CGBD - Decreasing 5-Year NAV And Increasing Expenses Means TCG BDC Inc. Is A Sell

TCG BDC, Inc. (CGBD) is a sell. Investors have favored TCG BDC, Inc. for a while due to its increasing net investment income ((NII)) and high dividend. Over the last 5 years, the stock has seen a 30% decline in its NAVPS and 20-25% decline in market price. This past quarter’s (Q3 2019) negative EPS brought out some underlying issues of increasing expenses and poor loan choices that have been the company’s main reason for hemorrhaging money these past years. A BDC that cannot maintain its NAVPS with increasing net investment income should