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BDCs 2/10/17

This is a time during the quarter where I do not like my spreadsheets. I have 2018 earning projections for some BDCs - but not most. I have Q4-16 NAVs for the few BDCs that have reported - but not for most. Q3-16 NAVs are the one's I am using - but that time period seems so long ago and far away. I am spending time and effort on data gathering - while at the same time the data still looks so stale - as if little effort is being made.

BDCs 02-10-17

Yield in the spreadsheet below is based on the Q1-17 '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 has converted to Great Elm Capital Corp and trades as 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. On 9-22 CPTA announced a 17% cut in its dividend to $0.13/month. On 11-02 HRZN cut its dividend from $0.34 to $0.30/share. On 11-09 TCRD cut its div to $0.27/share from $0.34. On 11-09 CMFN announced a Q1-17 cut in its div to $0.25 from $0.35. On 11-09 GARS cut its Q4 div to $0.28 from $0.35. On 11-21 PNNT cut its Q1 div to $0.18 from $0.28. On 12-08 OHAI cut its div in half to $0.06. I have temporarily encoded these Q1 cuts as the Q4 div. On 12-14 KCAP reduced its div to $0.12 from $0.15. On 2-10 FSC and FSFR reduced their forward dividends, which I have encoded as the Q1 dividend.

    Share Price     Q3-16 Price YTD Percent Change LTM LTM
------- The_Company_name_and_stock_ticker ------- 1-01 02-10 Yield PWAY NAV NAV Price Pr+Div EPS Target Div NAV
Alcentra Capital Corporation (NASDAQ:ABDC) 11.97 12.29 11.07 11.80 13.69 0.90 2.67 5.51 0.00 0.00 0.00 -8.24
American Capital Senior Floating (ACSF) 11.90 12.75 9.10 6.25 13.20 0.97 7.14 9.58 0.00 -9.32 0.00 -2.44
Apollo Investment Corporation (NASDAQ:AINV) 5.86 6.12 9.80 11.00 6.95 0.88 4.44 7.00 0.00 0.16 -25.00 -11.24
Ares Capital Corporation (NASDAQ:ARCC) 16.49 17.47 8.70 9.80 16.59 1.05 5.94 5.94 -0.62 2.82 0.00 -1.19
BlackRock Capital Investment (NASDAQ:BKCC) 6.96 7.65 10.98 11.40 8.38 0.91 9.91 12.93 0.00 0.00 0.00 -21.39
CM Finance Inc (NASDAQ:CMFN) 9.30 9.95 10.05 10.20 11.86 0.84 6.99 9.68 0.00 0.00 -27.95 -13.11
Capitala Finance Corp. (NASDAQ:CPTA) 12.93 14.11 11.06 12.70 15.68 0.90 9.13 9.13 0.00 -0.39 -17.02 -13.08
Fidus Investment Corporation (NASDAQ:FDUS) 15.73 16.07 9.71 13.10 15.58 1.03 2.16 2.16 -2.47 1.75 0.00 3.04
Fifth Street Finance Corp. (FSC) 5.37 4.56 10.96 10.40 7.97 0.57 -15.08 -14.39 0.00 0.00 -30.56 -11.44
Fifth Street Senior Floating Rate (FSFR) 8.71 8.97 8.47 8.60 11.06 0.81 2.99 2.99 0.00 0.00 -15.56 -8.67
Franklin Square Investment Corp (FSIC) 10.30 10.50 8.50 9.20 9.42 1.11 1.94 4.11 0.00 3.33 0.00 -2.28
Full Circle Capital Corporation (FULL) 2.67 2.67 15.73 10.46 3.59 0.74 0.00 0.00 0.00 0.00 0.00 -10.25
Gladstone Investment Corporation (NASDAQ:GAIN) 8.46 9.28 8.08 12.50 9.65 0.96 9.69 10.43 0.00 8.57 0.00 6.63
Garrison Capital Inc. (NASDAQ:GARS) 9.35 9.59 11.68 11.20 12.53 0.77 2.57 2.57 0.00 0.00 -20.00 -16.02
Golub Capital BDC, Inc. (NASDAQ:GBDC) 18.39 18.74 6.83 7.80 15.96 1.17 1.90 1.90 0.00 0.54 0.00 1.01
