phototechno Capital Southwest (NASDAQ:CSWC) offers passive income investors a growing investment portfolio, a First Lien-focus, a well-covered 10% dividend yield and dividend upside. The business development company easily covered its dividend with net investment income in the first quarter, and I think that investors are going to see hikes in the regular dividend in 2024. Though Capital Southwest is selling for a rather high premium to net asset value, the First Lien-focus, the company’s strong history ...

J StudiosIntroduction Business Development Companies have performed well since the start of interest rate hikes in 2022. As a result, many of them trade at significant premiums above their NAV prices. One BDC that I think still trades at an attractive valuation is Golub Capital BDC (NASDAQ:GBDC), a higher-quality BDC that is down more than 3% in the past month. In this article, I discuss the company's recent earnings, fundamentals, and why I think they are still an attractive income play despite their s ...

While "the trend is your friend" when it comes to short-term investing or trading, timing entries into the trend is a key determinant of success. And increasing the odds of success by making sure the sustainability of a trend isn't easy.Often, the direction of a stock's price movement reverses quickly after taking a position in it, making investors incur a short-term capital loss. So, it's important to ensure that there are enough factors -- such as sound fundamentals, positive earnings estimate revisions, ...

文章核心观点 - 公司是一家管理良好的BDC(商业开发公司),拥有超过13%的吸引人的股息收益率 [1] - 近几个季度,公司投资组合质量恶化的风险有所增加,观察名单占比从4Q2023的3.6%上升至1Q2024的5.1% [1][4] - 但整体来看,公司投资组合中引起担忧的部分占比仍然较低,反映了良好的信用审查实践 [2] - 公司持续增加净投资收益(NII)和股息,目前没有投资者退出的理由 [2] - 尽管信用质量仍需密切关注,但之前的担忧可能有些过度 [2][6] 投资组合和风险 - 公司采用全面的贷款违约风险评估系统,根据7个关键因素给予1-5分的风险评级 [3] - 评级4-5分的为优质投资,1-1.5分的为违约或正在重组 [3] - 观察名单包括评级1.5-1.6分的投资,违约风险较高 [4] - 1Q2024观察名单占比上升至5.1%,但违约或重组的投资占比下降,反映公司良好的风险管理 [4][5] - 公司还有4.7%的投资被评为"表现非常出色" [5] - 尽管观察名单有所上升,但整体投资组合质量令人放心,符合预期 [6] 股息和收益 - 公司目前股息收益率为13.7%,为同行业最高 [7] - 公司近年来普通股息不断增加,从2021年1Q的$0.28上升至最新1Q的$0.51 [7] - 公司还经常支付特别股息,因为NII持续高于支付的股息 [7] - 最新1Q的$0.51股息由$0.54的NII提供,NII覆盖率约106% [8] - 未来NII走势将受利率变动影响,但公司有能力应对利率上升带来的风险 [9][10] 估值 - 公司目前溢价于净资产值(NAV)约16%,略高于3年平均溢价5% [11] - 但考虑到公司近期的强劲NII增长、良好的风险管理和稳健的股息增长,当前溢价水平是合理的 [12] 总结 - 公司仍是BDC行业的有吸引力的持有标的 [13] - 尽管观察名单占比有所上升,但公司通过有效的风险管理策略来应对 [13] - 公司13.7%的高股息收益率也得到了强劲的NII支撑 [13]

primeimages Welcome to another installment of our Preferreds Market Weekly Review, where we discuss preferred stock and baby bond market activity from both the bottom-up, highlighting individual news and events, as well as top-down, providing an overview of the broader market. We also try to add some historical context as well as relevant themes that look to be driving markets or that investors ought to be mindful of. This update covers the period through the last week of May. Be sure to check out our o ...

JamesBrey Introduction Gladstone Capital (NASDAQ:GLAD) is a quality, monthly-paying BDC that is a great investment inside an income-oriented portfolio to compound dividends. The stock has performed well, and the last four articles published on them have all been buy ratings. And while I consider them to be of higher-quality, I think the share price has gotten ahead of itself, warranting a hold rating. In this article, I discuss the BDC's latest quarter highlights and reasons why I think Gladstone Capita ...

Klaus Vedfelt/DigitalVision via Getty ImagesIntroduction For those that may be familiar with Blue Owl Capital Corporation (OBDC), a popular BDC here on Seeking Alpha, they have a newly-listed sister, Blue Owl Capital III (NYSE:OBDE). They went public at the beginning of this year. For those who own OBDC already, their sister is another BDC you may want to consider. The two share a lot of similarities, but their differences may suite investors looking for additional income in a dividend-focused portfolio ...

文章核心观点 - BDC(Business Development Company)行业在5月份整体表现良好,平均涨幅达到3% [3] - BDC行业估值达到2年多来的新高,但净收益水平并未大幅提升 [4][5] - Barings BDC(BBDC)公司出现了高管离职问题,主要原因是母公司MassMutual与私募信贷团队之间存在文化摩擦 [6][7][8] - MidCap Financial(MFIC)公司计划将两只贷款CEF基金并入自身,这可能会给MFIC股东带来一定风险 [11][12][13] 行业概况 - BDC行业在5月份整体表现良好,超越了更广泛的收益类资产 [3] - BDC行业估值达到2年多来的新高,但净收益水平并未大幅提升 [4][5] 公司动态 - Barings BDC(BBDC)公司出现了高管离职问题,主要原因是母公司MassMutual与私募信贷团队之间存在文化摩擦,导致22名员工离职,后来公司成功留住了其中的6人 [6][7][8][9] - MidCap Financial(MFIC)公司计划将两只贷款CEF基金并入自身,这可能会给MFIC股东带来一定风险,因为CEF基金已有私募债投资但收费较低 [11][12][13]

MicroStockHub Introduction As a huge fan and longtime investor in BDCs, the high interest rate environment has boosted my income tremendously. My BDC holdings have been my top performers, with Capital Southwest (CSWC) leading the pack. So, in short, I have no complaints from me when it comes to the remaining higher for longer for the sector. That's why I think it's essential not to solely chase high yields, and invest in those that offer not only higher yields, but ones that are well-covered. One BDC that h ...

文章核心观点 - 公司Q1 2024财报显示基本面有所恶化,包括净资产价值下降、投资收益下降、杠杆率上升、不良资产增加等[7][8][9][10][12] - 尽管公司管理层表示未来仍有能力维持现有股息水平[13],但综合考虑各方面因素,公司的投资价值仍然不佳[14][15][16] 公司基本面分析 - 公司净资产价值下降约1%,主要是由于全部调整后净投资收益被用于派发股息,以及部分投资组合公司信用表现恶化导致未实现亏损[8] - 公司调整后净投资收益较上季度下降0.01美元/股,主要是由于平均投资规模和平均投资资产规模下降,以及不良资产增加[9] - 公司股息覆盖率降至100%,即没有安全边际[9] - 公司杠杆率从1.49x进一步上升至1.6x,已成为行业第四高[10][11] - 公司不良资产占比达到2.1%,与行业水平基本一致[12]