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BDC Stats 6/02/17

I have continued my series "Identifying Risk in BDCs" with the submission of articles on ACSF and SUNS. (If you have questions - the place to put them is in the articles which are compensated content. There is no compensation for blog content. That lack of compensation results in rather terse answers to questions placed on the blog.) Approval times tend to be longer on the week-end. You may not see those articles till Monday. I needed fresh stats for those articles. There were several price target changes and earnings projection changes during the last week. The data:

BDCs 06-02-17

Yield in the spreadsheet below is based on the Q2-17 'regular' dividend. Spreadsheet header abbreviations: Div = dividend; EPS = earnings per share; LTM = last twelve months; NAV = Net Asset Value; PWAY = Portfolio Weighted Average Yield (or the yield on the investments that they own); 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 2017 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 Q2-17 dividend from the Q2-16 dividend; and the last measures the change in NAV between Q1-17 and Q1-16. Special dividends are not included in this data. ARCC, FDUS, MAIN and TCPC have paid special dividends on a near regular schedule.

    Share Price     Div/ Div/ Div/ Div/ Q1-17 Price YTD Percent Change LTM % LTM % Last3yr Last 3Yr
___The_Company_name_and_stock_ticker___ 1-01 06-02 Yield PWAY EPS17 EPS18 NIIltm NAV NAV NAV Price Pr+Div EPS Target DivChng NAVChng DivChng NAVChng
Alcentra_Capital_Corporation_____ (NASDAQ:ABDC) 11.97 13.20 10.30 11.70 95.8 91.3 85.6 10.1 13.43 0.98 10.28 15.96 -4.70 1.79 0.00 -6.80 0.00 -9.01
American Capital Senior Floating (ACSF) 11.90 12.95 8.96 6.71 99.1 99.1 96.6 8.5 13.66 0.95 8.82 11.26 0.00 7.17 0.00 16.55 3.57 -9.60
Apollo Investment Corporation (NASDAQ:AINV) 5.86 6.41 9.36 10.30 95.2 93.8 89.4 8.9 6.74 0.95 9.39 14.51 -4.55 0.16 -25.00 -7.42 -25.00 -22.26
Ares Capital Corporation (NASDAQ:ARCC) 16.49 16.83 9.03 9.30 102.7 91.6 104.1 9.2 16.50 1.02 2.06 4.37 -8.07 9.53 0.00 0.00 0.00 0.49
BlackRock Capital Investment (NASDAQ:BKCC) 6.96 7.81 9.22 11.70 86.7 81.8 76.3 8.8 8.22 0.95 12.21 17.39 -3.49 1.79 -14.29 -14.73 -14.29 -14.29
CM Finance Inc (NASDAQ:CMFN) 9.30 10.45 9.57 9.72 87.7 93.5 81.6 8.1 12.32 0.85 12.37 17.74 -2.56 0.00 -27.95 3.01 -26.04 -15.90
Capitala Finance Corp. (NASDAQ:CPTA) 12.93 13.61 11.46 13.20 99.4 96.3 88.8 9.9 15.71 0.87 5.26 8.28 -2.48 0.92 -17.02 -3.56 -17.02 -22.73
Fidus Investment Corporation (NASDAQ:FDUS) 15.73 17.17 9.09 12.90 101.3 96.3 113.6 9.9 15.80 1.09 9.15 11.63 -4.94 3.80 0.00 3.61 2.63 3.81