Gladstone Capital Corporation (NASDAQ:GLAD) 9.39 9.50 8.84 10.90 8.62 1.10 1.17 1.92 -1.16 3.23 0.00 -4.86
Goldman Sachs BDC (NYSE:GSBD) 23.52 24.75 7.27 11.80 18.58 1.33 5.23 7.14 0.00 1.40 0.00 -4.52
Harvest Capital Credit (NASDAQ:HCAP) 13.75 14.24 9.48 14.40 13.75 1.04 3.56 4.30 0.00 0.00 0.00 -3.64
    Share Price     Q3-16 Price YTD Percent Change LTM LTM
----The_Company_name_and_stock_ticker---- 1-01 02-10 Yield PWAY NAV NAV Price Pr+Div EPS Target Div NAV
Horizon Technology Finance Corp (NASDAQ:HRZN) 10.53 11.64 10.31 14.20 12.44 0.94 10.54 10.54 0.00 0.00 -13.04 -10.76
Hercules Capital (NASDAQ:HTGC) 14.11 14.66 8.46 13.50 9.86 1.49 3.90 3.90 0.76 1.73 0.00 -1.60
KCAP Financial,Inc. (NASDAQ:KCAP) 3.98 4.08 11.76 10.27 5.45 0.75 2.51 5.53 0.00 0.00 -20.00 -13.90
Main Street Capital Corporation (NYSE:MAIN) 36.77 36.91 6.01 9.71 21.62 1.71 0.38 0.88 0.87 1.09 2.78 -0.78
Medley Capital Corporation (NYSE:MCC) 7.51 8.00 11.00 11.80 9.49 0.84 6.52 6.52 0.00 0.00 -26.67 -13.73
Monroe Capital Corporation (NASDAQ:MRCC) 15.38 15.61 8.97 9.70 14.42 1.08 1.50 1.50 0.00 0.00 0.00 1.48
New Mountain Finance Corp (NYSE:NMFC) 14.10 14.75 9.22 10.40 13.28 1.11 4.61 4.61 0.00 0.00 0.00 -3.28
OFS Capital Corporation (NASDAQ:OFS) 13.76 14.32 9.50 11.88 14.67 0.98 4.07 4.07 0.00 0.00 0.00 1.45
Oak Hill Advisors (NASDAQ:OHAI) 1.73 1.88 12.77 11.70 4.61 0.41 8.67 12.14 0.00 0.00 -50.00 -31.30
Prospect Capital Corporation (NASDAQ:PSEC) 8.35 9.10 10.99 12.80 9.60 0.95 8.98 9.88 0.00 4.70 0.00 -5.60
PennantPark Floating Rate Capital (NASDAQ:PFLT) 14.11 13.99 8.15 7.80 14.06 1.00 -0.85 -0.24 0.00 0.00 0.00 0.79
PennantPark Investment Corp (NASDAQ:PNNT) 7.66 8.45 8.52 11.90 9.05 0.93 10.31 12.66 -1.16 7.95 -35.71 -7.84
Saratoga Investment Corp. (NYSE:SAR) 20.61 22.65 7.24 10.50 22.39 1.01 9.90 9.90 -4.69 7.77 2.50 -0.13
Stellus Capital Investment (NYSE:SCM) 12.06 13.86 9.81 11.10 13.57 1.02 14.93 14.93 0.00 0.93 0.00 -0.37
Solar Capital Ltd. (NASDAQ:SLRC) 20.82 21.83 7.33 10.00 21.72 1.01 4.85 6.77 0.00 0.00 0.00 0.93
Solar Senior Capital Ltd. (NASDAQ:SUNS) 16.44 17.02 8.28 8.20 16.78 1.01 3.53 5.67 0.00 0.00 0.00 -1.64
Medallion Financial Corp. (NASDAQ:MFIN) 3.02 1.96 10.20 11.09 11.61 0.17 -35.10 -35.10 0.00 0.00 -80.00 2.11
Triangle Capital Corp (TCAP) 18.34 19.83 9.08 12.30 15.33 1.29 8.12 8.12 0.00 -0.53 -16.67 -0.97
TCP Capital Corp. (NASDAQ:TCPC) 16.90 16.89 8.53 11.20 14.84 1.14 -0.06 -0.06 0.00 0.29 0.00 -1.72
THL Credit, Inc. (NASDAQ:TCRD) 10.01 10.41 10.37 11.40 11.84 0.88 4.00 4.00 0.00 0.00 -20.59 -9.13
TICC Capital Corp. (TICC) 6.61 7.50 15.47 14.10 7.08 1.06 13.46 13.46 -5.88 0.00 0.00 -9.35
TriplePoint Venture Growth (NYSE:TPVG) 11.78 13.40 10.75 15.10 13.44 1.00 13.75 13.75 0.66 1.96 0.00 -7.44
TPG Specialty Lending (NYSE:TSLX) 18.68 19.20 8.13 10.30 15.78 1.22 2.78 4.87 0.00 1.03 0.00 1.02
WhiteHorse Finance (NASDAQ:WHF) 12.17 12.75 11.14 12.10 13.48 0.95 4.77 7.68 0.00 -0.57 0.00 -8.73
Sector Average     9.72     0.98 4.01 4.97 -0.33 0.92   -5.77
With the 10 Treasury at 2.40% and sector average yield on Q4 dividends at 9.72% - the spread is 732 bps.
