Core Insights - Business Development Companies (BDCs) have been facing challenges in earnings growth over recent quarters, but Trinity Capital (TRIN) stands out as a notable exception [1] Industry Overview - The BDC sector has struggled with headwinds, impacting many high-quality options in terms of earnings growth [1] Company Analysis - Trinity Capital (TRIN) has demonstrated resilience and growth potential amidst the broader challenges faced by the BDC industry [1]

Core Insights - Blue Owl Capital Corporation (OBDC) is currently trading at over a 20% discount to its net asset value, despite successfully executing a third-party loan sale at book value, which validates its valuation methodology [2]. Company Overview - Blue Owl Capital Corporation operates as a Business Development Company (BDC) and is focused on disciplined, income-oriented investment strategies [2]. - The company is led by Samuel Smith, who has extensive experience in dividend stock research and investment, and is supported by a team that includes Jussi Askola and Paul R. Drake [2]. Investment Strategy - High Yield Investor emphasizes a balanced approach to safety, growth, yield, and value, offering various portfolios including core, retirement, and international options [2]. - The service provides regular trade alerts, educational content, and an active community for investors [2].

Board Authorized New $100 Million Stock Repurchase Plan Results for the Quarter and Fiscal Year Ended December 31, 2025, and Other Recent Highlights: Net investment income per share for the quarter was $0.39, compared to $0.38 for the quarter ended September 30, 2025Net asset value (“NAV”) per share as of the end of the quarter was $14.18, compared to $14.66 as of September 30, 2025, representing a 3.3% decline primarily driven by a handful of investments predominantly from 2022 and earlier vintages New inv ...

Crescent Capital BDC, Inc.'s private credit platform has been active with over $6.5 billion of capital committed in 2025, including over $1.7 billion during the fourth quarter. Our existing portfolio remains one of our most active origination channels, with add-ons representing over half of our transactions over the same period. We are also encouraged by the recent increase in transaction activity in Q4 and early 2026. As origination and refinancing volumes normalize, structuring fees and accelerated amorti ...

Financial Data and Key Metrics Changes - For the fourth quarter, the company reported net investment income of $0.45 per share, a slight decrease from $0.46 in the prior quarter, while net asset value (NAV) per share declined to $19.10 from $19.28 due to unrealized losses from certain portfolio companies [3][16] - The company maintained a net debt to equity ratio of 1.20 times, below the upper end of its target range of 1.30 times, preserving flexibility for prudent portfolio growth [5][18] - The weighted average interest rate on total borrowings decreased to 5.83% from 5.99% quarter-over-quarter, reflecting lower base rates [18] Business Line Data and Key Metrics Changes - The investment portfolio at fair value totaled approximately $1.6 billion, consistent with the prior quarter, and consisted primarily of first lien loans, representing 91% of the portfolio [9][16] - Gross deployment in the fourth quarter totaled $71 million, with five new platform investments totaling $29 million, while net realizations were approximately $7 million due to exits and repayments [12][16] - The weighted average yield on income-producing securities at cost decreased by 40 basis points quarter-over-quarter, ending the year at 10% [12] Market Data and Key Metrics Changes - The private credit market remains competitive, with strong capital formation and a growing number of lenders competing for high-quality transactions, leading to tighter spreads [7][8] - The company noted subdued exit activity in private equity over the past three years, with sponsors favoring recapitalizations and dividend transactions [8] Company Strategy and Development Direction - The company emphasizes capital preservation and maintaining a stable NAV profile through disciplined underwriting and diversified positioning [4][20] - Management is actively reviewing options to enhance earnings durability and align with shareholder interests, including evaluating the fee structure and base dividend level [7][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook for private credit, emphasizing the importance of disciplined underwriting and active portfolio management [9][20] - The company is navigating a dynamic environment with expectations of lower base rates impacting yields, but remains well-positioned for stability [7][20] Other Important Information - The company has a spillover income of approximately $1.16 per share, providing support during the current rate transition [7] - The supplemental dividend policy remains in place, but no supplemental dividend will be paid related to Q4 earnings due to NAV declines [41] Q&A Session Summary Question: Discussion on long-term positioning and dividend structure - Management indicated that the review focuses on long-term earnings durability and alignment with shareholders, including evaluation of the fee structure and base dividend level [26][27] Question: Details on non-accrual investments - One non-accrual investment was realized at close to the mark, contributing to a decrease in non-accruals [29] Question: Future earnings and spread expectations - Management noted that spreads have stabilized for high-quality assets, and there is optimism for increased deal activity in the near term [31][32] Question: Drivers of realized gains and unrealized losses - Realized gains were driven by an investment sold during the quarter, while unrealized losses were primarily due to two investments placed on non-accrual [35][36] Question: Rationale for reinvesting proceeds instead of buybacks - The company is balancing investments in private credit with share repurchases, focusing on durable income for shareholders [39][40] Question: Status of the supplemental dividend policy - The supplemental dividend policy remains in place, but no supplemental dividend will be paid this quarter due to NAV constraints [41][42]

