primeimages Welcome to another installment of our Preferreds Market Weekly Review, where we discuss preferred stock and baby bond market activity from both the bottom-up, highlighting individual news and events, as well as 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 markets or that investors ought to be mindful of. This update covers the period through the last week of May. Be sure to check out our o ...

JamesBrey Introduction Gladstone Capital (NASDAQ:GLAD) is a quality, monthly-paying BDC that is a great investment inside an income-oriented portfolio to compound dividends. The stock has performed well, and the last four articles published on them have all been buy ratings. And while I consider them to be of higher-quality, I think the share price has gotten ahead of itself, warranting a hold rating. In this article, I discuss the BDC's latest quarter highlights and reasons why I think Gladstone Capita ...

Klaus Vedfelt/DigitalVision via Getty ImagesIntroduction For those that may be familiar with Blue Owl Capital Corporation (OBDC), a popular BDC here on Seeking Alpha, they have a newly-listed sister, Blue Owl Capital III (NYSE:OBDE). They went public at the beginning of this year. For those who own OBDC already, their sister is another BDC you may want to consider. The two share a lot of similarities, but their differences may suite investors looking for additional income in a dividend-focused portfolio ...

文章核心观点 - BDC(Business Development Company)行业在5月份整体表现良好,平均涨幅达到3% [3] - BDC行业估值达到2年多来的新高,但净收益水平并未大幅提升 [4][5] - Barings BDC(BBDC)公司出现了高管离职问题,主要原因是母公司MassMutual与私募信贷团队之间存在文化摩擦 [6][7][8] - MidCap Financial(MFIC)公司计划将两只贷款CEF基金并入自身,这可能会给MFIC股东带来一定风险 [11][12][13] 行业概况 - BDC行业在5月份整体表现良好,超越了更广泛的收益类资产 [3] - BDC行业估值达到2年多来的新高,但净收益水平并未大幅提升 [4][5] 公司动态 - Barings BDC(BBDC)公司出现了高管离职问题,主要原因是母公司MassMutual与私募信贷团队之间存在文化摩擦,导致22名员工离职,后来公司成功留住了其中的6人 [6][7][8][9] - MidCap Financial(MFIC)公司计划将两只贷款CEF基金并入自身,这可能会给MFIC股东带来一定风险,因为CEF基金已有私募债投资但收费较低 [11][12][13]

MicroStockHub Introduction As a huge fan and longtime investor in BDCs, the high interest rate environment has boosted my income tremendously. My BDC holdings have been my top performers, with Capital Southwest (CSWC) leading the pack. So, in short, I have no complaints from me when it comes to the remaining higher for longer for the sector. That's why I think it's essential not to solely chase high yields, and invest in those that offer not only higher yields, but ones that are well-covered. One BDC that h ...

文章核心观点 - 公司Q1 2024财报显示基本面有所恶化,包括净资产价值下降、投资收益下降、杠杆率上升、不良资产增加等[7][8][9][10][12] - 尽管公司管理层表示未来仍有能力维持现有股息水平[13],但综合考虑各方面因素,公司的投资价值仍然不佳[14][15][16] 公司基本面分析 - 公司净资产价值下降约1%,主要是由于全部调整后净投资收益被用于派发股息,以及部分投资组合公司信用表现恶化导致未实现亏损[8] - 公司调整后净投资收益较上季度下降0.01美元/股,主要是由于平均投资规模和平均投资资产规模下降,以及不良资产增加[9] - 公司股息覆盖率降至100%,即没有安全边际[9] - 公司杠杆率从1.49x进一步上升至1.6x,已成为行业第四高[10][11] - 公司不良资产占比达到2.1%,与行业水平基本一致[12]

文章核心观点 - 公司是一家专注于中小企业收购和贷款的业务发展公司(BDC),为退休人员提供可靠的月度收入来源 [3] - 公司在过去5年内的总回报超过了同行,表现出色 [6] - 公司专注于成熟期收购和向中低端市场公司提供贷款,投资组合涵盖多个行业 [7][8] 公司财务表现 - 公司总资产从上年的7.54亿美元增长到9.21亿美元,总投资收入同比增长7%以上 [9][10] - 尽管净投资收益(NII)同比下降6%,但公司仍保持了良好的业绩表现 [10] - 公司通过发行股票筹集了1900万美元,为未来投资提供了充足的资金 [13] 股息支付能力 - 公司的净投资收益无法完全覆盖基础股息,但有额外的0.55美元的溢余收入和现金可用,短期内股息不存在风险 [14][15][16] - 预计未来两年内收益将略有增长,公司有能力维持基础股息 [17][26] - 但如果未来利率下降,公司的净投资收益可能受到负面影响,股息支付能力值得关注 [24] 估值及风险 - 公司目前股价较净资产值有5%的溢价,略高于同行 [19][20][21][22] - 公司75%的投资为债务投资,如果利率下降可能会对股息支付能力造成压力 [24] - 整体来看,公司基本面良好,适合退休人员长期持有,但短期内股价可能已经见顶 [25][26][27]

LOS ANGELES, June 04, 2024 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. (“Crescent BDC,” the “Company”) (NASDAQ: CCAP) today announced it will host an Analyst & Investor Day on Tuesday, June 11, 2024 via a live video stream. During the event, members of Crescent’s leadership team will provide commentary on CCAP and a review of the Crescent platform and investment process. The presentation will begin at 6:00 p.m. Eastern Time. To register for the event and to access the presentation and live video stream, ...

文章核心观点 - 公司采取了以一级抵押贷款为主的投资策略,这种策略风险较低且能持续提供稳定的收益分配 [3][4] - 公司的净投资收益增长27%,主要得益于公司投资于可变利率贷款 [6] - 公司的分红覆盖率较高,在1.2倍以上,分红安全性较强 [6][7] - 公司估值相对较低,目前市净率为1.05倍,低于同行水平,具有一定的上涨潜力 [7][9] - 在利率持续走高的环境下,公司的可变利率贷款投资将带来收益增长 [5][12] 公司概况 - 公司是一家投资银行,专注于行业和公司研究,擅长解读各类信息发现投资机会和风险 [1] - 公司拥有10年投资银行从业经验,是一名资深研究分析师 [1] 公司业务 - 公司主要采取一级抵押贷款投资策略,97%的投资组合为一级抵押贷款 [4][5] - 公司在2024年第一季度的新增贷款规模达到3.596亿美元,创下近一年来的最高水平 [5] 财务表现 - 公司2024年第一季度的分红覆盖率为1.22倍,2023财年全年为1.27倍,保持较高水平 [6] - 公司2024年第一季度的净投资收益同比增长27% [6] 估值分析 - 公司目前市净率为1.05倍,低于同行1.09-1.12倍的水平,估值相对较低 [7][9] - 考虑到公司稳定的分红覆盖率,未来公司市净率有望达到1.10倍,对应合理价值约16美元 [10]

For investors seeking momentum, Putnam BDC Income ETF (PBDC) is probably on the radar. The fund just hit a 52-week high and is up 21.3% from its 52-week low price of $28.77/share.But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:PBDC In FocusThis ETF is active and does not track a benchmark. The Putnam BDC ETF seeks current income. The fund charges 679 bps in fees and yields 9.07% annually.Why the Mo ...