General BDC Research

This is a page that I will continue to update and organize the 350+ articles on Seeking Alpha so that readers can find information on BDCs.  I will be going through my articles and adding so please check back frequently.The following chart shows my current suggested portfolios from the BDC Reports.

• Index to BDC Articles

Other Links: 

• BDC Rankings & Pricing Charts  
• Focus Articles for Each BDC 
• Free Monthly Newsletter (BDC stock only)
• Free Baby Bond Newsletter (BDC Baby Bonds only)

Most Recent: 

• Higher Yield BDCs Continue To Pull Back (6-6-17)
• Baby Bonds For BDCs: Price Stability (6-1-17)
• Building A Higher Yield BDC Portfolio: Part 1 (5-23-17)
• Will The High-Yield BDC Sector Outperform The S&P 500 In 2017? (5-15-17)
• Yields Are Finally Rising for BDCs (5-11-17)
• Prospect Capital: Downgrade (5-10-17)
• HTGC: External Management Analysis (5-8-17)
• Issues And Opportunities For BDCs: Q1 2017 Earnings Season (4-27-17)
• Will The BDC Sector Continue Higher? (4-24-17)
• TCPC Equity Offering: Is It Still A Buy? (4-23-17)
• Investing In BDCs And Why Timing Matters: Part 4 (4-19-17)
• Yield Compression & Dividend Cuts for BDCs (4-18-17)
• BDC Total Returns Continue To Beat S&P 500 Since 2014 (4-12-17)
• Assessing Dividend Coverage For The BDC Sector: Part 2 (3-29-17)
• Investing In High-Yield BDCs And Why Timing Matters: Part 3 (3-17-17)
• Rising Interest Rates: Good or Bad for BDCs? (3-15-17)

BDC Fee Structures & Operating Expenses:

• HTGC: External Management Analysis (5-8-17)
• Reach For Yield Part 2: BDC Risk Profiles (10-29-16)
• The Need to Reach For Yield: BDC Expense Ratios (10-27-16)
• BDC Borrowing Rates (7-12-16)
• BDC Fee Ratios & Reductions (5-2-16)
• BDC Expense Ratios For Q3 2015 (11-30-15)
• Investor Activism Continues In The BDC Sector: Part 1 (11-19-15)
• BDC Expense Ratios For 2015 (10-30-15)
• FSC: Will Management Do the Right Thing? (7-30-15)
• High Water Mark Fee Structures Provide Higher Returns (6-18-15)
• Fee Structures vs. Total Returns (6-15-15)
• HTGC: Increased Operating Expenses (5-13-15)
• FSC: Management Fees & NAV Declines (5-12-15)
• PSEC: Higher Fees Driving NAV Declines (5-6-15)
• BDC Expenses vs. Portfolio Yield (2-23-15)
• FSC Dividend & BDC Expenses (2-17-15)
• Top 10 BDC Issues For 2015: Dividend Coverage & Expenses (12-17-14)
• BDC Expense Ratios for Q3 2014 (11-18-14)
• Required Return for BDCs (11-4-14)
• BDC Expenses & Dividend Coverage (11-3-14)
• Management Fees as a % of Assets and Income (11-4-13) 
• Management Fees for Externally Managed BDCs (11-3-13)

Baby Bonds:

• Baby Bonds For BDCs: Price Stability (6-1-17)
• Rising Yields for BDC Baby Bonds (11-21-16)
• BDC Borrowing Rates And Potential Baby Bond Redemptions (7-12-16)
• Free Baby Bond Newsletter (BDC Baby Bonds only)
• Higher Yield Alternatives To Junk Bonds With Less Volatility (7-7-16)
• BDC Bond Vs. Stock Total Returns (7-6-16)
• Which High-Yield BDCs are Ready to Rally? (6-28-16)
• BDC NAV Changes Driving Bifurcation & Current Yields (6-20-16)
• BDC Effective Leverage Ratios & Continued Bifurcation (6-15-16)
• BDC Baby Bond Yields: Part 2 (6-10-16)
• BDC Interest Coverage Ratios: Part 1 (6-7-16)
• Baby Bonds for BDCs: Set to Rise? (3-14-16)

Rising Interest Rates:

• Rising Interest Rates: Good or Bad for BDCs? (3-15-17)
• Yield Curve & BDCs (1-12-17)
• HTGC: Already Benefiting From Rising Interest Rates (4-18-16)
• Baby Bonds for BDCs: Set to Rise? (3-14-16)
• Is The BDC Sector in Oversold Territory With An Average Yield of 11.5%? (9-21-15)
• PSEC: Rising Interest Rates Could Drive Lower Earnings And NAV (8-24-15)
• Top 10 BDC Issues For 2015: Oil, Interest Rates & Economy (1-27-15)
• Top 10 BDC Issues For 2015: Share Issuances & Rising Rates (12-23-14)
• Is Prospect Capital Ready for Rising Rates? (8-13-14)
• Rising Interest Rates & BDCs: Part 2 (8-6-14)
• Rising Interest Rates & BDCs: Part 1 (8-4-14)
• Ares Capital And Rising Rates

Risk Profiles:

• Assessing Risk for the BDCs: Upcoming Credit Downgrades (3-1-17)
• Assessing Risk for the High-Yield BDC Sector (1-26-17)
• Reaching For Yield Part 3: BDC Risk Profiles (12-8-16)
• Reach For Yield Part 2: BDC Risk Profiles (10-29-16)
• The Need to Reach For Yield: BDC Risk Profiles (10-27-16)
• Oil Exposure: BDC Risk Profiles (10-12-16)
• BDC Effective Leverage Ratios & Continued Bifurcation (6-15-16)
• BDC Leverage & Baby Bonds (6-7-16)
• BDCs & 7 Years of 20% Annual Returns (4-29-16)
• Which BDCs Are Attracting Institutional Investors In 2016? (4-22-16)
• Tax-Loss Harvesting History For BDCs (12-6-15)
• Investor Activism Continues In The BDC Sector: Part 1 (11-19-15)
• Is GLAD Still Looking Out For Shareholders? (10-27-15)
• Are BDCs Better Than Banks? Part 1 (10-21-15)
• Are BDCs Rebounding or Just a Dead Cat Bounce? (10-7-15)
• FSC: Will Management Do the Right Thing? (7-30-15)
• BDCs at 52-Week Lows Before Q2 2015 Earnings (7-28-15)
• BDC Volatility For 2015: Part 1 (7-8-15)
• High Water Mark Fee Structures Provide Higher Returns (6-18-15)
• GLAD: NAV Declines & Oil Exposure (5-11-15)
• TICC: CLO Exposure Driving Lower Returns (5-4-15)
• PNNT: NAV Growth vs. Oil Exposure (5-1-15)
• Prospect Capital: Oil, Energy & CLO Exposure (1-29-15)
• Top 10 BDC Issues For 2015: Oil, Interest Rates & Economy (1-27-15)
• Top 10 BDC Issues For 2015: Survey Results Part 1 (1-22-15)
• Oil & Energy Exposure for BDCs (1-20-15)
• Top 10 BDC Issues For 2015: Recent Positive Trends (1-14-15)
• Top 10 BDC Issues For 2015: Insider & Institutional Ownership (1-12-15)
• Top 10 BDC Issues For 2015: Pricing & Valuations (1-7-15)
• Top 10 BDC Issues For 2015: Total Return & NAV Growth (1-5-15)
• Total Returns for BDCs in 2014 (12-31-14)
• Top 10 BDC Issues For 2015: Share Issuances & Rising Rates (12-23-14)
• Top 10 BDC Issues For 2015: Dividend Coverage & Expenses (12-17-14)
• Required Return for BDCs (11-4-14)

Dividend Information:

• Prospect Capital: Dividend Coverage Analysis (5-10-17)
• FS Investment: Dividend Coverage Analysis (4-19-17)
• Yield Compression & Dividend Cuts for BDCs (4-18-17)
• Assessing Dividend Coverage For The BDC Sector: Part 2 (3-29-17)
• TPVG: Q4 2016 Dividend Coverage Analysis (3-17-17)
• Assessing Dividend Coverage For The BDC Sector (1-23-17)
• TCRD: Dividend Coverage Assessment (12-15-16)
• PSEC: Projected Dividend Coverage FQ1 2017 (11-6-16)
• PSEC: Harbortouch to the Rescue (8-29-16)
• PSEC: Declining Distributable Income (8-22-16)
• Upcoming Dividend Cuts For BDCs: Part 3 (8-12-16)
• Dividend Coverage for BDCs: Q2 2016 (8-2-16)
• Upcoming Dividend Cuts For BDCs: Part 2 (7-27-16)
• Upcoming Dividend Cuts For BDCs: Part 1 (7-19-16)
• Upcoming Dividend Cuts For BDCs: Introduction (7-14-16)
• PSEC Projected Dividend Coverage for Q1 2016 (11-4-15)
• Historical Dividend Yields & Total Returns (4-6-15)
• Dividend Coverage Comparison for Q4 2014 (3-2-15)
• TICC Capital: Dividend Stress Test (2-25-15)
• Dividend Reductions For BDCs in 2015? (2-24-15)
• MCC: Dividend Stress Test (2-19-15)
• FSC: Updated Dividend Stress Test (2-17-15)
• Current Dividends & Frequency (2-13-15)
• PSEC: Dividend Coverage Stress Test (2-6-15)
• BDC Growth Potential Vs. Dividend Coverage (11-15-14)
• Required Return for BDCs (11-4-14)
• BDC Expenses & Dividend Coverage (11-3-14)
• Yield Compression & Dividend Coverage (10-28-14)
• Dividend Coverage Series (18 part series)
• Special Dividend BDCs For Q3 2014 (7-18-14)
• Dividend Growth BDCs For Q3 2014 (7-15-14)
• Historical & Potential Dividend Coverage (7-7-14)

Pricing: 

• Building A Higher Yield BDC Portfolio: Part 1 (5-23-17)
• Yield-Based Pricing For BDCs (2-13-17)
• Pricing For The High-Yield BDC Sector: Part 4 (2-12-17)
• Pricing For The High-Yield BDC Sector: Part 3 (1-26-17)
• Pricing For The High-Yield BDC Sector: Part 2 (1-23-17)
• Pricing For The High-Yield BDC Sector: Part 1 (11-17-16)
• Pricing For The High-Yield BDC Sector: An Introduction (9-28-16)
• Which High-Yield BDCs are Ready to Rally? (6-28-16)
• High-Yield BDC Pricing: Q1 2016 (2-23-16)
• Are BDCs at Another Buying Point? (2-10-16)
• BDC Buzz Begins 2016 Purchases (1-23-16)
• FSC: When to Sell? (1-26-16)
• Fear & Greed For BDCs (1-18-16)
• Is This A Buying Opportunity For BDCs? (1-13-16)
• Stocking Stuffers: Discounted BDCs? (12-23-15)
• Tax-Loss Harvesting History For BDCs (12-6-15)
• Tax-Loss Selling or Continued Rally For BDCs? (12-3-15)
• Investor Activism Continues In The BDC Sector: Part 1 (11-19-15)
• Which BDCs Are Outperforming The S&P 500? (11-17-15)
• Are BDCs Rebounding or Just a Dead Cat Bounce? (10-7-15)
• High-Yield BDC Pricing: Q4 2015 (10-5-15)
• Are BDCs Priced to Move? (Part 1) (9-24-15)
• Is The BDC Sector in Oversold Territory With An Average Yield of 11.5%? (9-21-15)
• BDCs at 52-Week Lows Before Q2 2015 Earnings (7-28-15)
• Latest BDC Yields & NAV Multiples (6-30-15)
• High-Yield BDC Pricing: Q1 2015 (2-11-15)
• Top 10 BDC Issues For 2015: Pricing & Valuations (1-7-15)
• BDC Pricing for Q4 2014: Part 1 (10-1-14)
• BDC Pricing for Q4 2014: Part 2 (10-2-14)
• BDC Pricing for Q4 2014: Part 3 (10-6-14)
• BDC Pricing for Q4 2014: Part 4 (10-19-14) 
  

Total Returns:

• Higher Yield BDCs Continue To Pull Back (6-6-17)
• Will The High-Yield BDC Sector Outperform The S&P 500 In 2017? (5-15-17)
• BDC Total Returns Continue To Beat S&P 500 Since 2014 (4-12-17)
• Total Returns For BDCs In 2016 And General Market Update (1-12-17)
• BDCs Have Outperformed the S&P 500 Over the Last 8 Years (11-14-16)
• Total Returns for 2016 (11-2-16)
• BDCs Have Been Crushing the S&P 500 in 2016 (9-14-16)
• BDC Bond Vs. Stock Total Returns (7-6-16)
• BDC Total Returns Since 2014 (5-20-16)
• BDCs & 7 Years of 20% Annual Returns (4-29-16)
• Total Returns for BDCs: Q1 2016 (3-22-16)
• BDCs Continue to Surge (3-17-16)
• Will BDCs Continue To Outperform The S&P 500? (12-8-15)
• BDC Total Returns: October 2015 YTD (10-18-15)
• Why High Water Mark BDCs Have Higher Returns (6-18-15)
• Main Street Capital Continues To Outperform All Other BDCs (6-16-15)
• Fee Structures vs. Total Returns (6-15-15)
• Updated Total Returns & PSEC Rights Offerings (6-2-15)
• KCAP: What Comes Next? (5-18-15)
• HTGC: Potential for Higher Returns? (5-13-15)
• FSC: Management Fees & Lower Returns (5-12-15)
• GLAD: NAV Declines Driving Lower Returns (5-11-15)
• PSEC: Higher Fees Driving Lower Returns (5-6-15)
• TICC: CLO Exposure Driving Lower Returns (5-4-15)
• PNNT: Oil Exposure & Recent Returns (5-1-15)
• PSEC: NAV Declines & Dividend Cuts for Lower Returns? (4-23-15)
• TCAP: NAV Growth for Higher Returns? (4-22-15)
• ARCC: NAV Growth for Higher Returns (4-16-15)
• BDC Total Returns Q1 2015: Part 3 (4-14-15)
• BDC Total Returns Q1 2015: Part 2 (4-8-15)
• BDC Total Returns Q1 2015: Part 1 (4-6-15)
• BDC Buzz Report: April 2015 (4-1-15)
• Higher-Priced BDCs Continue to Deliver Higher Returns (2-16-15)
• Top 10 BDC Issues For 2015: Total Return & NAV Growth (1-5-15)
• Total Returns for BDCs in 2014 (12-31-14)
• Total Returns for BDC Portfolios: November (11-17-14)
• Total Return Pricing & Portfolios (7-24-14)
• Projected BDC Returns for Q3 2014 (7-23-14)

 Oil & Energy Exposure:

• Oil Exposure: BDC Risk Profiles (10-12-16)
• Is GLAD Still Looking Out For Shareholders? (10-27-15)
• Are BDCs Rebounding or Just a Dead Cat Bounce? (10-7-15)
• BDCs at 52-Week Lows Before Q2 2015 Earnings (7-28-15)
• GLAD: NAV Declines & Oil Exposure (5-11-15)
• PNNT: NAV Growth vs. Oil Exposure (5-1-15)
• Prospect Capital: Oil, Energy & CLO Exposure (1-29-15)
• Top 10 BDC Issues For 2015: Oil, Interest Rates & Economy (1-27-15)
• Oil & Energy Exposure for BDCs (1-20-15)

Insider & Institutional Ownership:

• Are High-Yield Retail Investors Starting To Take Profits? (9-12-16)
• Which BDCs Are Attracting Institutional Investors In 2016? (4-22-16)
• Investor Activism Continues In The BDC Sector: Part 1 (11-19-15)
• Insider Buying for BDCs: Q3/Q4 2015 (10-28-15)
• Top 10 BDC Issues For 2015: Insider & Institutional Ownership (1-12-15)
• Institutional Ownership Changes for BDCs (11-26-14)
• Institutional Ownership & The Russell Indices (4-8-14)
• Insider & Institutional Ownership (5-24-13)

General Market Update:  

