Core Viewpoint - Golub Capital BDC, Inc. has announced a public offering of $250 million in 7.050% notes due 2028, indicating a strategic move to raise capital for future investments [1] Group 1 - The company has priced an underwritten public offering of an additional $250 million in aggregate principal amount of notes [1] - The notes will mature on December 5, 2028, providing a long-term financing option for the company [1] - The company has the option to redeem the notes in whole or in part at any time prior to November 5, 2028, at par plus a "make-whole" premium [1]

Company Overview - Crescent Capital BDC, Inc. (NASDAQ: CCAP) has experienced a significant decline in stock price, dropping over 18% since the beginning of 2025 [1] Investment Strategy - The focus on dividend investing is highlighted as a key strategy for achieving financial freedom, emphasizing its accessibility for investors [1] - The author has extensive experience in M&A and business valuation, which informs their investment decisions and insights [1] Portfolio Focus - The investment portfolio primarily includes sectors such as technology, real estate, software, finance, and consumer staples, which have been areas of professional advisory and personal investment [1]

Core Viewpoint - FS KKR Capital Corp. has announced a public offering of $400 million in unsecured notes with a 6.125% interest rate, maturing on January 15, 2031, and is expected to close on September 25, 2025 [1][3]. Group 1: Offering Details - The offering consists of $400 million in aggregate principal amount of unsecured notes due 2031 [1]. - The notes may be redeemed at par plus a "make-whole" premium at any time at the company's option, with the ability to redeem at par one month prior to maturity [1]. - The offering is subject to customary closing conditions and is expected to close on September 25, 2025 [1]. Group 2: Use of Proceeds - The net proceeds from this offering will be used for general corporate purposes, which may include repaying outstanding indebtedness under credit facilities and certain notes [3]. Group 3: Underwriters - A consortium of financial institutions is involved in the offering, including BofA Securities, BMO Capital Markets, J.P. Morgan, and others acting as joint book-running managers [2]. - Additional firms are serving as joint lead managers and co-managers for the offering [2]. Group 4: Company Background - FS KKR Capital Corp. is a publicly traded business development company focused on providing customized credit solutions to private middle market U.S. companies [7]. - The company primarily invests in senior secured debt and, to a lesser extent, subordinated debt of private middle market companies [7]. Group 5: Advisory Information - FS KKR Capital Corp. is advised by FS/KKR Advisor, LLC, a partnership between Future Standard and KKR Credit [8]. - Future Standard is a global alternative asset manager with over $86 billion in assets under management [9]. - KKR is a leading global investment firm that offers alternative asset management and capital markets solutions [10].

Core Insights - Blue Owl Capital Corporation (NYSE: OBDC) operates as a business development company focused on generating earnings through a diverse portfolio of debt investments [1] - The company lends capital to businesses, aiming to create a hybrid investment strategy that combines growth and income [1] Company Overview - OBDC specializes in high-quality dividend stocks and other assets that offer potential for long-term growth [1] - The company utilizes a mix of Business Development Companies, REITs, and Closed End Funds to enhance investment income while achieving total returns comparable to traditional index funds [1] Investment Strategy - The investment approach of OBDC is designed to boost income while maintaining a total return that aligns with the S&P [1]

Core Insights - Blue Owl Capital Corporation (NYSE: OBDC) operates as a business development company focused on generating earnings through a diverse portfolio of debt investments [1] - The company lends capital to businesses, aiming to create a hybrid investment strategy that combines growth and income [1] Company Overview - OBDC is characterized as a business development company that seeks to provide capital to various businesses [1] - The investment strategy includes a mix of classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds to enhance investment income [1] Investment Strategy - The company emphasizes a hybrid system that balances growth and income, aiming to achieve total returns comparable to traditional index funds like the S&P [1]

