2.24
Gladstone Investment Corporation   7.67 8.77 8.55 96.2 97.4 102.5 7.6 9.84 0.89 14.34 21.68 8.33 6.06 0.00 6.49
Monroe Capital Corporation   13.09 15.47 9.05 83.8 87.5 85.6 9.7 14.50 1.07 18.18 26.20 3.73 2.90 0.00 2.26
OFS Capital Corporation   11.48 13.17 10.33 93.2 85.5 87.7 9.2 14.76 0.89 14.72 23.61 -1.35 2.61 0.00 0.68
Saratoga Investment Corp.   15.42 17.96 9.13 85.9 85.0 80.6 7.4 22.11 0.81 16.47 24.45 -2.05 -8.75 24.24 -2.81
Solar Capital Ltd.   16.43 20.36 7.86 92.0 86.5 96.2 7.4 21.51 0.95 23.92 31.22 0.00 1.89 0.00 -1.87
TCP Capital Corp.   13.93 16.37 8.80 95.4 92.3 91.4 9.8 14.74 1.11 17.52 25.27 -7.93 -0.47 0.00 -2.38
TPG Specialty Lending   16.22 18.30 8.52 91.8 90.7 88.6 10.0 15.55 1.18 12.82 20.04 1.19 -0.11 0.00 -1.83
Group Average     9.10 93.9     8.9   0.98 15.85 23.75 -1.67 -0.68   0.19
BDCs with Bad Ratios 09-27-16

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 2017 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 09-27 Yield EPS16 EPS17 NIIltm NAV NAV NAV Price Pr+Div EPS Target Div NAV
American Capital Senior Floating   9.83 10.07 11.52 92.8 99.1 94.6 9.3 12.45 0.81 2.44 11.29 1.63 -13.46 0.00 -14.37
CM Finance Inc   10.02 9.12 15.22 95.1 121.8 96.2 11.7 11.90 0.77 -8.98 1.41 15.87 -26.67 0.00 -17.42
Capitala Finance Corp.   12.08 13.11 14.34 100.5 101.6 99.3 11.5 16.28 0.81 8.53 20.20 -2.60 -12.42 0.00 -9.30
Franklin Square Investment Corp   8.99 9.44 9.45 101.4 103.7 95.5 9.7 9.18 1.03 5.01 12.45 -12.00 -11.59 0.00 -7.18
Garrison Capital Inc.   12.17 10.34 13.54 95.9 101.4 86.6 10.8 12.94 0.80 -15.04 -6.41 -7.01 -22.23 0.00 -15.37
Gladstone Capital Corporation   7.31 8.02 10.47 100.0 100.0 94.3 10.6 7.95 1.01 9.71 18.33 0.00 -16.38 0.00 -16.23
KCAP Financial,Inc.   4.07 4.72 12.71 107.1 105.3 102.5 11.0 5.45 0.87 15.97 27.03 -15.15 -11.82 -28.57 -21.70
Oak Hill Advisors   3.80 3.17 15.14 129.7 111.6 107.9 10.0 4.80 0.66 -16.58 -7.11 -13.95 0.00 0.00 -32.96
PennantPark Investment Corp   6.18 7.53 14.87 108.7 113.1 107.4 12.5 8.94 0.84 21.84 35.44 1.98 -9.46 0.00 -10.96
THL Credit, Inc.   11.70 9.59 14.18 96.5 105.4 92.9 11.4 11.88 0.81 -18.03 -9.32 0.71 -16.78 0.00 -10.61
TICC Capital Corp.   6.08 5.81 19.97 246.8 223.1 279.7 17.7 6.54 0.89 -4.44 9.87 -33.80 -37.50 0.00 -23.95
WhiteHorse Finance   11.48 11.03 12.87 100.7 100.0 98.0 10.6 13.37 0.82 -3.92 5.36 -2.08 -10.71 0.00 -11.04
Group Average     13.69 114.6     11.4   0.84 -0.29 9.88 -5.53 -15.75   -15.92

The Predictive Power of the Dividend/EPS Ratios on Valuations: Dividend to EPS ratios range from as low as the 80s to 120s (at 08-12-16) and may look all too random. But this ratio - during almost all time periods - helps explain the variety of yields, price to book ratios, and price to NII ratios. There is often a correlation to YTD price changes as well. This first test is done for BDCs with weighted average portfolio yields of more than 10% in Q2-16. The dividend stats are from Q3-16 and the current EPS projections are for 2016 and 2017. Dividend cutting BDCs are not included in this data. Lower risk BDCs have their metrics shown separately.

The following dividend paying BDCs had Q3-16 Dividend/EPS ratios of less than 93%: ABDC, BKCC, GSBD, MRCC, SAR, SLRC and TSLX. Their YTD mean price change = 12.98% and 6 of the 7 beat the sector mean yearly price change of 5.86%. Their mean yield = 9.01% compared to a PWAY of 10.89% - they sold at an average Price/Book ratio = 1.01 and an average Price/NII ratio = 9.76. They had an average analyst rating of = 2.0 and had LTM NAV growth of -4.14%.

The following BDCs had Q3-16 Dividend/EPS ratios of more than 93% - but less than or equal to 100%: ARCC, CMFN, FSC, GAIN, GARS, HCAP, HRZN, NMFC, OFS, PSEC, TCPC and TCRD. Their YTD mean price change = 4.02% and 7 of the 12 beat the sector mean yearly price change. Their mean yield = 11.34% compared to a PWAY of 11.70% - they sold at an average Price/Book ratio = 0.89 and an average Price/NII ratio = 8.79. They had an average analyst rating of = 2.5 and had LTM NAV growth of -6.03%.

