Yield in the spreadsheet below is based on the Q2-19 '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 Q2-19 dividend from the Q2-18 dividend; the change in NAV between Q1-19 and Q1-18; the percentage change in the Q2-19 dividend from the Q2-15 dividend; the change in NAV between Q2-19 and Q2-15 and the change in NII from actual 2016 to projected 2019. Special dividends (paid by CGBD, GBDC, MAIN + TSLX) are not included in this data.
|The 10 Treasury began 2019 at 2.69% and sector average yield on Q4 dividends began 2019 at 11.55% - the spread was 886 bps.|
|With the 10 Treasury at 2.05% and sector average yield on Q2 dividends at 9.69% - the spread is 764 bps.|
|The cap weighted ETN BDCS has a price change of 11.19% year to date - with dividends its total return is 16.12%.|
|The SPY or S&P 500 EFT is 18.94% year to date. - and with unreinvested dividends is 20.00% year to date.|