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01. Debt-Focused Business Development Company (BDC) Index

Data as of

About the Index

Debt-focused BDC grouping according to CEFdata.com with average 90-day trading dollar $ liquidity over $1MM. Equal weight the funds that meet these criteria. The index constituents will be rebalanced each quarter.

Index Performance

Current($) Previous Day(%) 1 Week(%) 1 Month(%) 3 Month(%) 6 Month(%) 1 Year(%) 3 Year(%) 5 Year(%) MTD(%) QTD(%) YTD(%)
Price 1,027.56 -0.07 -0.13 1.94 -2.61 -3.54 0.97 7.34 4.81 1.54 1.54 1.54
NAV 1,097.02 0.00 0.19 1.86 2.45 4.91 9.70 7.64 8.84 0.80 0.80 0.80
Difference 0.07 0.32 -0.08 5.06 8.46 8.73 0.30 4.03 -0.74 -0.74 -0.74
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 2.05 3.08 1.77 7.07 1.42 -4.85 1.35 -2.19 4.88 1.59 -4.43 3.73 0.71 -1.35 -1.00 -1.75 -4.04 -3.34 1.54
NAV 0.13 0.24 0.95 1.32 0.79 0.30 1.34 2.45 3.77 0.80 0.27 1.29 2.38 0.84 0.25 1.29 2.40 4.78 8.56
Difference -1.92 -2.85 -0.82 -5.74 -0.63 5.15 -0.01 4.64 -1.10 -0.79 4.71 -2.43 1.68 2.19 1.24 3.05 6.44 8.12 7.02
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -7.70 2.73 6.72 1.19 3.54 -1.21 3.19 5.55 6.73 6.55 5.20 -1.53 10.38 -1.34 3.97 1.68 4.29 14.68 21.41
NAV 0.95 0.27 -0.40 0.82 0.90 0.43 2.01 3.37 4.19 0.90 0.33 1.96 3.21 0.82 0.35 1.15 2.34 5.55 9.75
Difference 8.65 -2.46 -7.12 -0.37 -2.64 1.64 -1.18 -2.18 -2.54 -5.65 -4.87 3.48 -7.17 2.17 -3.62 -0.53 -1.95 -9.12 -11.67
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price -0.90 6.71 -1.63 4.02 2.18 -0.69 -3.19 -1.76 2.26 -0.85 -1.36 -7.58 -9.61 4.56 5.72 -5.51 4.45 -5.16 -2.90
NAV 0.88 0.21 1.51 2.62 1.16 0.35 0.84 2.37 5.00 1.01 0.33 -0.44 0.89 0.78 0.61 -3.32 -1.98 -1.08 3.91
Difference 1.78 -6.50 3.15 -1.40 -1.02 1.05 4.03 4.14 2.74 1.85 1.69 7.13 10.50 -3.79 -5.12 2.20 -6.43 4.07 6.81

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-4.97%
1Yr Disc
2.06%
3Yr Disc
-3.15%
5Yr Disc
2.38%
Rel Disc Range (3yr)
51.49%
Mkt Yield
9.77%
Lev Adj NAV Yield
6.46%
After Tax Yield*
7.33%
Est Tax Friction*
2.44%
3Yr NAV Volatiliy
5.05
Variable Loans
75.0%
Last Q NAV Growth
-1.47%
Leverage
39.27%
Non Lev Exp Ratio
3.39%
Beta (2yr)
0.85
Equity Exposure
10.13%
Bond Exposure
87.31%
# Holdings
31
NII Coverage
96.1%
Adj Core NII Coverage
101.2%
Comp NAV TR
1.66%
Comp Discount
4.40%
Net Assets (M)
1,054
Liquidity - 90d (K)
5,453
Non Accruals
1.65%
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Asset Allocation

Asset Allocation as reported by each fund's sponsor as of the last reporting period.