The cap weighted ETF BDCS has a price change of 2.20% year to date - with dividends its total return is 4.16%.
The SPY or S&P 500 EFT is 3.57% year to date. - and with unreinvested dividends is 3.57% year to date.
BDC Earnings Growth & P/E Ratios 02-10

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 1.49 66.28% 9.09% -4.49% 8.59 7.88 8.25 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% 9.88 10.20 10.90 1.84 1.84 0.00% Dec
AINV 0.99 0.83 0.83 0.91 0.82 0.84 0.66 -9.89% 2.44% -21.43% 7.46 7.29 9.27 0.76 0.64 14.29% Mar
ARCC 1.56 1.65 1.64 1.43 1.54 1.57 1.60 7.69% 1.95% 1.91% 11.34 11.13 10.92 1.56 1.49 4.46% Dec
BKCC 1.00 1.00 0.78 0.91 0.97 0.82 0.86 6.59% -15.46% 4.88% 7.89 9.33 8.90 1.07 0.99 9.76% Dec
CMFN 0.00 0.00 0.00 1.17 1.48 1.46 1.17 26.50% -1.35% -19.86% 6.72 6.82 8.50 1.47 1.44 2.05% Jun
CPTA 0.00 0.00 0.00 1.54 1.66 1.80 1.61 7.79% 8.43% -10.56% 8.50 7.84 8.76 1.88 1.85 1.67% Dec
FDUS 1.63 1.54 1.54 1.62 1.64 1.44 1.58 1.23% -12.20% 9.72% 9.80 11.16 10.17 1.48 1.42 4.17% Dec
FSC 1.01 1.07 1.01 0.99 0.75 0.72 0.75 -24.24% -4.00% 4.17% 6.08 6.33 6.08 0.75 0.72 4.17% Sep
FSFR 0.00 0.00 0.00 0.96 0.96 0.89 0.91 0.00% -7.29% 2.25% 9.34 10.08 9.86 0.88 0.87 1.12% Sep
FSIC 0.00 0.00 0.00 0.80 0.92 0.88 0.87 15.00% -4.35% -1.14% 11.41 11.93 12.07 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% 4.24 7.63 5.45 0.34 0.34 0.00% Jun
GAIN 0.73 0.62 0.68 0.73 0.75 0.75 0.75 2.74% 0.00% 0.00% 12.37 12.37 12.37 0.80 0.74 8.00% Mar
GARS 0.00 0.00 1.28 1.31 1.79 1.21 1.22 36.64% -32.40% 0.83% 5.36 7.93 7.86 1.53 0.91 51.24% Dec
GBDC 1.16 1.15 1.29 1.26 1.26 1.27 1.31 0.00% 0.79% 3.15% 14.87 14.76 14.31 1.28 1.27 0.79% Sep
GLAD 0.88 0.91 0.88 0.87 0.84 0.85 0.85 -3.45% 1.19% 0.00% 11.31 11.18 11.18 0.84 0.83 1.18% 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 2.11 2.04 15.25% 3.43% -3.32% 12.13 11.73 12.13 2.10 2.05 2.37% Dec
HCAP 0.00 0.00 0.00 1.34 1.36 1.41 1.43 1.49% 3.68% 1.42% 10.47 10.10 9.96 1.42 1.03 27.66% Dec
HRZN 1.50 1.41 1.39 1.11 1.25 1.45 1.20 12.61% 16.00% -17.24% 9.31 8.03 9.70 1.47 1.43 2.76% Dec
HTGC 0.91 0.97 1.23 1.13 1.04 1.24 1.33 -7.96% 19.23% 7.26% 14.10 11.82 11.02 1.29 1.22 5.65% Dec
