CEF Advisors

7204 Glen Forest Drive, Suite #105 Richmond, Virginia 23226 USA   ♦   Toll-Free: (800) 356-3508 / Local: (804) 288-2482    ♦   www.CEFadvisors.com   ♦   Contact@CEFadvisors.com

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KCAP Financial, Inc. (KCAP)

BDC - Debt Focused

Data as of Dec. 14, 2018
Market Price $2.95 (- $0.02)
NAV (Sept. 30, 2018) $4.66 ( $0.00)
Premium / Discount -36.70% (-0.43%)
Fund Info
Inception Dec. 12, 2006
Sponsor KCAP Financial
Website www.kcapfinancial.com/...
Phone 212-455-8300
Objective: Current income and capital appreciation; debt and equity-related investments
Related Indexes
High Income Index
Capital & Leverage
Outstanding Shares 37,366,953
Total Assets (Reported: Sept. 30, 2018) $279M
Estimated Total Assets $277M
Net Assets $174M
Market Cap $110M
Debt-to-Equity 0.5965
Total Leverage 37.08%
Structural Leverage (out of total) 100.00%
Portfolio Leverage (out of total) 0.00%
Expense Ratio 9.46%
Non Lev Exp Ratio 5.25%
Gross Asset Expense Ratio 6.01%
Gross Asset Non Lev Exp Ratio 3.34%
Rel Lev Cost 7.22%
Discount Data
Average Discount (3 Yr) -31.22%
Discount Low(3 Yr) -53.95%
Discount High(3 Yr) -10.78%
Discount Rel Range 39.97%
Comp Discount -21.09
Discount St Dev (1Yr) 2.44
Z-Stat (6mo) -2.23
Z-Stat (1Yr) -1.52
Z-Stat (3Yr) -0.79
Comp Z-Stat (6mo) -0.49
Comp Z-Stat (3Yr) 0.10
Distribution Data
Market Yield 13.56%
Income Yield 13.56%
Lev Adj NAV Yield 6.26%
Av Yield on Debt Investments 8.90
Distribution Frequency Q
Current Distribution $0.100
Current Income $0.100
Ex-Date 1/4/19
Payable Date 1/31/19
Div Growth (3yr) -33.33%
Dividend Change -16.7% on 12/13/17
Expected Div 12/14/18
RoC (1yr) 0.00%
RoC (3yr) 13.06%
Volume & Liquidity
Average Daily $ (M) $245
Avg Volume 30 day 66,892
Avg Volume 90 day 82,924
Volume Trend -19.33%
Comp Volume Trend -28.77%
Correlation & Volatility
Price Correlation (1yr)
vs. S&P 500 (TR)
Price Correlation (1yr)
vs. CEFA's 12 Major CEF Sectors Index
Price Correlation (1yr)
vs. CEFA's BDC Index
Most Correlated Peer (Mk Pr): AINV 55.0%
Price St Dev (1Yr) 19.5%
NAV St Dev (1Yr) 3.4%
Earnings / Share (9/30/18) $0.079
Adj Core NII Coverage 79.11%
1 Yr Avg NII Coverage 71.00%
1 Yr Avg Adj Core NII Coverage 71.00%
NII Trend 7.03%
Adj Core NII Trend 7.03%
Loan Specific Data
Maturity 5.91
Price Beta (2yr)
vs. S&P 500 (TR)
Price Beta (2yr)
vs. CEFA's 12 Major CEF Sectors Index
Price Beta (2yr)
vs. CEFA's Debt-Focused Business Development Company (BDC) Index
Portfolio Data
Avg Libor Floor % 1.03%
% Loans with Libor Floor 53%


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NOTES: Distribution type sourced from CEFdata.com. For specific information about a fund's distribution sources, visit the fund sponsor's website.

The following information applies to closed-end funds and business development companies in general: Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation (FDIC). Shares of closed-end funds (CEFs) and business development companies (BDCs) are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectives will be achieved. Closed-end funds and business development companies frequently trade at a discount to their net asset value. NAV returns are net of fund expenses, and assume reinvestment of distributions.

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