Constituents


31 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
ABDC Alcentra Capital Corp Alcentra 3.26 -31.87 11.96 0.00 37.93 175 1,217
AINV Apollo Inv Corp Apollo Investment 3.33 -13.99 10.38 0.00 36.04 1,468 5,991
ARCC Ares Capital Corp Ares 3.23 -3.03 9.51 0.00 38.54 7,030 30,316
BKCC BR Cap Inv Corp BlackRock 3.24 -22.49 11.67 0.00 28.79 582 3,025
CCT Corporate Capital Tr KKR Credit 3.38 -17.09 6.46 0.00 37.51 2,729 11,091
CGBD TCG BDC Carlyle 2.97 0.39 8.11 0.00 42.20 1,131 2,612
CPTA Capitala Finance Corp Capitala 3.37 -45.74 12.96 0.00 54.89 226 1,279
FDUS Fidus Investment Corp Fidus 3.16 -5.32 10.32 0.00 34.41 391 1,634
FSIC FS Investment Corp FB Income 3.39 -18.88 9.93 0.00 41.43 2,317 13,835
GAIN Gladstone Inv Corp Gladstone 3.19 10.99 6.96 0.00 37.19 329 2,344
GBDC Golub Capital BDC Golub Capital 3.18 13.18 7.03 0.00 44.53 958 3,823
GLAD Gladstone Cap Corp Gladstone 3.20 10.48 9.05 0.00 39.08 224 1,528
GSBD Goldman Sachs BDC Goldman Sachs 3.22 21.01 8.16 0.00 36.75 732 2,614
HTGC Hercules Capital Hercules 3.17 31.00 9.47 0.00 45.97 842 5,266
MAIN Main Street Cap Corp Main Street Capital 3.12 64.94 5.87 0.00 39.07 1,367 9,809
MCC Medley Capital Corp MCC Advisors 3.22 -37.40 12.10 0.00 50.76 460 1,779
MRCC Monroe Capital Corp Monroe Capital 3.27 1.07 9.89 0.00 34.30 284 1,416
NEWT Newtek Biz Serv Corp Newtek 3.06 23.75 8.98 0.00 45.23 259 3,297
NMFC New Mountain Fin Corp New Mountain Capital 3.15 -1.18 10.11 0.00 43.04 1,032 4,214
OCSL Oaktree Splty Lending Oaktree Capital 3.26 -18.67 9.98 0.00 41.79 868 4,949
PFLT PennantPark Flt Rt Cap PennantPark 3.19 -2.98 8.33 0.00 34.37 543 4,922
PNNT PennantPark Inv Corp PennantPark 3.26 -24.18 10.43 0.00 43.76 647 2,871
PSEC Prospect Capital Corp Prospect Capital 3.26 -24.89 10.51 0.00 43.15 3,287 25,227
SCM Stellus Cap Inv Corp Stellus Capital 3.10 -8.30 10.71 0.00 39.42 221 1,842
SLRC Solar Capital Solar Capital 3.39 -3.12 7.57 0.00 29.00 922 3,334
TCAP Triangle Capital Corp Triangle Capital 3.44 -22.27 11.70 0.00 46.28 630 6,975
TCPC TCP Capital Corp Tennenbaum Capital 3.21 3.62 9.31 0.00 41.03 877 3,186
TCRD THL Credit THL Credit 3.18 -20.11 11.92 0.00 43.31 371 1,222
TICC TICC Capital Corp TICC Management 3.11 -24.50 14.26 0.00 28.48 382 1,901
TPVG TP Vntr Gwth BDC Corp TriplePoint Capital 3.26 -2.76 11.06 0.00 23.42 237 1,147
TSLX TPG Specialty Lending TSL Advisers 3.25 23.49 7.85 0.00 35.71 969 3,106

DISCLOSURES:

These indexes were created and developed by Closed-End Fund Advisors, Inc. CEF Advisors launched these indexes in January 2017 based on December 31, 2016 data and began pricing on January 1, 2017. CEF Advisors does not guarantee the accuracy or the completeness of the index or any data included therein and CEF Advisors shall have no liability for any errors, omissions or interruptions therein. CEF Advisors makes no warranty, express or implied, as to results to be obtained by any person or entity from the use of the index or any data included therein. CEF Advisors makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the index or any data included therein. Without limiting any of the foregoing, in no event shall CEF Advisors have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the index, even if notified of the possibility of such damages.

The historical values above have not been verified by an independent third party. The historical performance data is for illustrative purposes only and does not represent the actual performance of any investment product. No representation is being made that any investment will achieve performance similar to that shown. The index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the historical performance shown. The index is unmanaged and an investor cannot invest directly in the index.

Performance information for the index is for illustrative purposes only and does not represent the performance of any actual investment. The historical performance of the price and NAV of the index should not be taken as an indication of future performance, and no assurance can be given as to the index's value on any date. The data for the historical performance of the index was calculated on materially the same basis on which the performance of the index is now calculated. Discounts are the result of a closed-end fund’s market price deviating from its Net Asset Value (NAV).

In case any constituents of the index experience a liquidation, merger, open-ending or are no longer a closed-end fund, we will remove them as of their last day of existence. For mergers, if the merged fund is in the same sub-grouping inside CEFdata.com, then we will replace the merged fund with it's replacement in equal dollar terms. If a fund is liquidated, open-ended, etc, we will remove the fund and its allocation from the index. In this case, for example. If a fund was 2% of the index then future pricing would assume a full allocation was 98%. The 2% is adsorbed on a pro-rata basis by all surviving funds.

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