• Higher Yield BDCs Continue To Pull Back (6-6-17)
• Baby Bonds For BDCs: Price Stability (6-1-17)
• Building A Higher Yield BDC Portfolio: Part 1 (5-23-17)
• Will The High-Yield BDC Sector Outperform The S&P 500 In 2017? (5-15-17)
• Yields Are Finally Rising for BDCs (5-11-17)
• Issues And Opportunities For BDCs: Q1 2017 Earnings Season (4-27-17)
• Will The BDC Sector Continue Higher? (4-24-17)
• Investing In BDCs And Why Timing Matters: Part 4 (4-19-17)
• Yield Compression & Dividend Cuts for BDCs (4-18-17)
• BDC Total Returns Continue To Beat S&P 500 Since 2014 (4-12-17)
• Investing In BDCs And Why Timing Matters: Part 3 (3-17-17)
• Rising Interest Rates: Good or Bad for BDCs? (3-15-17)
• Increased Volatility For The BDC Sector (3-10-17)
• Assessing Risk for the BDCs: Upcoming Credit Downgrades (3-1-17)
• High-Yield ETFs Vs. BDCs: Yield Spreads (2-23-17)
• New 52-Week Highs For The High-Yield BDC Sector (2-12-17)
• Total Returns For BDCs In 2016 And General Market Update (1-12-17)
• Investing In High-Yield BDCs And Why Timing Matters: Part 2 (12-15-16)
• Investing In High-Yield BDCs And Why Timing Matters: Part 1 (12-12-16)
• BDCs Have Outperformed the S&P 500 Over the Last 8 Years (11-14-16)
• The High-Yield BDC Sector Is Finally Pulling Back (11-2-16)
• Reach For Yield Part 2: BDC Risk Profiles (10-29-16)
• The Need to Reach For Yield: BDC Risk Profiles (10-27-16)
• High-Yield Bond Funds Are Getting Crushed By Higher Yield BDCs (10-19-16)
• Oil Exposure: BDC Risk Profiles (10-12-16)
• REITs Are Getting Crushed by BDCs (10-6-16)
• Pricing For The High-Yield BDC Sector: An Introduction (9-28-16)
• Are High-Yield Retail Investors Starting To Take Profits? (9-12-16)
• Higher Quality BDCs: Monroe Capital (9-6-16)
• Dividend Coverage for BDCs: Q2 2016 (8-2-16)
• Which High-Yield BDCs are Ready to Rally? (6-28-16)
• BDC NAV Changes Driving Bifurcation & Current Yields (6-20-16)
• BDC Effective Leverage Ratios & Continued Bifurcation (6-15-16)
• BDC Interest Coverage Ratios: Part 1 (6-7-16)
• BDCs & 7 Years of 20% Annual Returns (4-29-16)
• Fitch Continues To Have A Narrow Focus For BDCs (4-26-16)
• Which BDCs Are Attracting Institutional Investors In 2016? (4-22-16)
• BDCs Are Blowing Away Bond Funds (4-15-16)
• Q1 2016 BDC Earnings Season Update (4-14-16)
• Which BDCs Will Outperform in 2016? (4-1-16)
• Total Returns for BDCs: Q1 2016 (3-22-16)
• BDCs Continue to Surge (3-17-16)
• Baby Bonds for BDCs: Set to Rise? (3-14-16)
• High-Yield BDC Pricing: Q1 2016 (2-23-16)
• Are BDCs at Another Buying Point? (2-10-16)
• BDC Buzz Begins 2016 Purchases (1-23-16)
• Fear & Greed For BDCs (1-18-16)
• Is This A Buying Opportunity For BDCs? (1-13-16)
• Stocking Stuffers: Discounted BDCs? (12-23-15)
• Will BDCs Continue To Outperform The S&P 500? (12-8-15)
• Tax-Loss Harvesting History For BDCs (12-6-15)
• Tax-Loss Selling or Continued Rally For BDCs? (12-3-15)
• Investor Activism Continues In The BDC Sector: Part 1 (11-19-15)
• Which BDCs Are Outperforming The S&P 500? (11-17-15)
• Are BDCs Better Than Banks? Part 1 (10-21-15)
• Are BDCs Rebounding or Just a Dead Cat Bounce? (10-7-15)
• High-Yield BDC Pricing: Q4 2015 (10-5-15)
• Are BDCs Priced to Move? (Part 1) (9-24-15)
• Is The BDC Sector in Oversold Territory With An Average Yield of 11.5%? (9-21-15)
• BDC Results For Q2 2015: So Far So Good (8-5-15)
• BDCs at 52-Week Lows Before Q2 2015 Earnings (7-28-15)
• BDC Volatility For 2015: Part 1 (7-8-15)
• Market Volatility & BDC Opportunity (6-30-15)
• Time to Buy Tech Focused BDCs? (6-25-15)
• Which BDCs to Buy After Selling PSEC? (6-18-15)
• Updated Total Returns & PSEC Rights Offerings (6-2-15)
• BDC Buzz Report: April 2015 (4-1-15)
• BDC Performance Since 2013 (2-8-15)
• Top 10 BDC Issues For 2015: Survey Results Part 2 (1-27-15)
• Top 10 BDC Issues For 2015: Survey Results Part 1 (1-22-15)
• Oil & Energy Exposure for BDCs (1-20-15)
• Top 10 BDC Issues For 2015: Recent Positive Trends (1-14-15)
• Top 10 BDC Issues For 2015: Insider & Institutional Ownership (1-12-15)
• Top 10 BDC Issues For 2015: Pricing & Valuations (1-7-15)
• Top 10 BDC Issues For 2015: Total Return & NAV Growth (1-5-15)
• Total Returns for BDCs in 2014 (12-31-14)
• Top 10 BDC Issues For 2015: Share Issuances & Rising Rates (12-23-14)
• Top 10 BDC Issues For 2015: Dividend Coverage & Expenses (12-17-14)
• Survey for Top 10 BDC Issues
• High-Yield BDCs Hit New Lows (12-15-14)
• Portfolio Yields for Q3 2014 (12-9-14)
• Tax-Loss Harvesting for BDCs (12-7-14)
• Current Dividends & Frequency (12-5-14)
• Institutional Ownership Changes for BDCs (11-26-14)
• Leverage & Interest Expense Coverage (11-24-14)
• BDC Expense Ratios for Q3 2014 (11-18-14)
• Total Returns for BDC Portfolios: November (11-17-14)
• BDC Results for Q3 2014 (11-16-14)
• BDC Growth Potential Vs. Dividend Coverage (11-15-14)
• BDC Market Update: Leverage (11-6-14)
• Required Return for BDCs (11-4-14)
• BDC Expenses & Dividend Coverage (11-3-14)
• BDC Market Update: Yield Compression (10-28-14)
• BDC Market Update: Introduction (10-27-14)

