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Dividend Increases For The High-Yield BDC Sector, Part 3: TPG Specialty Lending

Published Mon, 18 Feb 2019 08:00:00 -0500 on Seeking Alpha

Business development companies, or BDCs, are almost halfway through reporting calendar year-end results, and this article discusses some of the items that investors should be watching when TPG Specialty Lending (TSLX) reports later this week.
Sources: SEC filings and bdcbuzz.com.
Part 2 Follow-Up: The previous article "Dividend Increases For The High-Yield BDC Sector: Part 2" predicted an increase in the amount of dividends paid in 2019 for Ares Capital (ARCC). Subsequently, ARCC declared additional dividends totaling $0.08 per share for 2019, to be distributed in four consecutive quarterly payments of $0.02 per share per quarter as well as a first-quarter dividend of $0.40 per share, an increase of $0.01 per share over the prior dividend. Kipp deVeer, ARCC CEO (from this press release):
Our strong fourth quarter results concluded a great year for ARCC in which we increased annual core earnings 21% over last year, generated record net realized gains, fully covered our dividends from core earnings and grew book value per share for another year. With the strength in our core earnings, the stability in our non-accruals and rotation of the American Capital acquired portfolio largely completed, we increased our Q1-19 quarterly dividend to $0.40 per share and declared additional dividends totaling $0.08 per share for 2019 to be paid evenly over the next four quarters.
In December 2018, I purchased additional shares of multiple "oversold" higher-quality BDCs with... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
THL CREDIT 6.51   0.0 -0.51 0.84 12.84
MONROE CAPITAL 11.58   20.0 0.58 1.40 12.22
PENNANTPARK INVESTMENT 6.36   14.1 0.45 0.72 11.41
PROSPECT CAPITAL 6.54   10.9 0.60 0.72 11.34
KOHLBERG CAPITAL 3.75   0.0 -0.25 0.40 11.05
APOLLO INVESTMENT 16.02   15.9 1.01 1.80 11.04
TCP CAPITAL 14.55   20.2 0.72 1.44 10.04
HERCULES TECH GROWTH CAP 12.83   9.0 1.42 1.28 10.02
OAKTREE SPECIALTY LENDING 4.90   0.0 -1.39 0.50 10.02
PENNANTPARK FLOATING RATE CAPITAL 11.63   29.1 0.40 1.14 9.83
FERRELLGAS PARTNERS LP 1.02   0.0 -2.13 0.10 9.62
GOLDMAN SACHS BDC 20.18   21.7 0.93 1.80 9.05
ARES CAPITAL 18.11   9.3 1.95 1.60 8.91
MEDLEY CAPITAL 2.43   0.0 -1.55 0.20 7.91
GOLUB CAPITAL BDC 17.67   14.5 1.22 1.28 7.27
GLADSTONE INVESTMENT 11.65   4.7 2.48 0.82 6.94
MAIN STREET CAPITAL 41.68   14.4 2.89 2.46 5.82
SPDR BARCLAYS CAPITAL HIGH YIELD BOND ETF 108.86   0.0 0.00 6.08 5.65
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND FUND 87.17   0.0 0.00 4.59 5.33

THL CREDIT - TCRD
THL CREDIT - TCRD  


Older articles featuring Thl Credit (TCRD):
10% Yielding New Mountain Finance Receives Fitch Rating
Dividend Increases For The High-Yield BDC Sector, Part 6: Gladstone Investment
Dividends By The Numbers For March 2019 And 2019-Q1
Apollo Investment: 12% Yield Supported By Improving Portfolio Quality
69 10%+ Dividend Yield WallStars Portend Ides Of March Fortunes
Dividend Increases For The High-Yield BDC Sector, Part 5: BlackRock TCP Capital
Strong Buy With 12% Yield With 30%+ Return Potential: TCG BDC
Dividend Increases For The High-Yield BDC Sector, Part 4: Main Street Capital
March Magic 10%-Plus Yield Dividend WallStars Flaunt Gains, Yields And Prices
Dividend Increases For The High-Yield BDC Sector: Part 2

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