This is the first spreadsheet I have produced that provides Q1-18 NAV numbers. The BDCs yet to report Q1-18 are AINV, CCT, GAIN, OHAI and SAR. That small group uses Q4-17 numbers for their NAV.
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Yield in the spreadsheet below is based on the Q2-18 '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, price plus dividends, consensus analysts earnings projections and price target YTD. For the last four columns - the first measures the percentage change in the Q2-18 dividend from the Q2-17 dividend; the change in NAV between Q4-17 and Q4-16; the percentage change in the Q2-18 dividend from the Q2-15 dividend; and the last measures the change in NAV between Q4-17 and Q4-14. For some BDCs - I will be using pre-IPO NAVs in that calculation. Special dividends (paid by CGBD, GBDC, MAIN + TSLX) are not included in this data.
|The 10 Treasury began 2018 at 2.405% and sector average yield on Q4 dividends began 2018 at 10.27% - the spread was 786 bps.|
|With the 10 Treasury at 2.97% and sector average yield on Q2 dividends at 10.31% - the spread is 786 bps.|
|The cap weighted ETN BDCS has a price change of -3.23% year to date - with dividends its total return is 0.78%.|
|The SPY or S&P 500 EFT is 2.24% year to date. - and with unreinvested dividends is 2.66% year to date.|
Disclosure: I am/we are long AINV, ARCC, FDUS, MAIN, MRCC, PFLT, PNNT, TCPC.