KCAP 0.70 0.89 0.91 0.97 0.65 0.51 0.49 -32.99% -21.54% -3.92% 6.28 8.00 8.33 0.57 0.54 5.88% Dec
MAIN 1.69 2.01 2.02 2.20 2.18 2.24 2.32 -0.91% 2.75% 3.57% 16.93 16.48 15.91 2.22 2.04 8.04% Dec
MCC 0.56 1.31 1.53 1.58 1.27 0.96 0.82 -19.62% -24.41% -14.58% 6.30 8.33 9.76 1.09 0.96 13.54% Sep
MRCC 0.00 0.00 1.16 1.55 1.60 1.62 1.59 3.23% 1.25% -1.85% 9.76 9.64 9.82 1.79 1.63 9.88% Dec
NMFC 0.56 1.35 1.52 1.41 1.39 1.36 1.38 -1.42% -2.16% 1.47% 10.61 10.85 10.69 1.37 1.35 1.47% Dec
OFS 0.00 0.65 0.62 0.99 1.40 1.39 1.49 41.41% -0.71% 7.19% 10.23 10.30 9.61 1.48 1.45 2.16% Dec
OHAI 0.73 0.55 0.64 0.61 0.37 0.37 0.43 -39.34% 0.00% 16.22% 5.08 5.08 4.37 0.37 0.37 0.00% Dec
PSEC 1.09 1.63 1.57 1.19 1.03 1.04 0.93 -13.45% 0.97% -10.58% 8.83 8.75 9.78 1.04 0.99 4.81% Jun
PFLT 0.05 1.01 1.10 1.12 1.08 1.02 1.15 -3.57% -5.56% 12.75% 12.95 13.72 12.17 1.04 0.98 5.88% Sep
PNNT 1.25 1.08 1.01 1.06 1.10 0.99 0.85 3.77% -10.00% -14.14% 7.68 8.54 9.94 1.08 1.02 6.06% Sep
SAR 2.15 1.86 1.86 1.85 1.80 2.60 2.03 -2.70% 44.44% -21.92% 12.58 8.71 11.16 2.04 1.77 10.38% Dec
SCM 0.00 0.00 1.34 1.34 1.33 1.36 1.36 -0.75% 2.26% 0.00% 10.42 10.19 10.19 1.36 1.32 2.94% Dec
SLRC 2.25 2.20 1.89 1.56 1.52 1.69 1.81 -2.56% 11.18% 7.10% 14.36 12.92 12.06 1.80 1.63 10.06% Dec
SUNS 0.63 1.31 1.18 1.20 1.33 1.52 1.42 10.83% 14.29% -6.58% 12.80 11.20 11.99 1.48 1.40 5.26% Dec
MFIN 1.01 1.21 1.14 1.14 1.20 0.75 0.55 5.26% -37.50% -26.67% 1.63 2.61 3.56 0.88 0.81 9.33% Dec
TCAP 2.06 2.16 2.25 2.08 2.16 1.59 1.89 3.85% -26.39% 18.87% 9.18 12.47 10.49 1.54 1.48 3.77% Dec
TCPC 0.00 1.81 1.63 1.56 1.63 1.53 1.57 4.49% -6.13% 2.61% 10.36 11.04 10.76 1.49 1.35 9.15% Dec
TCRD 1.04 1.38 1.45 1.42 1.41 1.37 1.20 -0.70% -2.84% -12.41% 7.38 7.60 8.68 1.54 1.48 4.38% Dec
TICC 0.94 1.12 1.04 1.05 0.73 0.45 0.48 -30.48% -38.36% 6.67% 10.27 16.67 15.63 1.21 0.46 166.67% Dec
TPVG 0.00 0.00 0.00 1.30 1.44 1.47 1.52 10.77% 2.08% 3.40% 9.31 9.12 8.82 1.43 1.40 2.04% Dec
TSLX 0.00 1.36 1.66 2.07 1.77 1.80 1.76 -14.49% 1.69% -2.22% 10.85 10.67 10.91 1.73 1.65 4.44% Dec
WHF 0.00 0.00 1.28 1.14 1.48 1.47 1.45 29.82% -0.68% -1.36% 8.61 8.67 8.79 1.45 1.38 4.76% Dec
BDC Average           8.76 -3.94 -1.08 9.61 9.93 10.03     11.34