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 ...

8vFanI Business development companies, or BDCs, such as Blue Owl Capital Corporation (NYSE:OBDC), have benefited greatly from the Fed's rate rising program in the last ~1.5 years, as the majority of their debt investments have floating rates. OBDC's debt investments were 97% floating rate, as of 3/31/24. Company Profile: In 2023, Owl Rock Capital was renamed Blue Owl Capital Corp. in a rebranding that saw all the Blue Owl Capital (OWL) BDCs switching to the Blue Owl name. OWL has $174B in assets under manag ...

财务数据 - Belden第二季度营收为6.04亿美元，超过了指导范围的高端[5] - 调整后的每股收益为1.51美元，超过了指导范围的高端[6] - 过去12个月产生了2.34亿美元的自由现金流[8] - 现金及现金等价物从2023年7月2日的514,767千美元增长到2024年6月30日的564,751千美元[113] - Belden自由现金流为39,494美元[137] - Belden自由现金流为279,898美元[138] 订单和业绩 - 第二季度订单环比增长9%，连续3个季度订单增长[7] - Belden未来业绩受多种因素影响[141] 收购和投资 - 购买了Precision Optical Technologies，投入了2.91亿美元[9] 部门表现 - 2024年6月30日工业部门的营收为270,473千美元，较2023年7月2日的312,529千美元下降，工业部门的EBITDA边际为11.6%[105] - 2024年6月30日企业解决方案部门的EBITDA为67,737千美元，较2023年7月2日的78,631千美元下降，EBITDA边际为20.3%[105] - 2024年6月30日总部门和合并营收为604,336千美元，较2023年7月2日的692,245千美元下降[106] 财务指标 - 调整后的毛利率从38.1%增长到38.3%[115] - 调整后的销售、一般和管理费用从123,005千美元减少到116,258千美元[115] - 调整后的研发费用从30,876千美元减少到28,704千美元[115] - 调整后的EBITDA边际从17.8%下降到16.5%[115] - Belden调整后毛利率为38.5%[128] - Belden调整后EBITDA利润率为17.4%[128] 股东收益 - Belden股东调整后净收入为155,751美元[121] - Belden股东调整后每股收入为3.59美元[123] - Belden股东调整后每股收入为6.83美元[132] - Belden股东调整后每股收入为1.55 - 1.65美元[140]