Belden Inc. (BDC) Q3 2025 Earnings Call Transcript
Belden Inc. ( BDC ) Q3 2025 Earnings Call October 30, 2025 8:30 AM EDT Company Participants Aaron Reddington - Vice President of Investor Relations Ashish Chand - President, CEO & Director Jeremy Parks - Senior VP of Finance & CFO Conference Call Participants Steven Fox - Fox Advisors LLC William Stein - Truist Securities, Inc., Research Division Mark Delaney - Goldman Sachs Group, Inc., Research Division David Williams - The Benchmark Company, LLC, Research Division Christopher Dankert - Loop Capital Markets LLC, Research Division Presentation Operator Ladies and gentlemen, thank you for standing by. Welcome to this morning's Belden reports third quarter 2025 results call.
Belden (BDC) Q3 Earnings and Revenues Beat Estimates
Belden (BDC) came out with quarterly earnings of $1.97 per share, beating the Zacks Consensus Estimate of $1.9 per share. This compares to earnings of $1.7 per share a year ago.
Golub Capital BDC, Inc. $GBDC Shares Bought by Sumitomo Mitsui Trust Group Inc.
Sumitomo Mitsui Trust Group Inc. raised its position in Golub Capital BDC, Inc. (NASDAQ: GBDC) by 17.2% during the undefined quarter, according to its most recent filing with the SEC. The firm owned 1,080,551 shares of the investment management company's stock after buying an additional 158,218 shares during the quarter. Sumitomo Mitsui Trust
Goldman Sachs BDC: Large Discount To NAV Doesn't Justify A Buy (Rating Downgrade)
Goldman Sachs BDC faces shrinking earnings and persistent NAV declines, prompting a downgrade to a hold rating. GSBD maintains a high 14% dividend yield with consistent payouts, but dividend coverage is becoming thinner as earnings decline. The portfolio is defensively structured with 90% in first lien loans, but growth prospects are limited due to weak new investment activity.
Buying Goldman Sachs BDC When The Market Is Selling All BDCs
Goldman Sachs BDC trades at a 24.6% discount to NAV, near its lowest point in five years. GSBD's 5- and 10-year total returns on NAV are 9.54% and 7.68%, with an average ROE of 7.72%. Even with higher loss assumptions, GSBD's expected return is attractive, offering around 10.95% at current discounts.
Golub Capital BDC: Cautious About Thin Dividend Coverage
Golub Capital BDC (GBDC) is downgraded to a hold due to thin dividend coverage and a downward trending NAV per share. GBDC offers a high 12% dividend yield, but future payouts are at risk if net investment income declines further, especially with more rate cuts. The portfolio remains strong with first lien debt and improving non-accruals, but rising PIK income and higher leverage raise caution.
BDC Weekly Review: Gladstone Takes A Dive On Its Convertible Issuance
We take a look at the action in business development companies through the first week of September and highlight some of the key themes we are watching. BDCs were mostly down on the week as valuations remain attractive in aggregate. Gladstone Capital Corp. issued a high-coupon convertible bond, reflecting limited growth prospects.
Blue Owl Capital: Still A Solid BDC But NAV Is Trending Down
Blue Owl Capital Corporation remains a hold, offering an attractive 11.7% dividend yield but facing declining NAV and modest earnings growth. OBDC's portfolio is well-diversified, with 98% floating rate loans and a strong focus on first lien senior secured debt, supporting resilience in a high-rate environment. Despite a discount to NAV and healthy dividend coverage, OBDC's net investment activity is negative and asset base is shrinking, limiting near-term upside.
Gladstone Capital: One Of The Few Buying Opportunities In The BDC Segment
In December 2023, I opened a position in Gladstone Capital, which I then closed exactly 1 year later, capturing ~40% in total returns. In late 2024, I decided to rotate out because of the aggressive P/NAV relative to the embedded growth prospects. Since then, GLAD has significantly underperformed the index.
BDC Weekly Review: PSEC Is Trying To Turn The Ship Around
We take a look at the action in business development companies through the fourth week of August and highlight some of the key themes we are watching. BDCs delivered their best weekly performance, rallying over 1%, despite market concerns about upcoming Fed rate cuts and sector underperformance. Prospect Capital rallied on signs of a strategic pivot, exiting CLO Equity, selling REIT assets, and planning greater credit facility use.
BDC Weekly Review: Let's Take A Deep Breath On Dividend Coverage
We take a look at the action in business development companies through the fourth week of August and highlight some of the key themes we are watching. Dividend coverage is a mostly optical, not material, metric; investors should focus on portfolio quality, credit issues, and structural factors over headline payout ratios. BCSF delivered solid earnings, with portfolio quality holding up well.
New Mountain Finance: Lackluster Growth Prospects For This BDC
I maintain my hold rating on NMFC due to limited earnings growth and weak distribution coverage, despite its attractive 12.4% dividend yield. NMFC's concentrated portfolio and lack of new investment allocation increase vulnerability to sector-specific risks and limit growth potential. Although NMFC trades at a 15% discount to NAV, this reflects weaker growth prospects rather than a compelling value opportunity.
