BDC Stats 5/11/18

May 13, 2018 8:03 AM ETARCC, CCT, CGBD, MAIN, PSEC, TSLX15 Comments
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Dividend Investing, Growth At A Reasonable Price

Contributor Since 2011

I seek to liberate investors from the chains of borrowed opinions by teaching metric awareness that leads to the formation of your own opinions. I am a retail investor that gathers, processes and analyzes significantly more data than average. I share that data in my articles. I let the data do the talking. I am only taking dictation as the data tells its message.

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.

This message will also have a view count in the first comment "I read this". Please give that comment a "like". I can see the number of likes and know how many took advantage of looking at these numbers.

The numbers:

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.

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