Contributing analyst to the iREIT+Hoya Capital investment group. The Dividend Collectuh is not a registered investment professional nor financial advisor and these articles should not be taken as financial advice. This is for educational purposes only and I encourage everyone to do their own due diligence. I'm a Navy veteran who enjoys dividend investing in quality blue-chip stocks, BDC's, and REITs. I am a buy-and-hold investor who prefers quality over quantity and plans to supplement his retirement income ...

Group 1 - The analyst expresses a structural bullish outlook on the Business Development Company (BDC) sector but maintains a bearish stance on venture-capital related vehicles [1] Group 2 - Roberts Berzins has over a decade of experience in financial management, focusing on helping top-tier corporates with financial strategies and large-scale financings [2] - Berzins has contributed to institutionalizing the Real Estate Investment Trust (REIT) framework in Latvia to enhance liquidity in pan-Baltic capital markets [2] - His policy-level work includes developing national State-Owned Enterprise (SOE) financing guidelines and frameworks for channeling private capital into affordable housing [2] - Berzins holds a CFA Charter and an ESG investing certificate, and has experience with the Chicago Board of Trade [2]

Group 1 - The outperformance of Business Development Companies (BDCs) is likely over for the foreseeable future, indicating a shift in market dynamics [1] - Previously, the BDC market was characterized by high-yielding income streams, growing dividends, and increasing market sizes [1] Group 2 - The article does not provide any additional relevant information regarding companies or industries beyond the BDC market performance [2][3]

I have been long Fidus Investment (NASDAQ: FDUS ) since March 2024, when I realized that the BDC was trading slightly below NAV despite forthcoming high-probability equity sales. Plus, FDUS's capital structure, which at that time was almost the least leveraged in the entireRoberts 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 fra ...

Core Insights - The article provides a detailed analysis comparing Golub Capital BDC Inc. (GBDC) with 11 of its business development company (BDC) peers, focusing on dividend sustainability and financial metrics [1][2][3] Group 1: Dividend Analysis - GBDC declared a base dividend of $0.39 per share for Q1 2025, with a TTM dividend yield of 12.30% and an annual forward yield of 10.32% based on its stock price as of March 21, 2025 [10][31] - For Q2 2025, GBDC maintained the same base dividend of $0.39 per share, resulting in a TTM dividend yield of 11.91% and an annual forward yield of 10.62% as of June 13, 2025 [28][29][31] - GBDC's management has indicated a high probability (70%) of maintaining the base dividend through Q4 2025, with no special periodic dividends expected for Q3 and Q4 2025 [33] Group 2: Financial Metrics Comparison - GBDC's cumulative undistributable taxable income (UTI) coverage ratio was 0.09 as of March 31, 2025, reflecting a decrease over the trailing twelve months [16][17] - The weighted average annualized yield on GBDC's debt investments was 10.50% as of December 31, 2024, which is below the mean of 11.60% among its peers [20][24] - GBDC's weighted average interest rate on outstanding borrowings was 5.37% as of March 31, 2025, showing an increase due to the merger with GBDC 3, which had a higher cost of capital [24][25] Group 3: Market Position and Recommendations - GBDC's stock price was $14.69 as of June 13, 2025, and the company is currently rated as HOLD, with a price target of approximately $15.95 per share [36][37] - The analysis indicates that GBDC's annual forward yield to its projected NAV was 10.51%, which is near the average of its 12 BDC peers [32][31] - The article emphasizes that GBDC has not decreased its base dividend since Q2 2020, highlighting a consistent dividend policy despite market fluctuations [18][19]

Group 1 - Carlyle Secured Lending (CGBD) reported Q1 results with a dividend yield of 11.5% and a 16% discount to NAV [1] - The net investment income price yield for CGBD is 11.8%, which aligns with market expectations [1]

At Trade With Beta , we also pay close attention to closed-end funds and are always keeping an eye on them for directional and arbitrage opportunities created by market price deviations. As you can guess, timing is crucial in these kinds of trades; therefore, you are welcome to join us for early access and the discussions accompanying these kinds of trades.Currently, only a small fraction of BDC bonds offer yields to worst above 8%. Today's article focuses on two of these rare exceptions that currently stan ...