Fifth Street Finance Corp. (FSC) 5.37 4.12 12.14 10.40 87.7 83.3 74.4 6.9 7.23 0.57 -23.28 -20.95 -24.00 -23.73 -30.56 -13.21 -49.98 -26.30
Fifth Street Senior Floating Rate (FSFR) 8.71 7.80 9.74 8.10 102.7 100.0 95.4 7.0 10.83 0.72 -10.45 -8.27 -18.68 -10.53 -15.56 -3.13 -29.63 -28.42
Franklin Square Investment Corp (NYSE:FSIC) 10.30 9.20 9.70 10.20 103.7 107.5 103.4 9.4 9.45 0.97 -10.68 -6.35 -1.15 3.02 0.00 7.14 0.00 -8.07
Gladstone Investment Corporation (NASDAQ:GAIN) 8.46 9.28 8.08 12.80 101.4 105.6 102.2 7.5 9.95 0.93 9.69 11.91 0.00 8.57 0.00 7.92 25.00 19.30
Garrison Capital Inc. (NASDAQ:GARS) 9.35 8.88 12.61 10.80 100.9 110.9 103.5 9.4 11.90 0.75 -5.03 -2.03 -9.02 -9.42 -20.00 -11.85 -20.00 -22.98
Golub Capital BDC, Inc. (NASDAQ:GBDC) 18.39 20.04 6.39 7.70 102.4 100.0 103.5 8.1 15.88 1.26 8.97 10.71 -4.58 5.43 0.00 0.19 0.00 3.05
Gladstone Capital Corporation (NASDAQ:GLAD) 9.39 9.84 8.54 11.40 100.0 98.8 100.0 9.8 8.53 1.15 4.79 8.52 -2.33 15.35 0.00 7.70 0.00 -12.87
Goldman Sachs BDC (NYSE:GSBD) 23.52 22.40 8.04 11.80 91.8 89.1 89.6 9.9 18.26 1.23 -4.76 -0.94 -3.92 9.67 0.00 -2.20 9.76 -8.61
Harvest Capital Credit (NASDAQ:HCAP) 13.75 13.06 10.34 14.80 99.3 97.1 87.5 9.7 13.89 0.94 -5.02 -0.85 -4.90 1.75 0.00 -0.07 0.00 -4.07
Horizon Technology Finance Corp (NASDAQ:HRZN) 10.53 11.13 10.78 15.50 104.3 101.7 86.2 9.9 12.11 0.92 5.70 10.54 -4.17 -3.49 -13.04 -11.09 -13.04 -15.43
    Share Price     Div/ Div/ Div/ Div/ Q1-17 Price YTD Percent Change LTM % LTM % Last3yr Last 3Yr
___The_Company_name_and_stock_ticker___ 1-01 06-02 Yield PWAY EPS17 EPS18 NIIltm NAV NAV NAV Price Pr+Div EPS Target DivChng NAVChng DivChng NAVChng
Hercules Capital (NASDAQ:HTGC) 14.11 13.09 9.47 13.40 99.2 88.6 91.7 12.7 9.76 1.34 -7.23 -2.83 -5.30 2.22 0.00 -0.51 0.00 -7.75
KCAP Financial,Inc. (NASDAQ:KCAP) 3.98 3.37 14.24 7.00 123.1 120.0 105.3 9.3 5.14 0.66 -15.33 -9.30 -20.41 -10.53 -20.00 -6.55 -52.00 -32.55
Main Street Capital Corporation (NYSE:MAIN) 36.77 38.52 5.76 9.68 99.1 96.5 98.5 9.9 22.44 1.72 4.76 7.27 -2.61 10.19 2.78 5.95 12.12 11.42
Medley Capital Corporation (NYSE:MCC) 7.51 6.10 10.49 11.60 88.9 83.1 84.2 7.2 8.94 0.68 -18.77 -16.64 -12.20 -8.32 -46.67 -8.78 -56.76 -29.55
Monroe Capital Corporation (NASDAQ:MRCC) 15.38 15.68 8.93 9.50 95.9 88.6 94.0 9.8 14.34 1.09 1.95 4.23 -8.18 2.94 0.00 -0.76 2.94 2.50
New Mountain Finance Corp (NYSE:NMFC) 14.10 14.80 9.19 11.10 100.0 97.1 100.3 10.0 13.56 1.09 4.96 7.38 -1.45 5.61 0.00 5.36 0.00 -6.68
OFS Capital Corporation (NASDAQ:OFS) 13.76 14.18 9.59 12.03 97.1 91.9 95.3 9.1 14.98 0.95 3.05 5.52 -6.04 10.43 0.00 2.25 0.00 3.67
