Crescent Capital BDC: NAV Decline Continues Following Q1 Earnings
Crescent Capital BDC trades at a significant discount to NAV and offers a high 12.5% yield, but recent performance and total returns have been weak. Rising non-accruals, declining earnings, and wea...
Crescent Capital BDC: Latest Quarter A Clear Sign Of A Weakening Economy (Rating Downgrade)
I'm downgrading Crescent Capital from buy to hold due to weakening fundamentals and rising economic uncertainty. Recent earnings showed sequential declines in total and net investment income, with ...
BDC Weekly Review: NII Is Stabilizing
We take a look at the action in business development companies through the third week of May and highlight some of the key themes we are watching. BDCs have rebounded strongly, with most lenders up...
Goldman Sachs BDC: Widely Underrated
Goldman Sachs BDC remains a Buy for passive income investors, offering a high NII yield and trading at a significant discount to NAV. Despite not fully covering its dividend in Q1'25 and a rising n...
Nuveen Churchill Direct Lending: This High-Yielding BDC Remains Undervalued
NCDL remains attractively valued, trading at a notable discount to book despite solid performance and a well-diversified, high-quality portfolio. Fee waivers rolling off will reduce outperformance,...
Kayne Anderson BDC: Q1 Earnings Weaken Appeal (Rating Downgrade)
Kayne Anderson remains attractively valued in a premium BDC sector, but recent earnings and weaker distribution coverage warrant caution. Net investment income has declined, and dividend coverage i...
Kayne Anderson BDC: Why It Remains My Top Pick In The Sector
KBDC is my largest BDC holding, driven by its conservative balance sheet, high portfolio quality, and attractive valuation. Since IPO, KBDC has delivered stable dividends and outperformed the BDC i...
MidCap Financial's Q1 Results Confirm Weaker BDC Investment Returns, Still Undervalued
MidCap Financial's Q1 results were weak but in line with peers, reflecting lower investment income and asset yields as SOFR rates declined. Management is actively repositioning the portfolio, notab...
BDC Weekly Review: Unrealized Depreciation Nearly Universal In Q1
We take a look at the action in business development companies through the second week of May and highlight some of the key themes we are watching. The BDC sector remained flat on the week, with CG...
Main Street Capital: A Good Choice To Navigate Concerns Of The BDC Sector
Main Street Capital remains a top-quality BDC with solid fundamentals, strong management, and consistent income generation, as evidenced by robust Q1 earnings. Despite a recent 11.5% price decline,...
2 BDCs Likely To Cut Dividends Soon
The current macro backdrop is restrictive for strong BDC sector performance. An important implication of this unfavorable environment is that many BDCs will have to sooner or later synchronize thei...
Ares Capital: A Top BDC Choice For Income Investors
Ares Capital missed EPS expectations for Q1, but results were nonetheless very robust; ARCC grew its portfolio, and maintained high balance sheet quality, with a low non-accrual percentage. I rated...
BDC Weekly Review: Bimodal Q1 Numbers Weigh On The Sector
We take a look at the action in business development companies through the first week of May and highlight some of the key themes we are watching. BDCs fell around 1.5% this week due to a couple of...
Golub Capital BDC At A Discount You've Been Waiting For
GBDC's valuation dropped due to Trump's tariffs, making it a potentially attractive investment despite a riskier economic environment. GBDC's high first-lien debt exposure and manageable non-accrua...
Oaktree Specialty Lending: Staying Away From This BDC For The Remainder Of 2025
Oaktree Specialty Lending (OCSL) faces vulnerabilities including weak dividend coverage, portfolio concentration, and negative impacts from tariffs. OCSL's portfolio is heavily concentrated in Soft...
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