OGphoto Prospect Capital (NASDAQ:PSEC) is a BDC. It invests in loans to small and midcap companies, generally first lien loans. It also has an investment in a private REIT and has some CLO investments as well (which is not particularly unusual for BDCs). First let’s talk about a negative article that came out around August 7th on PSEC common stock, and then I will explain why the negative article means little in regard to the bonds and why this article has created a great buying opportunity due to emoti ...

Richard DruryTriplePoint Venture Growth (NYSE:TPVG) chopped its dividend by 25% this month due to insufficient net investment income and performance challenges in the debt portfolio. The dividend cut was widely expected, as the BDC’s shares traded at a dividend yield of up 19% prior to the announcement. I believe TriplePoint Venture Growth cut its dividend down to a more manageable level and the new distribution of $0.30/share is more sustainable. A rise in the non-accrual percentage, persistent investm ...

ismagilov Focus of Article The focus of PART 1 of this article is to analyze Golub Capital BDC's (NASDAQ:GBDC) recent results and compare a handful of the company’s metrics to 14 business development company (“BDC”) peers. This analysis will show past and current data with supporting documentation. Table 1 will compare GBDC’s recent net asset value (“NAV”) economic return (loss), net investment income (“NII”), stock price to annualized NII ratio, and percentage of total investment income attributable to ...

文章核心观点 - 公司第二季度业绩报告显示非应计贷款比例大幅增加,这对公司未来的净投资收益构成重大风险 [2][3][18] - 公司几乎全部投资于浮动利率贷款,随着联储加息,公司的净投资收益增长也面临下行压力 [17][21] - 尽管公司目前仍能以净投资收益覆盖股息,但如果非应计贷款无法恢复正常,公司的资产净值可能受到冲击,股息支付能力也将下降 [22] 公司情况总结 - 公司主要投资于高质量的担保债务,其中97%为优先担保贷款 [17] - 第二季度公司将两家投资组合公司列为非应计,非应计贷款比例大幅增加至3.4% [18] - 公司第二季度的净投资收益仍保持相对稳健,但较上季度有所下降 [18] 估值分析 - 公司目前股价对应的市净率为1.04倍,低于历史平均水平 [19] - 考虑到非应计贷款比例上升以及未来净投资收益可能下滑的风险,分析师认为公司合理的市净率应为1.0倍,对应合理价值为13.67美元 [19]

Henrik Sorensen/DigitalVision via Getty Images 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 peri ...

Pavel Muravev Over the last several months we have continually highlighted both the richness of valuations across the income investment landscape as well as the disconnect between these valuations and a clearly slowing macrocycle. Over the last couple of weeks, however, we added a number of new BDC positions. Since BDCs tend to be higher-yielding / higher-beta securities, this move begs the question of why we are adding BDCs in an objectively expensive credit market. In this article, we dissect the reas ...

tadamichi In this article, we discuss the business development company (“BDC”) Nuveen Churchill Direct Lending Corp. (NYSE:NCDL). The company IPO'd earlier in the year, along with several other previously private BDCs. NCDL trades at a 13% dividend yield and has a net investment yield of 13.4% — slightly above the sector average. Its price trades at a 6% discount to book, slightly below the median and 7% below the average BDC in our coverage. The company delivered a 2.1% total NAV return over the quarte ...

Hiroshi Watanabe I have been covering Sixth Street Specialty Lending, Inc. (NYSE:TSLX) since the very beginning of 2024, when I issued a bullish thesis referring to the resiliency and defensive structure (or investment approach) of TSLX. The overall idea was that TSLX offers as sustainable dividend streams as it gets in the BDC space, thus making the investment case attractive for yield-seeking investors. It was not so much about the potential price appreciation as back then the leverage was at optimum ...

tadamichi In this article, we provide a Q2 update on the BDC Bain Capital Specialty Finance, Inc. (NYSE:BCSF). BCSF is part of the Bain Capital Credit's private credit umbrella which manages $12bn in assets. The company is overweight in the Defense, Tech, and Business Service sectors. It is underweight Healthcare which usually figures in the top 3 sectors of most BDCs. We recently added a position in the stock across our Income Portfolios. BCSF The company is focused on the core middle-market segment, with ...

Shares of Belden (BDC) have been strong performers lately, with the stock up 10.5% over the past month. The stock hit a new 52-week high of $104.93 in the previous session. Belden has gained 35.8% since the start of the year compared to the 6.2% move for the Zacks Industrial Products sector and the -13.3% return for the Zacks Wire and Cable Products industry.What's Driving the Outperformance?The stock has an impressive record of positive earnings surprises, as it hasn't missed our earnings consensus estima ...