RomoloTavani/iStock via Getty Images Crescent Capital BDC (NASDAQ:CCAP) is a business development company [BDC] focused on debt investments with a portfolio of around $1.6 billion spread across more than 180 portfolio companies. In recent quarters, the BDC has witnessed a sustained improvement in its net asset value [NAV] per share and has consistently reported net investment income [NII] well in excess of its $0.42 regular quarterly distribution. The BDC currently offers a highly attractive forward dividen ...

spawns Business development companies (BDCs) are unique entities aiming to fill the financing gap for businesses struggling to acquire bank or public financing. Therefore, BDCs typically concentrate on the smaller and middle-market companies (often lower middle-market). The business model is pretty simple to understand - gather financing sources (mainly equity) and deploy the capital to generate favourable investment spreads. Most BDCs are externally managed. There aren't many internally managed ones; t ...

文章核心观点 - 公司本季度业绩强劲,总净资产收益率达4.8% [1] - 公司股票交易折价11.3%,股息收益率12.5% [1] - 公司维持"持有"评级,估值有所改善,更具吸引力 [1] 公司情况 - 公司投资组合规模达78.68亿美元,共380家投资对象,平均单一投资占比0.3% [2] - 投资组合以浮动利率的优先担保贷款为主,行业集中度较高,主要集中在软件和医疗行业 [1] 财务表现 - 调整后净投资收益下降6%,主要由于杠杆下降,但剔除一次性费用豁免影响后下降近20% [3][4] - 公司净资产值连续6个季度上升,但其中2.6%来自并购带来的增值 [4][5] - 新增投资下降,加上利息费用上升,投资组合收益率下降 [7][8][9] 资产质量 - 不良贷款比例略有上升,但仍低于行业中值 [15][16] - 实现损失较大,过去5个季度累计损失达3% [17] - 投资组合质量略有改善 [17] 估值与回报 - 公司总净资产收益率过去1-2年表现出色 [20] - 公司估值处于较低水平,但与行业中值持平 [21][22] - 公司多项费用指标优于行业,有利于保持较高的净投资收益 [14]

Hinterhaus Productions SLRC is an owner, originator and manager of corporate loans to smaller companies. As of June 30, the SLRC total portfolio size is $2.1 billion and is diversified amongst 800 unique issuers and is 98% senior secured investments. The company is a business development corporation, or BDC. This designation allows for profits to be distributed to shareholders, similar to a REIT. The company is similar to a bank, which only makes loans and pays most of the profits to shareholders. Accor ...

tadamichi Welcome to another installment of our BDC Market Weekly Review, where we discuss market activity in the Business Development Company ("BDC") sector from both the bottom-up - highlighting individual news and events - as well as the top-down - providing an overview of the broader market. We also try to add some historical context as well as relevant themes that look to be driving the market or that investors ought to be mindful of. This update covers the period through the first week of Septembe ...

文章核心观点 - 公司是一家业务发展公司(BDC),专注于为中小企业提供融资 [1] - 公司专注于五大新经济行业,主要投资于美国目标公司,但也有一定比例的海外投资 [1] - 公司投资规模通常在2500万美元到1亿美元之间 [1] - 公司资产管理规模达到46亿美元 [1] 行业和公司分析 行业分析 - 大部分BDC公司的收益来自浮动利率贷款,因此会从利率上升中获益,但也面临利率下降的风险 [5][8] - 利率下降可能会降低BDC公司的收益,但也会降低其债务成本,并促进交易市场活跃度 [8] - 行业内非应计贷款上升,流动性趋紧,这是一个普遍的负面因素 [9] 公司分析 - 公司投资组合中85.6%为优先担保债务,这是公司的一大优势 [6] - 公司长期以来一直以较大溢价交易,这反映了其优质地位,但也意味着估值较高 [11][12] - 公司股息收益率较高,且股息支付有较好的覆盖 [13][14] - 公司面临利率敏感性、非应计贷款上升、股价波动性等风险 [13]

Hiroshi Watanabe Hercules Capital, Inc. (NYSE:HTGC) is my only VC-focused BDC for which I have assigned a buy rating currently. My first piece on HTGC - Hercules Capital: A Different Type Of VC-Focused BDC - was published in January 2024. As it could be understood from the title, the thesis was based on fundamentals that differ from those of other VC tilted BDCs. More specifically, it was about relatively conservative equity stakes, sound capital structure and disciplined credit underwriting strategy th ...

VANCOUVER, BC and CALGARY, AB, Sept. 12, 2024 /PRNewswire/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that it has completed its first draw of approximately C$1.6 million under its C$8.75 million non-revolving senior secured project loan facility (the "BDC Facility") with the Business Development Bank of Canada ("BDC"), previously announced by the Company on July 7, 2023, for the planned asphalt shingle reprocessing facility in Calgar ...

MicroStockHub Focus of Article: The focus of this two-part article is a very detailed analysis comparing Golub Capital BDC Inc.’s (NASDAQ:GBDC) to some of the company’s business development company (“BDC”) peers (all sector peers I currently fully cover). I am writing this two-part article due to the continued requests that such an analysis be specifically performed on GBDC and some of the company’s BDC peers at periodic intervals. For readers who just want the summarized conclusions/results, I would su ...

文章核心观点 - 高伯资本BDC(GBDC)近期完成了与高伯资本3 BDC的合并,导致其市场投资组合价值大幅增加[3] - 高伯资本的净投资收益超过其股息,为收益投资者提供了12%的安全收益率[3] - 高伯资本的不良贷款比例虽有小幅上升,但长期趋势仍然有利[6] - 由于BDC行业整体近期下跌,高伯资本的股价跌至低于资产净值,为投资者提供了买入良机[9] 公司情况总结 - 合并完成后,高伯资本的投资组合价值大幅增加46%至78.7亿美元[5] - 合并后,高伯资本的不良贷款比例略有恶化,但长期趋势仍然良好,去年下降了约33%[6] - 高伯资本二季度的净投资收益同比增长26%,达到9270万美元,但未来增长可能放缓[7] - 高伯资本的股息覆盖率仍然很好,达到1.18倍,但考虑到额外股息后实际收益率为12%[8] 行业趋势分析 - 由于联储预计将在本月降息,BDC行业整体股价下跌,导致高伯资本的股价低于资产净值[9] - 如果高伯资本能够实现合并协同效应,其股价有望达到资产净值的10%溢价,即每股16.85美元[9] - 目前高伯资本的不良贷款比例和净投资收益表现良好,但如果未来出现恶化,则可能改变投资评级[10]