Capital Southwest Corporation Q4 2025 Earnings Presentation May 15, 2025 8333 Douglas Avenue, Suite 1100 | Dallas, Texas 75225 | 214.238.5700 | capitalsouthwest.com Important Notices Page 2 • These materials and any presentation of which they form a part are neither an offer to sell, nor a solicitation of an offer to purchase, any securities of Capital Southwest. • These materials and the presentations of which they are a part, and the summaries contained herein, do not purport to be complete and no obligat ...

Analyst's Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or ...

Financial Data and Key Metrics Changes - The first quarter results for 2025 were disappointing, with GAAP net investment income and core NII at $6,800,000 or $0.02 per share, down from $8,000,000 or $0.03 per share in Q4 2024 [6][19] - NAV per share decreased by approximately 1.6% to $12.11 from the prior quarter, impacted by net realized losses and markdowns totaling $2,600,000 [6][19] - The weighted average effective yield on income-producing debt investments decreased to 12.1% from 12.5% in the previous quarter [9][19] Business Line Data and Key Metrics Changes - Gross capital deployments in Q1 totaled $45,500,000, with net deployments of $26,100,000 after repayments and sales of $19,400,000 [6][9] - The portfolio mix at the end of Q1 was approximately 90.3% first lien, senior secured debt, with a mix of 2:3 sponsor to non-sponsor deals [8][9] - Nonaccrual investments increased to 8.8% of the debt portfolio from 7.2% in the prior quarter [13][19] Market Data and Key Metrics Changes - The STRS JV portfolio had an aggregate fair value of $310,200,000, with an average effective yield of 10.8%, down from 11.1% in Q4 [9][21] - The lending market has seen increased volatility, with a 25 to 50 basis point increase in direct lending market prices, although most of that premium has dissipated [15][19] - The M&A market has slowed significantly, with many deals being put on hold due to negative sentiment and tariff negotiations [14][45] Company Strategy and Development Direction - The company continues to focus on the non-sponsor market, where there are better risk-return profiles and less competition [16][19] - A new coverage region was added in Nashville, Tennessee, to enhance non-sponsor and off-the-run sponsor origination capabilities [16][19] - The company is actively monitoring tariff risks and has expanded its analysis to include other countries with potential tariffs [11][19] Management's Comments on Operating Environment and Future Outlook - Management noted that challenges in the quarter were more company-specific rather than related to the overall economy, with no signs of a recession yet in the portfolio [10][19] - The company expects a decent amount of refinancing activity in the second half of the year as prepayment penalties on higher-rate deals expire [51][19] - Management is cautious about the environment for deal closures in Q3, anticipating a relative quiet period [46][19] Other Important Information - The company declared a first-quarter distribution of $0.03 per share, consistent with the prior quarter, and will continue to evaluate quarterly distributions based on core earnings power [24][19] - Cash resources at the end of Q1 were approximately $19,600,000, with an asset coverage ratio of 177.2%, above the minimum requirement [22][19] Q&A Session Summary Question: Update on Telestream and its return to accrual status - Management indicated progress on restructuring Telestream, hoping to complete it by May, which would allow a portion of the existing debt to return to cash-paying status [28][19] Question: Insights on dividend and spillover income - Spillover income was approximately $28,400,000, with a current dividend run rate equating to about $8,950,000 in distributions, highlighting a shortfall in Q1 [39][19] Question: Market conditions regarding bid-ask spreads - Management noted that good companies without significant risks are trading at high multiples, while those with recession or tariff risks are seeing buyers being cautious [44][19] Question: Expectations on repayment activity - Management observed a slowdown in repayment activity due to recent market volatility, with a light visible repayment pipeline currently [53][19]