文章核心观点 - 公司在Q1 2024财报中表现出持续的积极势头,各项关键指标如ROE、NAV、投资收益等均创历史新高 [9][10][11][12] - 公司的外部资产管理业务持续为公司贡献稳定的现金流,进一步增强了公司的防御性 [15][16][17] - 公司管理层对未来投资机会和业务发展前景保持乐观态度,预计下半年投资活动将保持强劲 [14] 公司表现总结 - 公司Q1 2024财报显示总投资收益同比增长9.4%,环比增长1.8% [10] - 公司Q1 2024 ROE达到17.2%的历史新高水平 [9] - 公司Q1 2024 NAV和每股NII均创新高,持续保持增长势头 [9][11] - 公司Q1 2024净资产增值2830万美元,每股NAV增加0.34美元 [11] - 公司Q1 2024总投资活动为9200万美元,净增加6700万美元 [13] - 公司Q1 2024外部资产管理业务贡献860万美元收益,同比增长600万美元 [16] - 公司Q1 2024获得390万美元激励费收入,同比增长约18% [16] 公司防御性特点 - 公司债务/EBITDA仅2.6倍,为BDC行业较低水平 [2] - 公司债务/权益仅0.79倍,远低于BDC行业1.15倍的平均水平 [2] - 公司保守的利润分配政策使NAV持续增长,为股息提供额外保障 [3] - 公司外部资产管理业务为公司带来稳定的现金流,降低利率环境变化的影响 [15][17]

Pgiam 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 second week of June. Market Ac ...

IvelinRadkov Introduction There are many high-yielding BDCs that are considered attractive investments because of their lower prices, and higher dividend yields in general. But all that glitters isn't gold. We've all heard that phrase right? Throughout my time here on Seeking Alpha, I've preached the Quality Over Quantity theme and it's something I stand by when in search of new investments. Of course, what I consider to be higher or lower quality may be different to other investors. But hopefully my articl ...

phototechno Capital Southwest (NASDAQ:CSWC) offers passive income investors a growing investment portfolio, a First Lien-focus, a well-covered 10% dividend yield and dividend upside. The business development company easily covered its dividend with net investment income in the first quarter, and I think that investors are going to see hikes in the regular dividend in 2024. Though Capital Southwest is selling for a rather high premium to net asset value, the First Lien-focus, the company’s strong history in ...

J Studios Introduction Business Development Companies have performed well since the start of interest rate hikes in 2022. As a result, many of them trade at significant premiums above their NAV prices. One BDC that I think still trades at an attractive valuation is Golub Capital BDC (NASDAQ:GBDC), a higher-quality BDC that is down more than 3% in the past month. In this article, I discuss the company's recent earnings, fundamentals, and why I think they are still an attractive income play despite their stro ...

While "the trend is your friend" when it comes to short-term investing or trading, timing entries into the trend is a key determinant of success. And increasing the odds of success by making sure the sustainability of a trend isn't easy. Often, the direction of a stock's price movement reverses quickly after taking a position in it, making investors incur a short-term capital loss. So, it's important to ensure that there are enough factors -- such as sound fundamentals, positive earnings estimate revisions, ...

文章核心观点 - 公司是一家管理良好的BDC(商业开发公司),拥有超过13%的吸引人的股息收益率 [1] - 近几个季度,公司投资组合质量恶化的风险有所增加,观察名单占比从4Q2023的3.6%上升至1Q2024的5.1% [1][4] - 但整体来看,公司投资组合中引起担忧的部分占比仍然较低,反映了良好的信用审查实践 [2] - 公司持续增加净投资收益(NII)和股息,目前没有投资者退出的理由 [2] - 尽管信用质量仍需密切关注,但之前的担忧可能有些过度 [2][6] 投资组合和风险 - 公司采用全面的贷款违约风险评估系统,根据7个关键因素给予1-5分的风险评级 [3] - 评级4-5分的为优质投资,1-1.5分的为违约或正在重组 [3] - 观察名单包括评级1.5-1.6分的投资,违约风险较高 [4] - 1Q2024观察名单占比上升至5.1%,但违约或重组的投资占比下降,反映公司良好的风险管理 [4][5] - 公司还有4.7%的投资被评为"表现非常出色" [5] - 尽管观察名单有所上升,但整体投资组合质量令人放心,符合预期 [6] 股息和收益 - 公司目前股息收益率为13.7%,为同行业最高 [7] - 公司近年来普通股息不断增加,从2021年1Q的$0.28上升至最新1Q的$0.51 [7] - 公司还经常支付特别股息,因为NII持续高于支付的股息 [7] - 最新1Q的$0.51股息由$0.54的NII提供,NII覆盖率约106% [8] - 未来NII走势将受利率变动影响,但公司有能力应对利率上升带来的风险 [9][10] 估值 - 公司目前溢价于净资产值(NAV)约16%,略高于3年平均溢价5% [11] - 但考虑到公司近期的强劲NII增长、良好的风险管理和稳健的股息增长,当前溢价水平是合理的 [12] 总结 - 公司仍是BDC行业的有吸引力的持有标的 [13] - 尽管观察名单占比有所上升,但公司通过有效的风险管理策略来应对 [13] - 公司13.7%的高股息收益率也得到了强劲的NII支撑 [13]

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 other ...

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 Capital is ...

Klaus Vedfelt/DigitalVision via Getty Images Introduction 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. S ...