文章核心观点 - 公司Ares Capital Corporation (ARCC)是一家专注于向中型非上市公司提供贷款的业务发展公司(BDC),在过去几年里受益于利率上升 [4][11] - ARCC在Q2 2024财年表现强劲,核心每股收益和净投资收益均同比和环比有所增长 [4][7][8][9] - 这主要得益于ARCC大幅增加了新投资,在本季度净融资17.7亿美元,远高于之前几个季度 [13][14] - ARCC通过发行普通股筹集资金,并利用其股价溢价于净资产价值的优势进行投资,从而提高每股收益 [15][16] - ARCC的信用质量保持稳定,不良贷款比例有所下降 [17][18] - 未来ARCC的盈利能力将取决于其是否愿意提高杠杆水平,以及是否能继续以溢价发行股票 [19][20] 公司表现 - ARCC在Q2 2024财年表现强劲,核心每股收益和净投资收益均同比和环比有所增长 [4][7][8][9] - 这主要得益于ARCC大幅增加了新投资,在本季度净融资17.7亿美元,远高于之前几个季度 [13][14] - ARCC通过发行普通股筹集资金,并利用其股价溢价于净资产价值的优势进行投资,从而提高每股收益 [15][16] - ARCC的信用质量保持稳定,不良贷款比例有所下降 [17][18] 行业情况 - 过去几年里,利率上升推动了BDC行业的增长,因为BDC采用浮动利率贷款、固定利率债务的策略 [11] - 随着联储停止加息,利率趋于平稳,BDC的盈利主要取决于资产规模的增长 [12] - 未来ARCC的盈利能力将取决于其是否愿意提高杠杆水平,以及是否能继续以溢价发行股票 [19][20]

公司业绩 - Ares Capital在第二财季报告了超出预期的业绩，公司继续保持良好的资产负债表质量和由净投资收入充分支持的股息 [2] - 公司的新投资增长迅猛，第二季度净承诺额达到$2.5B，是过去一年中最高的，主要得益于较低的承诺退出 [5] - 第二季度，Ares Capital的净投资收入为$358M，同比增长14%，主要来自贷款投资带来的更高利息收入，其中大部分与可变利率挂钩 [5] 投资组合 - 第二季度，Ares Capital的投资组合价值增长了$1.85B，达到$25.0B，主要由第一和第二留置权的高级担保投资组成，占比62% [4] - 公司的非应计比例在第二季度保持不变，为0.7%，显示出高水平的资产质量 [5] - 投资组合的非应计趋势显示，非应计金额（公允价值）在第二季度为$177M，占比0.7%，与上一季度持平 [6] 股息和估值 - Ares Capital在第二季度产生了每股$0.58的净投资收入，计算得出股息覆盖率为1.21倍，与前几个季度相比保持稳定 [7] - 公司目前交易于1.04倍的市净率，低于过去3年的平均市净率，主要由于近期市场的抛售 [8] - 考虑到投资组合的质量和股息覆盖，公司可能轻松达到1.10倍的公平市净率，对应的公平价值约为$21.60 [8] 行业比较 - Ares Capital是行业中最大的BDC之一，与Blackstone Secured Lending和Blue Owl Capital并列 [8] - Blackstone Secured Lending因其强大的资产质量和良好的股息覆盖，被认为是顶级收入投资，交易于行业内最高的市净率 [8] - Blue Owl Capital由于较高的非应计比率，交易于净资产价值的5%折扣 [8]

8vFanI Rising interest rates have been a boon for business development companies such as Hercules Capital (NYSE:HTGC) since Q2 '22, given that their investments are mainly at floating rates, whereas the majority of their borrowings are usually at fixed rates. To note: 97.4% of HTGC's debt investments were at floating rates, as of 6/30/24. With the market currently thinking that the Fed will start dropping rates at its September meeting, it could be an about face for BDCs. HTGC's management reckons that a 50 ...

Net profit, also referred to as the bottom line, is one of the key tools determining the financial health of an enterprise. The metric demonstrates a company’s ability to convert per-dollar sales into profits.A low profit margin indicates higher risks, implying that a revenue drop might dampen profits, thus pushing a company into the red. Belden Inc. (BDC) , EZCORP, Inc. (EZPW) , The Gorman-Rupp Company (GRC) and Cantaloupe, Inc. (CTLP) , however, boast solid net profit margins.Net Profit Margin = Net profi ...