 Net Asset Values (NAV):

• Assessing Risk for the BDCs: Upcoming Credit Downgrades (3-1-17)
• MCC: Continued Credit Issues & Declining NAV (12-12-16)
• FSC: Continued Credit Issues Driving NAV Losses (11-30-16)
• BDC NAV Changes Driving Bifurcation & Current Yields (6-20-16)
• BDC Leverage & NAV Per Share Changes (4-26-16)
• Total Returns for BDCs: Q1 2016 (3-22-16)
• NAV Per Share Changes for Q4 2015 (3-1-16)
• PSEC: Upcoming NAV Declines (2-8-16)
• Fee Structures vs. NAV Declines (6-18-15)
• MAIN: Highest NAV Growth (6-16-15)
• HTGC: Continued NAV Growth? (5-13-15)
• FSC: Management Fees & NAV Declines (5-12-15)
• GLAD: NAV Declines & Oil Exposure (5-11-15)
• PSEC: Higher Fees Driving NAV Declines (5-6-15)
• TICC: CLO Exposure & NAV Declines (5-4-15)
• PNNT: NAV Growth vs. Oil Exposure (5-1-15)
• PSEC: NAV Declines & Dividend Cuts for Lower Returns? (4-23-15)
• TCAP: NAV Growth for Higher Returns? (4-22-15)
• AINV: NAV Stability from New Management? (4-20-15)
• ARCC: NAV Growth for Higher Returns (4-16-15)
• BDC NAV Growth & Total Returns Q1 2015 (4-8-15)
• BDC Buzz Report: April 2015 (4-1-15)
• Top 10 BDC Issues For 2015: Total Return & NAV Growth (1-5-15)
• Current NAV and growth rates
• BDC NAV Growth Potential (7-14-14)

Equity Offerings:

• TCPC Equity Offering: Is It Still A Buy? (4-23-17)
• New 52-Week Highs Driving Equity Offerings? (2-12-17)
• Equity Offerings & Cost of Capital (10-29-16)
• Is GLAD Still Looking Out For Shareholders? (10-27-15)
• Top 10 BDC Issues For 2015: Share Issuances & Rising Rates (12-23-14)
• Required Return for New Equity (11-4-14)
• Potential Equity Offerings For Q3 2014 (7-10-14)