BDC Stock Recent News

Goldman Sachs BDC delivered weaker-than-expected Q1'25 net investment income amid a shrinking portfolio and persistent non-accrual issues. The BDC's non-accrual percentage improved to 1.9% Q/Q and Q1'25 was the third consecutive quarter of improving balance sheet quality. Goldman Sachs BDC has changed its dividend setup, however, and has more payment flexibility going forward.

FDUS offers a strong 11.2% dividend yield with solid coverage, making it attractive for income-focused investors seeking reliable distributions. The portfolio is well-diversified, primarily in secured debt, and has outperformed peers on non-accrual rates despite macroeconomic headwinds. Recent earnings were solid, with stable net investment income and increased new investment activity, supported by healthy liquidity and prudent management.

Crescent Capital BDC trades at a significant discount to NAV and offers a high 12.5% yield, but recent performance and total returns have been weak. Rising non-accruals, declining earnings, and weakening distribution coverage raise concerns about portfolio health and dividend sustainability. While the portfolio is diversified and focused on first lien, floating rate debt, higher interest rates are pressuring borrowers and increasing risks.

I'm downgrading Crescent Capital from buy to hold due to weakening fundamentals and rising economic uncertainty. Recent earnings showed sequential declines in total and net investment income, with increasing non-accruals and NAV erosion. CCAP's leverage is above peer average, raising risk, and the probability of a dividend cut is higher if economic conditions worsen.

We take a look at the action in business development companies through the third week of May and highlight some of the key themes we are watching. BDCs have rebounded strongly, with most lenders up for the month and sector valuations approaching long-term averages, signaling renewed investor confidence. Key income headwinds from Fed rate cuts are behind us; leverage and lending spreads are rising, supporting net investment income (NII) stability.

Goldman Sachs BDC remains a Buy for passive income investors, offering a high NII yield and trading at a significant discount to NAV. Despite not fully covering its dividend in Q1'25 and a rising non-accrual ratio, I see the dividend as sustainable due to the revised payout structure. The BDC's income metrics are under pressure from higher repayments, lower originations, and credit quality issues, but peer comparisons remain favorable.

NCDL remains attractively valued, trading at a notable discount to book despite solid performance and a well-diversified, high-quality portfolio. Fee waivers rolling off will reduce outperformance, but the new fee structure is still shareholder-friendly and supports a sustainable dividend yield. Share repurchases at a discount and management's focus on shareholder interests further enhance returns.

Kayne Anderson remains attractively valued in a premium BDC sector, but recent earnings and weaker distribution coverage warrant caution. Net investment income has declined, and dividend coverage is now tight, raising the risk of a potential cut if conditions don't improve. Portfolio fundamentals are strong with diversified, first-lien, floating-rate debt, but rising non-accruals and high rates present headwinds.

ST. LOUIS--(BUSINESS WIRE)--The Board of Directors of Belden Inc. (NYSE: BDC) today declared a quarterly dividend to holders of common stock of $0.05 per share payable on July 9, 2025, to shareholders of record as of June 12, 2025. About Belden Belden Inc. delivers complete connection solutions that unlock untold possibilities for our customers, their customers and the world. We advance ideas and technologies that enable a safer, smarter and more prosperous future. Throughout our 120+ year hist.

KBDC is my largest BDC holding, driven by its conservative balance sheet, high portfolio quality, and attractive valuation. Since IPO, KBDC has delivered stable dividends and outperformed the BDC index, even during challenging market conditions. Recent Q1 2025 results highlight some areas for investor concern, but the core investment thesis remains intact.