文章核心观点 - BDCs(商业开发公司)不仅在利率上升时表现良好,在低利率环境下也能获得良好收益 [4][5][6] - BDC公司通过积极管理投资组合和风险,从投资组合中获得大部分收益,能够在利率较低时获得增强收益 [5][6] - BDC公司的客户通常是无法从银行获得低利率贷款的中小企业,这些企业的借款成本较高,使BDC公司的投资收益较高 [6] 行业分析 - BDC行业在经济衰退时期被设计用于振兴经济,其收益不仅仅来自净利息收入 [5] - BDC公司通常会持有其投资对象的股权或认股权证,从而获得更高的收益 [5][7] - BDC行业在利率上升和下降时都能保持稳定的股息分配 [12] - BDC行业各公司在投资目标和策略上存在差异,能从不同经济环境中获益 [13] 公司分析 - TriplePoint Venture Group (TPVG)持有大量投资对象的股权和认股权证,能从估值上升中获益 [7] - VanEck BDC Income ETF (BIZD)提供了对26家BDC公司的多元化投资,其前五大持股占比约33%,体现了行业的稳定性和抗衰退能力 [9] - BIZD在不同经济环境下都能保持稳定的股息分配,为投资者提供了可观的收益 [10][12][13]

8vFanIRising interest rates have helped business development companies greatly over the past 1.5 years. Golub Capital BDC (NASDAQ:GBDC) reported strong earnings for its fiscal 2023, (period ending 9/30/23), with 55.5% revenue growth and 49% NII growth, with NII/Share rising ~48%. Earnings have remained strong in the two most recent quarters, (fiscal Q1-Q2, period ending 3/31/24), albeit not quite as spectacular as fiscal 2023, with revenue up 16%, NII up 29%, and NII/share up 30%. In addition, NAV/share ...

Melpomenem/iStock via Getty Images Introduction If you're an income-oriented investor and you currently don't own Ares Capital (NASDAQ:ARCC), then their recent quarter should convince you otherwise. The BDC has a long track record and in my opinion, is a must-own for income investors because of it. I do have some quarrels with the company, which I'll touch on later in the article. I also discuss why if you're looking to buy, I would wait for a potential pullback before doing so. Additionally, I touch on ...

thomas-bethge 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 fourth week of Jul ...

文章核心观点 - Oaktree Specialty Lending (OCSL)的总回报表现为负约14%,而整体BDC市场继续上涨 [1][2] - OCSL的调整后净投资收益连续三个季度下降,主要受到以下因素影响:1)股本增加导致每股收益下降 2)非应计贷款持续增加抵消了新投资带来的收益增加 3)一次性收入减少 [2][3] - 尽管OCSL的净融资量连续三个季度保持顺差,但由于非应计贷款增加,导致资产净值下降,每股净资产从18.72美元下降至18.19美元 [4][5] - OCSL的非应计贷款占比从上季度的1.4%上升至5.7%,这是导致公司业绩下滑的关键因素 [5] - 尽管OCSL的投资组合整体质量仍然较好,但低质量投资的表现令人担忧,公司需要控制非应计贷款水平并保持正净融资量来改善收益 [5] 行业概况 - 私募信贷市场对下半年并购活动增加持乐观态度,私人市场借款人整体保持健康,EBITDA增长和覆盖率良好 [5] - 但公司仍关注行业面临的基本风险,需保持谨慎 [5] 公司情况 - OCSL的调整后净投资收益连续三个季度下降,导致目前无法完全覆盖现有股息 [3][5][6] - 公司采取了一些措施如降低基础管理费率来稳定收益,但非应计贷款上升和收益下滑的负面趋势仍是关键隐忧 [5][6] - 对于以获取稳定收益为主要目标的投资者而言,可能需要考虑减持或降低对OCSL的投资比重 [6]

Shares of Belden (BDC) have been strong performers lately, with the stock up 8.9% over the past month. The stock hit a new 52-week high of $102.47 in the previous session. Belden has gained 30.1% since the start of the year compared to the 5.8% move for the Zacks Industrial Products sector and the -3% return for the Zacks Wire and Cable Products industry.What's Driving the Outperformance?The stock has a great record of positive earnings surprises, as it hasn't missed our earnings consensus estimate in any ...