Group 1 - Main Street Capital (NYSE: MAIN) is currently trading at 2x its net asset value per share (NAV) indicating it is considered expensive [1] - The company offers an aggregate dividend yield that is only 240 basis points above the U.S. 10-year Treasury yield, suggesting limited income potential compared to safer investments [1] - Pacifica Yield focuses on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Group 1 - Main Street Capital (NYSE: MAIN) is currently trading at 2x its net asset value per share (NAV) indicating it is considered expensive [1] - The company offers an aggregate dividend yield that is only 240 basis points above the U.S. 10-year Treasury yield, suggesting limited income potential compared to safer investments [1] - Pacifica Yield focuses on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Core Insights - The article provides a detailed analysis comparing Blackstone Secured Lending (BXSL) to 11 of its business development company (BDC) peers, focusing on dividend sustainability and financial metrics [1][2][3] Group 1: Dividend Analysis - BXSL declared a base dividend of $0.77 per share for Q2 2025, with a stock price of $31.63, resulting in a trailing 12-month (TTM) dividend yield of 9.74% [10] - For Q3 2025, BXSL maintained the same base dividend of $0.77 per share, with a stock price of $28.59, leading to a TTM dividend yield of 10.77% [27][28] - The cumulative undistributable taxable income (UTI) coverage ratio for BXSL was 1.86 as of 6/30/2025, significantly higher than the average of its peers [16] Group 2: Financial Metrics Comparison - BXSL's weighted average annualized yield on debt investments was 10.20% as of 6/30/2025, which is below the peer average of 11.61% [20] - The weighted average interest rate on BXSL's outstanding borrowings was 4.69%, lower than the previous year's rate of 5.19% [24] - BXSL had 99.80% of its debt investments with floating interest rates, which was advantageous during the rising interest rate environment [22] Group 3: Future Projections - The probability of BXSL maintaining a stable base dividend of $0.77 per share for Q4 2025 is estimated at 80% [33] - A broader dividend range of $0.70 to $0.77 per share is projected for Q1 2026, with a 90% probability [34] - BXSL's current stock price is considered undervalued, with a price target of approximately $33.50 per share [39]

Core Insights - The article provides a detailed analysis comparing Blackstone Secured Lending (BXSL) to 11 of its business development company (BDC) peers, focusing on dividend sustainability and financial metrics [1][2][3] Group 1: Dividend Analysis - BXSL declared a base dividend of $0.77 per share for Q2 2025, with a stock price of $31.63, resulting in a trailing 12-month (TTM) dividend yield of 9.74% [10] - For Q3 2025, BXSL maintained the same base dividend of $0.77 per share, with a stock price of $28.59, leading to a TTM dividend yield of 10.77% [27][28] - BXSL's cumulative undistributable taxable income (UTI) coverage ratio was 1.86 as of 6/30/2025, significantly higher than the average of its peers [16] Group 2: Financial Metrics Comparison - BXSL's weighted average annualized yield on debt investments was 10.20% as of 6/30/2025, below the peer average of 11.61% [20] - The company had a below-average weighted average interest rate on outstanding debt at 4.69% as of 6/30/2025, compared to 5.19% the previous year [24] - BXSL's proportion of debt investments with floating interest rates was 99.80%, which was advantageous during rising interest rate environments [22] Group 3: Future Projections - The likelihood of BXSL maintaining a stable base quarterly dividend of $0.77 for Q4 2025 is projected at 80% [33] - A broader dividend range of $0.70 to $0.77 per share is anticipated for Q1 2026, with a 90% probability [34] - The current market conditions suggest a potential dividend reduction in 2026, influenced by management's cautiousness and external economic factors [19][34] Group 4: Investment Recommendation - BXSL is rated as a SELL when trading at a premium of 22.5% or more to the projected NAV, a HOLD between 12.5% and 22.5%, and a BUY when trading at or below 12.5% [37] - The current price target for BXSL is approximately $33.50 per share, with the stock considered notably undervalued at a closing price of $27.54 as of 9/16/2025 [38][39]

Core Insights - The article focuses on Gladstone Investment Corporation (NASDAQ: GAIN) as a notable business development company (BDC) and discusses its financial instruments and offerings [1]. Company Overview - Gladstone Investment Corporation is highlighted for its role in providing financial instruments to investors, indicating its significance in the BDC sector [1]. Investment Strategies - The article mentions the availability of a free trial for active investors to engage with sophisticated traders and investors, suggesting a community-oriented approach to investment [1]. - It also emphasizes the importance of discussing investment ideas in detail, which may enhance decision-making for investors [1].