Oak Hill Advisors (NASDAQ:OHAI) 1.73 1.40 5.71 12.80 21.6 18.6 29.8 2.6 3.02 0.46 -19.08 -17.92 -13.95 0.00 -66.67 -37.73 -87.50 -65.41
Prospect Capital Corporation (NASDAQ:PSEC) 8.35 8.04 12.44 12.30 113.6 114.9 109.2 10.6 9.43 0.85 -3.71 1.38 -5.38 -3.81 0.00 -1.87 -24.68 -11.70
PennantPark Floating Rate Capital (NASDAQ:PFLT) 14.11 14.12 8.07 7.90 103.6 96.6 104.7 8.1 14.05 1.00 0.07 3.50 -4.35 2.00 0.00 3.77 5.56 -2.84
PennantPark Investment Corp (NASDAQ:PNNT) 7.66 7.67 9.39 11.90 84.7 88.9 79.7 7.9 9.09 0.84 0.13 2.48 -1.16 7.82 -35.71 2.94 -35.71 -18.33
Saratoga Investment Corp. (NYSE:SAR) 20.61 22.40 8.21 10.80 105.7 105.7 88.0 8.3 22.21 1.01 8.69 13.15 -18.31 9.48 12.20 0.68 Infinity 3.98
Stellus Capital Investment (NYSE:SCM) 12.06 14.06 9.67 11.30 104.6 97.1 97.8 9.8 13.84 1.02 16.58 19.40 -4.41 11.96 0.00 5.97 0.00 -4.49
Solar Capital Ltd. (NASDAQ:SLRC) 20.82 21.73 7.36 10.20 95.8 87.9 95.9 7.4 21.75 1.00 4.37 8.21 -7.73 4.61 0.00 3.18 0.00 -3.03
Solar Senior Capital Ltd. (NASDAQ:SUNS) 16.44 16.89 8.35 8.00 100.0 98.6 99.0 8.4 16.81 1.00 2.74 4.88 -0.70 7.52 0.00 0.66 0.00 -6.82
Triangle Capital Corp (TCAP) 18.34 18.12 9.93 11.50 102.9 95.2 103.3 11.8 15.29 1.19 -1.20 1.25 -7.41 1.72 0.00 1.80 -16.67 -2.74
TCP Capital Corp. (NASDAQ:TCPC) 16.90 17.07 8.44 11.10 94.1 91.1 96.2 9.7 14.92 1.14 1.01 3.14 -2.55 3.53 0.00 1.77 0.00 -2.61
THL Credit, Inc. (NASDAQ:TCRD) 10.01 10.06 10.74 11.40 96.4 93.9 87.2 9.2 11.71 0.86 0.50 3.20 -6.67 -2.76 -20.59 -4.33 -20.59 -12.22
TICC Capital Corp. (TICC) 6.61 7.14 11.20 13.25 127.0 148.1 175.4 10.6 7.53 0.95 8.02 11.04 -3.08 1.45 -31.03 27.84 -31.03 -23.01
TriplePoint Venture Growth (NYSE:TPVG) 11.78 13.19 10.92 10.10 94.1 97.3 96.8 10.8 13.38 0.99 11.97 18.08 1.32 7.84 0.00 -0.15 20.00 -8.23
TPG Specialty Lending (NYSE:TSLX) 18.68 20.84 7.49 10.50 86.7 87.6 82.5 9.7 16.04 1.30 11.56 15.74 2.27 10.72 0.00 6.15 2.63 3.42
WhiteHorse Finance (NASDAQ:WHF) 12.17 14.25 9.96 11.80 96.6 97.9 97.7 10.3 13.80 1.03 17.09 22.93 1.38 18.85 0.00 3.92 0.00 -9.39
Sector Average     9.74 10.95 97.3     9.1   0.98 1.79 5.24 -5.76 2.88   -0.41   -10.41
With the 10 Treasury at 2.16% and sector average yield on Q2 dividends at 9.74% - the spread is 759 bps.
The cap weighted ETN BDCS has a price change of -0.75% year to date - with dividends its total return is 3.16%.
The SPY or S&P 500 EFT is 9.23% year to date. - and with unreinvested dividends is 9.70% year to date.
BDC Earnings Growth & P/E Ratios 06-02

Fiscal and calendar years are not in sync. BDCs than began fiscal 2017 on or before calendar Q4-16 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. Almost all EPS projections are from Yahoo Finance. I lack 2018 analyst projections for OFS, OHAI and TPVG.

