Blue Owl Capital: Don't Underestimate This Strong BDC
Blue Owl Capital stock remains a 'buy' due to its strong performance and future potential for both new and existing shareholders. The recent Q2 2025 financial report highlights improved portfolio quality and resilience after a successful merger. Blue Owl Capital has expanded its portfolio size, increased diversification, and enhanced credit quality with more highly rated investments.
Palmer Square Capital BDC: Q2 Earnings Indicate Limited Positive Catalysts (Rating Downgrade)
I am downgrading Palmer Square Capital BDC to a more cautious stance, due to persistent NAV declines, dividend cuts, and heavy reliance on debt for growth. PSBD's portfolio is defensively structured with first lien senior secured loans, but high rates are stressing borrowers and limiting new investment activity. The stock trades at a significant discount to NAV, reflecting real operational challenges rather than a value opportunity, with little near-term turnaround expected.
Golub Capital BDC: I'm Not Buying Anymore
I am downgrading Golub Capital BDC to 'hold' due to declining net investment income and the risk of a potential dividend cut. While Q3 2025 earnings beat expectations, income barely covers the dividend, and further rate cuts could pressure payouts and stock price. Positives include low non-accruals and improved internal performance ratings, suggesting better credit quality and future deal flow opportunities.
Belden Inc. (BDC) Q2 2025 Earnings Call Transcript
Belden Inc. (NYSE:BDC ) Q2 2025 Earnings Conference Call July 31, 2025 8:30 AM ET Company Participants Aaron Reddington - Vice President of Investor Relations Ashish Chand - President, CEO & Director Jeremy E. Parks - Senior VP of Finance & CFO Conference Call Participants Christopher M.
Belden (BDC) Beats Q2 Earnings and Revenue Estimates
Belden (BDC) came out with quarterly earnings of $1.89 per share, beating the Zacks Consensus Estimate of $1.72 per share. This compares to earnings of $1.51 per share a year ago.
BDC Weekly Review: Q2 Credit Spread Tightening Bodes Well For NAVs
We take a look at the action in business development companies through the third week of July and highlight some of the key themes we are watching. BDCs outperformed most income sectors so far in July. Q2 earnings season should show flat net investment income but modest NAV gains, supported by tighter high-yield credit spreads.
Gladstone Investment: A Higher Risk BDC With Upside
I'm overweighting Gladstone Investment for its equity-driven returns, benefiting from a strong stock market and potential $1B+ investment portfolio milestone. GAIN's unique equity orientation and first lien focus position it for outperformance versus peers, especially as market conditions remain favorable. High non-accrual ratio is a risk, but resolving these could boost net investment income, improve dividend coverage, and enhance margin of safety.
Crescent Capital BDC: Unfairly Discounted With Income
Crescent Capital BDC trades at a 26% discount to NAV, which I believe is exaggerated and presents a re-rating opportunity. Despite a rising non-accrual ratio and higher payout, the dividend appears safe in the near term, supported by strong floating-rate First Lien assets. The company's net investment income has declined, due to increased non-accruals, but steady interest rates should support income, unless credit quality worsens.
BDC Shuffle: The Stock To Drop And The Stock To Shop
BDCs have performed unexpectedly well this year. Despite the growing uncertainty in the system and high probabilities for incremental base rate cuts, the BDC index is up on a YTD basis. This is not the right setup for being aggressive here.
Goldman Sachs BDC: Huge Discount Doesn't Justify A Buy Rating
Goldman Sachs BDC's recent quarters have disappointed, with declining earnings and NAV, justifying my continued Hold rating despite attractive yield and discount. Dividend cuts, rising non-accruals, and realized losses highlight ongoing portfolio and credit quality issues, outweighing any positives from special dividends. Improvements in non-accruals and leverage are minor, while upcoming debt refinancing and potential rate cuts threaten further earnings and dividend coverage.
Kayne Anderson BDC: Potential, But Nothing Special Yet
Kayne Anderson BDC, Inc.'s fundamentals are solid, with high first-lien loan exposure, low leverage, and ongoing share repurchases supporting a defensive profile. Despite portfolio growth and strong activity, declining net investment income and rising non-accruals raise concerns about dividend sustainability, especially as rates fall. KBDC stock trades at a slight discount to NAV, but limited upside and economic uncertainty keep me cautious and maintain my Hold rating.
BDC Weekly Review: Early BDC Earnings Look Fine
We take a look at the action in business development companies through the second week of July and highlight some of the key themes we are watching. BDCs had another strong week, pushing month-to-date gains to 4% on average. SAR results were pretty good, a positive sign for the broader earnings season.
