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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
FERRELLGAS PARTNERS LP 0.99   0.0 -2.13 0.00 40.41
MONROE CAPITAL 10.48   18.4 0.57 1.40 13.60
THL CREDIT 6.96   0.0 -0.86 0.84 12.09
PENNANTPARK INVESTMENT 6.32   21.8 0.29 0.72 11.32
KOHLBERG CAPITAL 3.75   0.0 -0.25 0.40 11.05
PROSPECT CAPITAL 6.71   16.8 0.40 0.72 10.76
APOLLO INVESTMENT 16.78   14.2 1.18 1.80 10.73
TCP CAPITAL 13.75   29.3 0.47 1.44 10.48
OAKTREE SPECIALTY LENDING 4.90   0.0 -1.39 0.50 10.02
PENNANTPARK FLOATING RATE CAPITAL 11.68   30.0 0.39 1.14 9.81
HERCULES TECH GROWTH CAP 13.26   10.0 1.32 1.28 9.55
GOLDMAN SACHS BDC 20.29   22.5 0.90 1.80 8.88
ARES CAPITAL 19.19   10.5 1.82 1.60 8.39
GOLUB CAPITAL BDC 18.55   15.7 1.18 1.28 6.89
GLADSTONE INVESTMENT 12.34   7.4 1.67 0.82 6.73
MEDLEY CAPITAL 2.61   0.0 -1.62 0.15 5.81
MAIN STREET CAPITAL 43.18   16.8 2.57 2.46 5.69
SPDR BARCLAYS CAPITAL HIGH YIELD BOND ETF 108.94   0.0 0.00 6.07 5.58
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND FUND 87.32   0.0 0.00 4.60 5.27

FERRELLGAS PARTNERS LP - FGP
FERRELLGAS PARTNERS LP - FGP  


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