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BDC YTD Stats 9/7/18

|Includes: Ares Capital (ARCC)
Summary

First stats with Q2 NAVs.

First Stats with Q2 PWAYs.

YTD NIIs have NOT been updated.

Alternative views (if stats are not large enough) will be posted on the Investor Village BDC board. That link is here.

Yield in the spreadsheet below is based on the Q3-18 '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 Q3-18 dividend from the Q3-17 dividend; the change in NAV between Q1-18 and Q1-17; the percentage change in the Q3-18 dividend from the Q3-15 dividend; the change in NAV between Q1-18 and Q1-15 and the change in NII from actual 2015 to projected 2018. Special dividends (paid by CGBD, GBDC, MAIN + TSLX) are not included in this data.

Yr to date 09-07-18

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 2.94% and sector average yield on Q2 dividends at 9.73% - the spread is 679 bps.
The cap weighted ETN BDCS has a price change of 0.14% year to date - with dividends its total return is 4.35%.
The SPY or S&P 500 EFT is 7.77% year to date. - and with unreinvested dividends is 8.65% year to date.

ACSF and TCAP have now been deleted from the coverage universe.

The Price/NII stats - with projections gathered from Yahoo Finance on 9/9/18.

Price to NII 9/07/18