Barings BDC: Portfolio Quality Continues To Weaken (Rating Downgrade)
I am downgrading my rating on Barings BDC due to a slight uptick in non-accruals, lower earnings, and weaker dividend coverage. Despite a 10.7% dividend yield and a well-diversified portfolio, I ex...
Dividend Cut Alert: 1 REIT And 1 BDC With Unsustainable Yields
REITs and BDCs are solid asset classes through which to facilitate income-oriented strategies. However, investors have to be still careful of not assuming excessive risks that might lead to unexpec...
TriplePoint Venture Growth: The Tide May Have Turned (Upgrade)
TriplePoint Venture Growth BDC had a challenging 2024, with a high non-accrual ratio and significant realized losses impacting its stock value and net asset value. Despite these issues, recent impr...
BDC Weekly Review: Private Credit Will Be $40 Trillion In 5 Years, Says Apollo
BDC Weekly Review: Private Credit Will Be $40 Trillion In 5 Years, Says Apollo
Barings BDC: Improving Performance Could Close Valuation Gap
We take a look at the Q3 numbers from the Barings BDC. Barings BDC trades at a 14% discount to book, offers a 10.6% dividend yield, and has a stable NAV over the last few years. Net investment inco...
Hercules Capital: A Magnificent BDC Gem
Hercules Capital's premium to NAV is justified by its strong two-decade performance, technology focus, and potential for record-breaking growth in 2025. The BDC's high recurring interest income and...
BDC Weekly Review: Two Key Themes Persist
We take a look at the action in business development companies through the second week of December and highlight some of the key themes we are watching. BDCs were flat this week with CSWC and PSEC ...
Goldman Sachs BDC: This Is Not A BDC You Want To Have Now
In December 2023, I issued my first relatively bearish article on GSBD. The argument was that GSBD lacked the financial firepower to grow. Since then, GSBD has underperformed the BDC market by ~20%.
BDC Weekly Review: BDCs Have Overcome The August Dip
We take a look at the action in business development companies through the first week of December and highlight some of the key themes we are watching. BDCs experienced a slight decline this week, ...
Oaktree Specialty Lending: 14% Yield, Trading At 89 Cents On The Dollar
Oaktree Specialty Lending reported a $0.01 per share miss in net investment income for Q4, but the BDC managed to support its dividend with NII. Despite rising non-accrual percentages, the BDC's ch...
Invest In $95,000 BDC Portfolio For $10,000 Annual Income And Durable Compounding
Private credit/BDC investments offer exposure to structural growth and a significant portfolio yield enhancement. Yet, we have to be extra careful of not falling into value traps and investing in u...
Nuveen Churchill Direct Lending: 10.5% Yielding BDC In Our Buy Zone
Nuveen Churchill Direct Lending is a newly IPO'd BDC with strong fundamentals, trading at a 4.3% discount to NAV. NCDL boasts a diversified portfolio, heavily weighted towards first-lien loans (90....
Kayne Anderson: Defensive BDC Overlooked By The Market
KBDC offers a solid 9.6% regular yield, with strong dividend coverage and low non-accruals at 1%, making it a defensive BDC. The portfolio is highly diversified, focused on first-lien senior secure...
Golub Capital BDC: About 10%-Yielding Cash Cow
Golub Capital supports its dividend with net investment income and offers a 10% yield. The BDC's dividend coverage is solid, with a Q4'24 coverage ratio of 1.21X, and it maintains chiefly high-qual...
2 BDCs That Could Be The Next Stars In The Sector
The BDC segment offers significant opportunities for retail investors due to low competition from institutional investors and potential valuation inefficiencies. The best thing that could happen is...
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