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BDC Year To Date Stats 12/14/18

Yield in the spreadsheet below is based on the Q4-18 '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 debt 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 Q4-18 dividend from the Q4-17 dividend; the change in NAV between Q3-18 and Q3-17; the percentage change in the Q4-18 dividend from the Q4-15 dividend; the change in NAV between Q3-18 and Q3-15 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.

Earnings history and Price/NII multiples

The above data is provided to help you digest the meaning in the two following data parsing groups.

First parsing -

The Importance of NAV Growth in 2018 The following companies had NAVs that rose since Q3-17 - the NAV these BDCs had at the start of 2018: ARCC , CMFN , FDUS , GAIN , GBDC , HTGC , MAIN , PSEC , PNNT , SAR , SCM , SLRC , OXSQ , TPVG , TSLX and WHF. Their mean price change since the beginning of 2018 is -3.09%. Their mean total return for the year is 6.51% - and 13 of the 16 beat the sector median yearly price change. Their mean price/NAV ratio is 93.28 - their mean yield is 9.93% - and their mean Price/NII ratio is 10.18. Their mean Dividend/NII ratio is 97.61%. Their mean Q3-18 NII/TII ratio is 43.45%.

The following companies had shrinking NAVs of less than 2%: GLAD , GSBD , HRZN , NMFC and PFLT. Their mean price change since the beginning of 2018 is -7.29%. Their mean total return for the year is 1.97% - and 3 of the 5 beat the sector median yearly price change. Their mean price/NAV ratio is 97.62 - their mean yield is 9.96% - and their mean Price/NII ratio is 10.82. Their mean Dividend/NII ratio is 107.08%. Their mean Q3-18 NII/TII ratio is 50.59%.

The following companies had shrinking NAVs of more than 2%: ABDC , AINV , BKCC , CCT , CGBD , CPTA , OCSL , OCSI , FSIC , GARS , HCAP , KCAP , MCC , MRCC , OFS , OHAI , TCPC and TCRD. Their mean price change since the beginning of 2018 is -15.67%. Their mean total return for the year is -5.61% - and 5 of the 18 beat the sector median yearly price change. Their mean price/NAV ratio is 70.06 - their mean yield is 12% - and their mean Price/NII ratio is 9.3. Their mean Dividend/NII ratio is 107.63%. Their mean Q2-18 NII/TII ratio is 41.32%.

Second parsing -

The Importance of Intra-Year EPS Projections The following companies had 2018 EPS projections that increased since the beginning of the year: ARCC , CGBD , CMFN , FSIC , GBDC , GSBD , HRZN , MAIN , MRCC , OFS , PSEC , PNNT , SAR , SLRC , TCPC , TCRD , OXSQ , TPVG and TSLX. Their mean price change for the year is -7.99%. Their mean total return for the year is 1.77% - and 14 of the 19 beat the sector median yearly price change. Their mean accuracy rating is 2.24. Their mean price target change is -1.41%. Their mean weighted average yield is 11.19%. Their mean LTM NAV change is -0.42%. Their mean LTM NII/TII ratio is 50.32%.

The following companies had 2018 EPS projections that have not changed since the beginning of the year: none

The following companies had 2018 EPS projections that fell less than 5% since the beginning of the year: GARS , GLAD , NMFC , SCM and SUNS. Their mean price change for the year is -7.63%. Their mean total return for the year is 2.63% - and 3 of the 5 beat the sector median yearly price change. Their mean accuracy rating is 1.8. Their mean price target change is 1.19%. Their mean weighted average yield is 10.62%. Their mean LTM NAV change is -0.54%. Their mean LTM NII/TII ratio is 48.15%.

The following companies had 2018 EPS projections that fell more than 5% since the beginning of the year: ABDC , AINV , BKCC , CCT , CPTA , FDUS , OCSL , OCSI , GAIN , HCAP , HTGC , KCAP , MCC , OHAI , PFLT and WHF. Their mean price change for the year is -11.80%. Their mean total return for the year is -2.3% - and 4 of the 16 beat the sector median yearly price change. Their mean accuracy rating is 3.13. Their mean price target change is -7.94%. Their mean weighted average yield is 10.59%. Their mean LTM NAV change is -0.91%. Their mean LTM NII/TII ratio is 39.59%.