  Earnings / Share Earn. Growth P/E Ratios Current Fiscal Year
Co. 2012 2013 2014 2015 2016 2017 2018 15to16 16to17 17to18 2016 2017 2018 High Low Range Yr End
ABDC 0.00 0.00 0.86 1.43 1.57 1.42 1.49 9.79% -9.55% 4.93% 8.41 9.30 8.86 1.46 1.39 4.93% Dec
ACSF 0.00 0.00 0.38 1.29 1.25 1.17 1.17 -3.10% -6.40% 0.00% 10.36 11.07 11.07 1.17 1.17 0.00% Dec
AINV 0.83 0.83 0.91 0.82 0.84 0.63 0.64 2.44% -25.00% 1.59% 7.63 10.17 10.02 0.72 0.59 20.63% Mar
ARCC 1.65 1.64 1.43 1.54 1.61 1.48 1.66 4.55% -8.07% 12.16% 10.45 11.37 10.14 1.58 1.41 11.49% Dec
BKCC 1.00 0.78 0.91 0.97 0.98 0.83 0.88 1.03% -15.31% 6.02% 7.97 9.41 8.88 0.85 0.82 3.61% Dec
CMFN 0.00 0.00 1.17 1.48 1.29 1.14 1.07 -12.84% -11.63% -6.14% 8.10 9.17 9.77 1.14 1.13 0.88% Jun
CPTA 0.00 0.00 1.54 1.66 1.84 1.57 1.62 10.84% -14.67% 3.18% 7.40 8.67 8.40 1.70 1.44 16.56% Dec
FDUS 1.54 1.54 1.62 1.64 1.46 1.54 1.62 -10.98% 5.48% 5.19% 11.76 11.15 10.60 1.58 1.52 3.90% Dec
FSC 1.07 1.01 0.99 0.75 0.70 0.57 0.60 -6.67% -18.57% 5.26% 5.89 7.23 6.87 0.58 0.55 5.26% Sep
FSFR 0.00 0.00 0.96 0.96 0.82 0.74 0.76 -14.58% -9.76% 2.70% 9.51 10.54 10.26 0.80 0.80 0.00% Sep
FSIC 0.00 0.00 0.80 0.92 0.85 0.86 0.83 -7.61% 1.18% -3.49% 10.82 10.70 11.08 0.90 0.82 9.30% Dec
GAIN 0.62 0.68 0.73 0.75 0.75 0.74 0.71 0.00% -1.33% -4.05% 12.37 12.54 13.07 0.73 0.69 5.41% Mar
GARS 0.00 1.28 1.31 1.79 1.21 1.11 1.01 -32.40% -8.26% -9.01% 7.34 8.00 8.79 1.26 1.06 18.02% Dec
GBDC 1.15 1.29 1.26 1.26 1.27 1.25 1.28 0.79% -1.57% 2.40% 15.78 16.03 15.66 1.28 1.24 3.20% Sep
GLAD 0.91 0.88 0.87 0.84 0.85 0.84 0.85 1.19% -1.18% 1.19% 11.58 11.71 11.58 0.84 0.84 0.00% Sep
GSBD 0.00 0.00 1.77 2.04 2.14 1.96 2.02 4.90% -8.41% 3.06% 10.47 11.43 11.09 2.05 1.94 5.61% Dec
  Earnings / Share Earn. Growth P/E Ratios Current Fiscal Year
Co. 2012 2013 2014 2015 2016 2017 2018 15to16 16to17 17to18 2016 2017 2018 High Low Range Yr End
HCAP 0.00 0.00 1.34 1.36 1.60 1.36 1.39 17.65% -15.00% 2.21% 8.16 9.60 9.40 1.38 1.35 2.21% Dec
HRZN 1.41 1.39 1.11 1.25 1.46 1.15 1.18 16.80% -21.23% 2.61% 7.62 9.68 9.43 1.22 1.09 11.30% Dec
HTGC 0.97 1.23 1.13 1.04 1.24 1.25 1.40 19.23% 0.81% 12.00% 10.56 10.47 9.35 1.29 1.20 7.20% Dec