Financial Data and Key Metrics Changes - For the fourth quarter, the company reported net investment income of $0.45 per share, a slight decrease from $0.46 in the prior quarter [3][16] - Net asset value (NAV) per share declined to $19.10 as of December 31, down from $19.28 at the end of the third quarter, primarily due to unrealized losses from certain portfolio companies [3][16] - The company ended the year with a net debt to equity ratio of 1.20 times, below the upper end of the target range of 1.30 times, preserving flexibility for portfolio growth [5] Business Line Data and Key Metrics Changes - The investment portfolio at fair value totaled approximately $1.6 billion across 184 companies, with an average investment size of about 0.6% of the total portfolio [9] - The weighted average yield on income-producing securities at cost decreased by 40 basis points quarter-over-quarter, ending the year at 10% [12] - Non-accruals increased from 3.3% and 1.6% as of September 30 to 4.1% and 2% as of December 31, driven by two new non-accrual investments [14] Market Data and Key Metrics Changes - The private credit market remains competitive, with strong capital formation and a growing number of lenders competing for high-quality transactions, resulting in tighter spreads [7][8] - The company noted subdued exit activity in private equity over the past three years, with sponsors favoring recapitalizations and dividend transactions [8] Company Strategy and Development Direction - The company emphasizes capital preservation and is actively managing the portfolio to maintain long-term NAV stability [4] - The focus remains on disciplined underwriting, diversified positioning, and investing in senior secured sponsor-backed companies [4][20] - The management team is evaluating options to enhance earnings durability and align with shareholder interests, including a review of the fee structure and dividend levels [26][27] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the long-term outlook for private credit, emphasizing the importance of disciplined underwriting and active portfolio management [9] - The company is navigating a dynamic environment with expectations of lower base rates impacting yields, but remains well-positioned for stability [20] - Management acknowledged the earnings headwinds facing the BDC space due to forward base rate expectations and is reviewing strategies to ensure durable earnings [7][20] Other Important Information - The company declared a quarterly cash dividend of $0.42 per share for the first quarter of 2026, payable on April 15, 2026 [3][18] - The company has a buyback program in place and continues to evaluate the attractiveness of new investments relative to share repurchases [39] Q&A Session Summary Question: Discussion on long-term positioning and dividend structure - Management indicated that the review focuses on long-term earnings durability and alignment with shareholders, including evaluation of the fee structure and base dividend level [26][27] Question: Details on non-accrual exit and sale - One non-accrual investment was realized at close to the mark [29] Question: Future earnings and spread expectations - Management noted that spreads have stabilized for high-quality assets and observed an increase in deal activity, indicating potential for capturing excess spread [31][32] Question: Main drivers of realized gains and unrealized losses - Realized gains were driven by an investment sold during the quarter, while unrealized losses were primarily from two investments placed on non-accrual [35][36] Question: Rationale for reinvesting proceeds instead of buybacks - The company is balancing investments in private credit with share repurchases, focusing on durable income for shareholders [39][40] Question: Status of the supplemental dividend policy - The supplemental dividend policy remains in place, but no supplemental dividend will be paid for Q4 earnings due to NAV constraints [41][42]

All information is as of December 31, 2025 unless otherwise noted Summary | | • Net investment income (NII) for the quarter ended December 31, 2025 was $135 million, or $0.48 per share, as compared to $159 million, or $0.57 per share, for the quarter ended September 30, 2025. | | --- | --- | | Fourth Quarter Performance | • for the quarter ended September 30, 2025(1) . | | | Adjusted net investment income (Adjusted NII) for the quarter ended December 31, 2025 was $147 million, or $0.52 per share, as compare ...

Goldman Sachs BDC, Inc. (NYSE:GSBD) is set to release its quarterly earnings with an estimated EPS of $0.36 and projected revenue of $87.18 million.Investors are concerned about potential dividend cuts due to the average base dividend coverage for BDCs being 99%, with limited growth prospects.GSBD's financial metrics, including a P/E ratio of 7.96 and an earnings yield of 12.56%, provide insights into its market valuation and financial health.Goldman Sachs BDC, Inc. (NYSE:GSBD) is a business development com ...

Core Insights - Crescent Capital BDC, Inc. reported a net investment income of $1.81 per share and a net income of $0.93 per share for the year ended December 31, 2025, with a quarterly net investment income of $0.45 and net income of $0.23 for the quarter ended December 31, 2025 [1][7][9] - The company declared a regular cash dividend of $0.42 per share for the first quarter of 2026, payable on April 15, 2026 [1] Financial Highlights - As of December 31, 2025, total investments at fair value were $1,569.4 million, a decrease from $1,598.9 million as of December 31, 2024 [2][3] - Total assets were reported at $1,622.1 million, down from $1,656.3 million a year earlier [2] - Net asset value (NAV) per share was $19.10, compared to $19.98 as of December 31, 2024 [2][17] - Investment income for the year decreased to $167.3 million from $197.4 million in 2024, primarily due to lower interest income [7][8] - Total expenses for the year were $100.4 million, down from $108.4 million in 2024 [8] Portfolio & Investment Activity - The company invested $306.9 million across 25 new portfolio companies and 41 existing portfolio companies during the year ended December 31, 2025 [5] - For the fourth quarter of 2025, investments totaled $70.8 million across five new portfolio companies [6] - The portfolio consisted of 184 companies as of December 31, 2025, with a significant portion in unitranche first lien investments, accounting for 66.7% of the total fair value [3][4] Liquidity and Capital Resources - As of December 31, 2025, the company had $31.5 million in cash and cash equivalents, along with $242.0 million of undrawn capacity on its credit facilities [11] - The weighted average cost of debt was reported at 5.83%, with a debt to equity ratio of 1.25x [11]

Hennigan said 2025 was a record year of originations for both CGBD and the Carlyle Direct Lending platform, attributing the results to enhancements in origination capabilities. He reported:Chi emphasized that the company’s “core investment strategy will remain the same,” with a focus on “stable, high-quality credits in the core and upper middle market.” He said he is focused on expanding origination and leveraging the broader Carlyle platform. In the Q&A, Chi added that he does not plan to “aggressively pus ...