GOLUB CAPITAL BDC, INC. EARNINGS PRESENTATION QUARTER ENDED SEPTEMBER 30, 2025 Confidential | for discussion purposes only Some of the statements in this presentation constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained in this presentation involve risks and uncertainties, including statements as to: our future operating results; our business prospects and the prospects of our portfolio companies, incl ...

we discuss ideas like this as they happen in more detail. All active investors are welcome to join on a free trial and ask any question in our chat room full of sophisticated traders and investors.In this article, we will examine one more beaten-down BDC, or business development company. Today, we talk about Golub Capital BDC ( GBDC ). There are several simplified assumptions to provide a basic ideaArbitrage Trader, aka Denislav Iliev has been day trading for 15+ years and leads a team of 40 analysts. They ...

Fourth Quarter 2025 Forward Looking Statements & Legal Disclosures Some of the statements in this presentation constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this presentation may include statements as to: our future operating results and distribution projections; the ability of Oaktree Fund Advisors, LLC (together with its affiliates, "Oaktree") to implement Oaktree's future plans with ...

Gladstone Capital (NasdaqGS:GLAD) Q4 2025 Earnings Call November 18, 2025 08:30 AM ET Company ParticipantsBob Marcotte - PresidentChristopher Nolan - Senior VPNone - Company RepresentativeNicole Schaltenbrand - CFODavid Gladstone - Chairman and CEOConference Call ParticipantsErik Zwick - AnalystRobert Dodd - AnalystOperatorGreetings and welcome to the Gladstone Capital Corporation Fourth Quarter 2025 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will ...

FS KKR Capital Corp. (NYSE:FSK) is included among the 15 Stocks with Highest Dividend to Invest in. Truist Maintains Hold on FS KKR Capital (FSK), Lowers Price Target to $17 Photo by Vitaly Taranov on Unsplash Truist lowered it‍s price target on⁠ FS KKR Capital Corp. (NYSE:FSK) to $17 fr⁠om $19 an‌d‌ mai​ntained a H⁠old rating on the​ sh‍are​s as p‍art o⁠f a broade‍r review of business development companies (‍BDCs​), as reported by The Fly. The firm updated its model to r‌efle‍ct FSK’s Q3 results and re ...

It is no secret that current dividends for many BDCs are being questioned. There have been numerous articles published on this topic by different analysts (including myself), the BDC ( BIZD ) index has declinedRoberts Berzins has over a decade of experience in the financial management helping top-tier corporates shape their financial strategies and execute large-scale financings. He has also made significant efforts to institutionalize REIT framework in Latvia to boost the liquidity of pan-Baltic capital ma ...

Core Insights - The business development sector is currently facing challenges, highlighting both strengths and weaknesses within the industry [1] - Some Business Development Companies (BDCs) are struggling to achieve positive earnings growth and maintain payouts, while others demonstrate resilience [1] - The Blackstone Secured Lending Fund is identified as a more resilient player in the sector [1] Investment Strategy - A hybrid investment strategy combining classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds can enhance investment income while achieving total returns comparable to traditional index funds [1] - This approach aims to balance growth and income, providing a robust framework for long-term investment success [1]

Financial Data and Key Metrics Changes - Net investment income per share was $0.42 for Q3 2025, up from $0.34 in Q2 2025, indicating a 23.5% increase [10] - Gross investment income totaled $15.1 million for Q3 2025, compared to $13.1 million in Q2 2025 [10] - Net assets reached $302.9 million at quarter end, with net asset value per share increasing to $13.27 from $13.23 in Q2 2025 [11] Business Line Data and Key Metrics Changes - The company funded $66.7 million to 13 new investments in Q3 2025, setting a new record for originations [4][12] - 24% of the portfolio is invested in non-cannabis companies across multiple sectors, with 69% of the portfolio having floating interest rates [9] - The gross weighted average yield on the credit investment portfolio was approximately 15.8% [10] Market Data and Key Metrics Changes - The company has approximately $610 million in potential debt transactions in its pipeline, with $415 million in cannabis opportunities and $195 million in non-cannabis investments [13] - As of November 12, 2025, the company had approximately $97.8 million in liquidity, providing ample capacity for further investments [10] Company Strategy and Development Direction - The company focuses on lending to cannabis companies and the lower-middle market, which is often underserved by capital providers, creating unique credit opportunities [4] - The investment strategy emphasizes no overlap with other public BDCs, allowing for a differentiated portfolio [6][14] - The company aims to maintain a high bar for underwriting and structuring investments to ensure above-market risk-adjusted returns [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the cannabis industry, noting that it is not a monolith and varies significantly across jurisdictions [19] - The closing of the hemp-related loophole is expected to support state-regulated markets and positively impact borrowers [23][24] - The company remains disciplined in its approach to lending, focusing on building strong relationships and maintaining a broad pipeline [20] Other Important Information - The company announced a $0.34 dividend, marking the fifth consecutive quarter at that rate, which is well covered by net investment income [8] - The portfolio is under-levered, with only $11 million of debt outstanding, compared to the BDC average of 1.2 times debt to equity [8] Q&A Session Summary Question: Were the loan repayments in line with expectations, and how does the company view the cannabis industry outlook? - Management noted that while there were more repayments than expected, it did not impact deployment pace due to a strong pipeline built over time [18] - The company maintains a constructive view of the cannabis industry, recognizing its complexity across different jurisdictions [19] Question: How does the company view the potential impact of the hemp derivatives industry on cannabis players? - Management believes that closing the hemp-related loophole will support state-regulated markets and benefit borrowers, despite some negative aspects [23][24] Question: What is the company's perspective on uncertain tax liabilities and their impact on borrowers? - The company views uncertain tax liabilities as a liability that must be paid and aims to limit such liabilities in loan documents to reduce risk [27] Question: How does the company manage the risks associated with lending to smaller private companies? - Management highlighted that lending to smaller companies allows for greater negotiation power and downside protection, balancing risk with strong portfolio monitoring [29]

NEW YORK, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Chicago Atlantic BDC, Inc. (“LIEN” or the “Company”) (NASDAQ: LIEN), a specialty finance company that has elected to be regulated as a business development company, today announced its financial results for the third quarter ended September 30, 2025. Third Quarter 2025 Highlights and Subsequent Activity Total gross investment income of $15.1 million. Interest income accounted for $13.8 million, of which $1.9 million was related to one-time pre-payment premiums fro ...

NEW YORK, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Chicago Atlantic BDC, Inc. (“the “Company”) (NASDAQ: LIEN), a specialty finance company that has elected to be regulated as a business development company, today announced that the Company’s board of directors has declared a cash dividend of $0.34 per share for the quarter ending December 31, 2025. The following are the key dates for the dividend: Record DateDecember 31, 2025Payment DateJanuary 15, 2026 The Company has adopted a dividend reinvestment plan (“DRIP ...