KCAP 0.89 0.91 0.97 0.65 0.51 0.39 0.40 -21.54% -23.53% 2.56% 6.61 8.64 8.42 0.40 0.37 7.69% Dec
MAIN 2.01 2.02 2.20 2.18 2.24 2.24 2.30 2.75% 0.00% 2.68% 17.20 17.20 16.75 2.28 2.16 5.36% Dec
MCC 1.31 1.53 1.58 1.27 0.96 0.72 0.77 -24.41% -25.00% 6.94% 6.35 8.47 7.92 0.80 0.66 19.44% Sep
MRCC 0.00 1.16 1.55 1.60 1.61 1.46 1.58 0.63% -9.32% 8.22% 9.74 10.74 9.92 1.50 1.39 7.53% Dec
NMFC 1.35 1.52 1.41 1.39 1.36 1.36 1.40 -2.16% 0.00% 2.94% 10.88 10.88 10.57 1.37 1.34 2.21% Dec
OFS 0.65 0.62 0.99 1.40 1.46 1.40 1.48 4.29% -4.11% 5.71% 9.71 10.13 9.58 1.52 1.34 12.86% Dec
OHAI 0.55 0.64 0.61 0.37 0.32 0.37 0.43 -13.51% 15.62% 16.22% 4.38 3.78 3.26 0.37 0.37 0.00% Dec
PSEC 1.63 1.57 1.19 1.03 0.96 0.88 0.87 -6.80% -8.33% -1.14% 8.38 9.14 9.24 0.90 0.86 4.55% Jun
PFLT 1.01 1.10 1.12 1.08 1.09 1.10 1.18 0.93% 0.92% 7.27% 12.95 12.84 11.97 1.13 1.08 4.55% Sep
PNNT 1.08 1.01 1.06 1.10 0.97 0.85 0.81 -11.82% -12.37% -4.71% 7.91 9.02 9.47 0.89 0.82 8.24% Sep
SAR 1.86 1.86 1.85 1.80 2.04 1.74 1.74 13.33% -14.71% 0.00% 10.98 12.87 12.87 1.74 1.74 0.00% Dec
SCM 0.00 1.34 1.34 1.33 1.39 1.30 1.40 4.51% -6.47% 7.69% 10.12 10.82 10.04 1.36 1.22 10.77% Dec
SLRC 2.20 1.89 1.56 1.52 1.68 1.67 1.82 10.53% -0.60% 8.98% 12.93 13.01 11.94 1.76 1.63 7.78% Dec
SUNS 1.31 1.18 1.20 1.33 1.42 1.41 1.43 6.77% -0.70% 1.42% 11.89 11.98 11.81 1.43 1.40 2.13% Dec
TCAP 2.16 2.25 2.08 2.16 1.61 1.75 1.89 -25.46% 8.70% 8.00% 11.25 10.35 9.59 1.81 1.70 6.29% Dec
TCPC 1.81 1.63 1.56 1.63 1.50 1.53 1.58 -7.98% 2.00% 3.27% 11.38 11.16 10.80 1.57 1.47 6.54% Dec
TCRD 1.38 1.45 1.42 1.41 1.35 1.12 1.15 -4.26% -17.04% 2.68% 7.45 8.98 8.75 1.15 1.10 4.46% Dec
TICC 1.12 1.04 1.05 0.73 0.39 0.63 0.54 -46.58% 61.54% -14.29% 18.31 11.33 13.22 0.70 0.46 38.10% Dec
TPVG 0.00 0.00 1.30 1.44 1.47 1.53 1.48 2.08% 4.08% -3.27% 8.97 8.62 8.91 1.58 1.47 7.19% Dec
TSLX 1.36 1.66 2.07 1.77 1.83 1.80 1.78 3.39% -1.64% -1.11% 11.39 11.58 11.71 1.83 1.76 3.89% Dec
WHF 0.00 1.28 1.14 1.48 1.47 1.47 1.45 -0.68% 0.00% -1.36% 9.69 9.69 9.83 1.49 1.42 4.76% Dec
BDC Average           -3.02 -5.11 2.51 10.02 10.49 10.27     7.35