The following companies had Q3-16 Dividend/EPS ratios of more than 100% but had 2017 Dividend/EPS ratios under 100%: FDUS, FULL, HTGC, MAIN and TPVG. Their YTD mean price change = 8.23% and 4 of the 5 beat the sector mean yearly price change. Their mean yield = 10.96% compared to a PWAY of 12.59% - they sold at an average Price/Book ratio of 1.12 and an average Price/NII ratio of 10.57. They had an average analyst rating of = 2.1 and had LTM NAV growth of -7.23%.

The following companies had Q3-16 Dividend/EPS ratios of more than 100% and 2017 Dividend/EPS ratios of more than 100%: CPTA, FSIC, GLAD, KCAP, OHAI, PNNT, SCM, MFIN and TICC. Their YTD mean price change = 1.64% and 5 of the 9 beat the sector mean yearly price change. Their mean yield = 14.85% compared to a PWAY of 11.21% - they sold at an average Price/Book ratio of 0.81 and an average Price/NII ratio of 8.63. They had an average analyst rating of = 2.8 and had LTM NAV growth of -14.14%.

The BDCs that had weighted average portfolio yields of less than 9% and dividend coverage (the lower risk group): ACSF, GBDC and SUNS. Their YTD mean price change = 7.71% and 2 of the 3 beat the sector mean yearly price change of 5.86% Their mean yield = 9.04% compared to a PWAY of 7.36% - they sold at an average Price/Book ratio = 0.98 and an average Price/NII ratio = 11.37. They had an average analyst rating of = 2.4 and had LTM NAV growth of -6.00%.

The BDCs that had weighted average portfolio yields of less than 9% but lacked dividend coverage: FSFR and PFLT. Their YTD mean price change = 8.75% and 1 of the 2 beat the sector mean yearly price change. Their mean yield = 9.56% compared to a PWAY of 8.30% - they sold at an average Price/Book ratio = 0.87 and an average Price/NII ratio = 11.40. They had an average analyst rating of = 2.4 and had LTM NAV growth of -7.09%.

BDC Earnings Growth & P/E Ratios 09-27

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% 9.31 8.54 9.12 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% 7.81 8.06 8.61 1.84 1.84 0.00% Dec
AINV 0.99 0.83 0.83 0.91 0.82 0.84 0.67 -9.89% 2.44% -20.24% 7.11 6.94 8.70 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% 10.06 10.13 9.57 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% 8.47 7.98 8.74 1.07 0.99 7.77% Dec
CMFN 0.00 0.00 0.00 1.17 1.48 1.46 1.14 26.50% -1.35% -21.92% 6.16 6.25 8.00 1.47 1.44 2.05% Jun
CPTA 0.00 0.00 0.00 1.54 1.66 1.87 1.85 7.79% 12.65% -1.07% 7.90 7.01 7.09 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% 9.68 10.94 9.92 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% 7.69 7.90 7.69 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% 8.96 9.89 9.35 0.88 0.87 1.15% Sep
FSIC 0.00 0.00 0.00 0.80 0.92 0.88 0.86 15.00% -4.35% -2.27% 10.26 10.73 10.98 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% 4.22 7.60 5.43 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% 11.69 11.24 11.39 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% 5.78 7.08 7.49 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% 14.85 14.62 14.62 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% 9.55 9.55 9.55 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 2.08 2.04 15.25% 1.96% -1.92% 10.91 10.70 10.91 2.10 2.05 2.40% Dec
HCAP 0.00 0.00 0.00 1.34 1.36 1.41 1.39 1.49% 3.68% -1.42% 8.97 8.65 8.78 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% 10.88 9.38 9.65 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% 12.93 10.93 10.19 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% 7.26 8.43 8.28 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% 15.70 15.85 15.28 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% 6.03 7.98 8.33 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% 9.67 9.26 9.67 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% 9.95 10.17 9.95 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% 9.41 9.02 8.28 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% 8.57 8.57 7.37 0.37 0.37 0.00% Dec
PSEC 1.09 1.63 1.57 1.19 1.03 1.03 0.99 -13.45% 0.00% -3.88% 8.02 8.02 8.34 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% 12.20 12.92 11.46 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% 6.85 7.31 7.61 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% 9.98 9.40 9.31 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% 8.48 8.48 8.36 1.36 1.32 3.01% Dec
SLRC 2.25 2.20 1.89 1.56 1.52 1.74 1.85 -2.56% 14.47% 6.32% 13.39 11.70 11.01 1.80 1.63 9.77% Dec
SUNS 0.63 1.31 1.18 1.20 1.33 1.41 1.39 10.83% 6.02% -1.42% 12.12 11.43 11.60 1.48 1.40 5.67% Dec
MFIN 1.01 1.21 1.14 1.14 1.20 0.78 0.72 5.26% -35.00% -7.69% 3.38 5.21 5.64 0.88 0.81 8.97% Dec
TCAP 2.06 2.16 2.25 2.08 2.16 1.69 1.98 3.85% -21.76% 17.16% 8.94 11.43 9.76 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% 10.04 10.84 10.49 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% 6.80 6.80 7.43 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% 7.96 12.36 11.17 1.21 0.46 159.57% Dec
TPVG 0.00 0.00 0.00 1.30 1.44 1.42 1.52 10.77% -1.39% 7.04% 7.43 7.54 7.04 1.43 1.40 2.11% Dec
TSLX 0.00 1.36 1.66 2.07 1.77 1.70 1.72 -14.49% -3.95% 1.18% 10.34 10.76 10.64 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% 7.45 7.82 7.77 1.45 1.38 4.96% Dec
BDC Average           8.76 -3.79 1.26 9.12 9.42 9.30     10.98

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