BDC Premium Reports Only:

(see details below)

BDC Google Sheets &

Premium Reports

BDC 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, make updated recommendations before markets open the next day. These reports include:

  • Recommendation Categories:  After investors have identified BDCs that fit their risk profile, I categorize investors' needs for each BDC holding using the following:
  • My Personal BDC Positions

  • New BDCs Added to Coverage


  • Pricing for Premium Reports Only
New Subscriber Options:
Email to send account info:

  • A - This is for investors that do not currently have a meaningful position in a certain BDC and would like to "dip their toe in" with a starter position and then continue to buy more on the dips. I suggest buying a small amount of shares closer to its target price.

  • B - This is for investors that already have smaller positions and would like to grow them to a proper allocation for a diversified portfolio. I suggest adding to these positions at prices closer to 5% below its target price as I recently did with TCP Capital (TCPC) due to favorable pricing during its recent equity offering as discussed in "TCPC Equity Offering: Is It Still A Buy?".

  • C - This is for investors that already have full positions and would likely only add at opportunistic prices of around 10% below target prices. Active traders might choose to sell these shares for capital gains at a later date to re-balance the portfolio.
BDC research and analysis

Please allow up to 24 hours (on weekends and holidays) to receive information to access all reports or links and email me directly if you have questions:

  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
New Subscriber Options:
Email to send account info:

BDC Google Sheets Only:

(see details below)

  • Special Reports - Address specific issues or provide general rankings and side-by-side analysis:

(includes monthly renewal option)

New BDC Sheets Subscriber Options:
Email to send account info:
  • 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 September 30, 2017 (includes all reports from previous quarter)
  • $175 for all reports through December 31, 2017
  • $250 for all reports through June 30, 2018

There are currently around 40 reports available including full analysis for 22 BDCs (currently AINV, ARCC, FDUS, FSC, FSIC, GBDC, GLAD, GSBD, HTGC, MAIN, MCC, MRCC, NMFC, PFLT, PNNT, PSEC, SUNS, TCAP, TCPC, TCRD, TPVG, and TSLX).

BDC Google Sheets:

  • Sample View: Currently there are worksheets showing the Suggested BDC Portfolios and BDC Ranking Tiers discussed above. I will be adding other worksheets in the coming weeks. BDC pricing can be volatile and Google Sheets tracks real-time changes to pricing compared to my target prices so that investors can make quick decisions.

Suggested BDC Portfolios

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

Overall BDC Rankings Tiers

  • 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 Levels

  • 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
  • Portfolio vintage analysis

Interest Rate Sensitivity Comparison

  • Compares the impact to each BDC for 100, 200, 300 basis point rate increases