GAINL - Ares Capital's NAV Dividend And Valuation Vs. 13 BDC Peers - Part 1 (Post Q4 2020 Earnings - Including Current Recommendation For All Peers)

• Part 1 of this article compares ARCC’s recent quarterly change in NAV, quarterly and trailing twelve-month economic return, NII, and current valuation to thirteen BDC peers.
• Part 1 also performs a comparative analysis between each company’s investment portfolio as of 9/30/2020 and 12/31/2020. This includes an updated percentage of investments on non-accrual status.
• Other metrics analyzed include each company’s cumulative realized gain (loss) per share, NII per share, price to annualized NII ratio, and percentage of income attributable to capitalized PIK income.
• As a direct result of the recent market/sector rally, many stocks are now appropriately valued or overvalued (more caution versus 2020). I believe ARCC is appropriately valued.
• I also provide a list of the other BDC stocks I currently believe are undervalued (a buy recommendation), overvalued (a sell recommendation), and appropriately valued (a hold recommendation).

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