Triangle Capital: Evidence That The Dividend Cut Was Coming

This is my first article written since I have input Q1-16 NAV (Net Asset Value) and NII (Net Investment Income) numbers for my BDC (Business Development Company) coverage universe - so let me start by offering my series of three 'year to date' spreadsheets:
BDCs 5-11-16
Yield in the spreadsheet below is based on the Q2-16 'regular' dividend. Spreadsheet header abbreviations: Div = dividend; EPS = earnings per share; LTM = last twelve months; YTD = year to date. The dividend to EPS ratio is a measure of dividend safety. Due to calendar and fiscal years failing to overlap, I also include a dividend to the sum of the last four quarters of NII - in the Div/NIIltm column. After the Price/NAV ratio, the next column displays the percent change in price YTD. The next display price change plus YTD dividends accrued on the payment date - not the earned date. For the last four columns - the first measures the percentage change in the 2016 EPS projection since the beginning of the year; the second measures the change in the price target since the beginning of the year; the third measures the change in the Q2-16 dividend from the Q2-15 dividend; and the last measures the change in NAV between Q1-16 and Q1-15. Special dividends are not included in this data. ARCC, FDUS, MAIN and TCPC have paid special dividends on a near regular schedule.
Share Price Div/ Div/ Div/ Div/ Q1-16 Price YTD Percent Change LTM % LTM % The Company name and stock ticker 1-01 05-12 Yield EPS16 EPS17... Read more