• My Personal BDC Positions

  • New BDCs Added to Coverage
  1. Base case projections over the next three quarters
  2. Best and worst case projections
  3. Potential for dividend changes (increased/decreased) and/or special dividends
  4. Interest rate sensitivity analysis (100, 200, 300 basis points)
  5. Leverage and lower yield dividend coverage analysis (based on current capital structure)
  6. Future equity offering forecasts
  • Current holdings and allocations
  • Real-time announcements of changes to my portfolio
  • Potential upcoming purchases/sales and pricing
  • List of previous changes to my portfolio

  • Analysis for subscriber with pricing, projections, risk and returns before discussing in public articles

  • $125 for all reports through March 31, 2017 (includesall reports from previous quarter)
  • $175 for all reports through June 30, 2017
  • $220 for all reports through September 30, 2017
  • $250 for all reports through December 31, 2017

There are currently around 40 reports available including full analysis for 21 BDCs (currently AINV, ARCC, FDUS, FSC, FSIC, GBDC, GLAD, GSBD, HTGC, MAIN, MCC, MRCC, NMFC, PFLT, PNNT, PSEC, TCAP, TCPC, TCRD, TPVG, and TSLX).

Please allow up to 24 hours (on weekends and holidays) to receive information to access all reports and email me directly if you have questions: bdcbuzz@gmail.com

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Suggested BDC Portfolios

  • Risk averse
  • Total return
  • Recommended higher yield
  • High-yield

Overall BDC Rankings

  • Risk (portfolio credit quality and vintage, quality of management, historical credit and NAV performance, portfolio diversification, repayment exposure, rate sensitivity, effective leverage ratios, the "need to reach for yield" to sustain dividends)
  • Profitability (historical and projected dividend coverage, yield compression sustainability, prepayment potential, recurring vs. onetime income, PIK vs. cash, NII growth/decline, operation cost efficiency)
  • Return (regular and special dividends, sustainable and growing, NAV growth)
  • Valuation (NAV, earnings, growth rates, total return, appropriate yields)

Dividend Coverage Tiers

  • Base, best and worst case performance scenarios
  • Optimal leverage and portfolio yield analysis
  • Fee structures, operational and borrowing expenses
  • Historical performance

BDC Pricing & Charts

  • Appropriate yield for risk and dividend coverage levels
  • NAV and earnings multiples
  • Risk adjusted total returns

BDC Risk Profiles

  • Comparison of "true" first-lien
  • Exposure to oil/energy, CLOs, SLPs and subordinated debt
  • Reaching for yield vs. strong dividend coverage
  • Quality of management measures
  • Shareholder alignment and fee structures
  • Vintage analysis

Interest Rate Sensitivity Comparison

  • Compares the impact to each BDC for 100, 200, 300 basis point rate increases
  • Special Reports - Address specific issues or provide general rankings and side-by-side analysis:

Premium Reports:

  • Individual BDC Projections (12 to 30 pages) - Taking into account updated portfolio intelligence, operating results, latest debt and equity offerings as well as any preliminary results released by the company. I first focus on changes that might negatively impact dividend coverage and if needed turnaround the new information before markets open the next day with my personal recommendations. These reports include:

Premium reports (see detailed descriptions below):

  • Dividend sustainability and projections for each BDC
  • BDC rankings and pricing
  • Suggested BDC portfolios
  • My personal BDC holdings/allocations
  • BDC Risk Profiles
  • Interest rate sensitivity comparison
  • Pricing charts for each BDC with suggested 'buy pricing'
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Free monthly newsletter includes the following:

  • BDC market updates
  • Current BDC multiples and yields
  • Market trends: issues and opportunities
  • Previews for upcoming articles (sometimes)
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BDC Buzz

E-mail: bdcbuzz@gmail.com