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  "documentTitle": "Barclays | Investment Banking Pitch Book | 40 slides",
  "authorId": "barclays",
  "authorName": "Barclays",
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  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2019-07-01 00:00:00",
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  "pageNumber": 40,
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  "density": "balanced",
  "nDataPoints": 8,
  "notes": "The slide uses the CAPM framework to derive the cost of equity for a BDC entity.",
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      "kind": "disclaimer",
      "text": "Note: BDCs can qualify as regulated investment companies, and therefore may not be subject to corporate-level taxes. 1. Adjusted Cost of Equity inputs updated utilizing market data as of July 1, 2019.",
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      "text": "Barclays calculated the pro forma SIC entity's Cost of Equity using the Capital Asset Pricing Model (\"CAPM\"). Peer Comparables used to determine a peer average beta: CGBD, HTGC, MAIN, NMFC, PFLT, PNNT, PSEC, SLRC, and TCPC",
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      "text": "Market Risk Premium (MRP) | Duff & Phelps U.S. Market Risk Premium | 6.9% Risk Free Rate (Rf) | Yield on 10-Year T-Bond (Treasury; as of August 8, 2018) | 2.0% Beta_u (Unlevered) | Peer Average Beta | 0.36 Beta_L (Levered) | Beta_u * (1+ D/E * (1-t)) | 0.61 Cost of Equity | Rf + MRP * Beta_L | 6.2% Size Premium Adjustment | Duff & Phelps Size Premium | 1.8% Tax Rate (t) | Normalized Tax Rate | 0.0% Adjusted Cost of Equity (KE) | | 8.1% Adjusted Cost of Equity (KE) - August 2018 | | 8.8%",
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      "kind": "title",
      "text": "Cost of Equity Calculation: Pro Forma SIC",
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