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LOS ANGELES, July 24, 2026 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. (“Crescent BDC”) (NASDAQ: CCAP) today announced it will release its financial results for the second quarter ended June 30, 2026 on Monday, August 10, 2026 after market close. Crescent BDC invites all interested persons to attend its webcast/conference call on Tuesday, August 11, 2026 at 12:00 p.m. Eastern Time to discuss its second quarter ended June 30, 2026 financial results.

MENLO PARK, Calif.--(BUSINESS WIRE)--TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) (the “Company”), a leading financing provider to venture growth stage companies backed by a select group of venture capital firms in technology and other high growth industries, today announced it will release its financial results for its second quarter ended June 30, 2026 after market-close on Wednesday, August 5, 2026. James P. Labe, chief executive officer and chairman of the board, Sajal K. Srivastava, p.

Posted by Defense World Staff on Jul 18th, 2026

Allspring Global Investments Holdings LLC reduced its position in shares of Belden Inc (NYSE:BDC – Free Report) by 11.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 784,931 shares of the industrial products company’s stock after selling 99,866 shares during the period. Allspring Global Investments Holdings LLC owned about 2.02% of Belden worth $91,531,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of BDC. Price T Rowe Associates Inc. MD grew its position in Belden by 25.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,225,244 shares of the industrial products company’s stock valued at $375,903,000 after purchasing an additional 663,241 shares in the last quarter. Norges Bank bought a new stake in Belden during the fourth quarter worth about $57,296,000. Northwestern Mutual Wealth Management Co. boosted its position in Belden by 238,774.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 422,808 shares of the industrial products company’s stock valued at $49,278,000 after purchasing an additional 422,631 shares during the last quarter. Fisher Asset Management LLC bought a new position in Belden in the fourth quarter valued at approximately $43,097,000. Finally, Wellington Management Group LLP boosted its holdings in shares of Belden by 15.0% in the 4th quarter. Wellington Management Group LLP now owns 1,685,750 shares of the industrial products company’s stock valued at $196,474,000 after buying an additional 219,695 shares during the last quarter. Institutional investors and hedge funds own 98.75% of the company’s stock.

Belden Stock Performance NYSE BDC opened at $101.43 on Friday. The company has a market capitalization of $3.95 billion, a price-to-earnings ratio of 17.08 and a beta of 1.12. Belden Inc has a twelve month low of $98.00 and a twelve month high of $159.99. The stock has a fifty day simple moving average of $110.60 and a 200 day simple moving average of $120.02. The company has a quick ratio of 1.40, a current ratio of 2.09 and a debt-to-equity ratio of 0.98.

Belden (NYSE:BDC – Get Free Report) last announced its earnings results on Thursday, April 30th. The industrial products company reported $1.77 EPS for the quarter, beating the consensus estimate of $1.70 by $0.07. The business had revenue of $696.38 million for the quarter, compared to analysts’ expectations of $677.03 million. Belden had a return on equity of 24.47% and a net margin of 8.49%.The firm’s revenue was up 11.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.60 earnings per share. Belden has set its Q2 2026 guidance at 1.950-2.050 EPS. Sell-side analysts expect that Belden Inc will post 8.22 EPS for the current year.

Belden Dividend Announcement The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Tuesday, June 16th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Tuesday, June 16th. Belden’s payout ratio is currently 3.37%.

Analyst Upgrades and Downgrades Several equities analysts recently weighed in on the stock. Truist Financial raised their target price on shares of Belden from $150.00 to $155.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. DA Davidson began coverage on Belden in a research note on Tuesday, June 16th. They issued a “buy” rating and a $155.00 price target on the stock. Citigroup started coverage on Belden in a report on Friday, June 26th. They set a “buy” rating and a $150.00 price target for the company. Wall Street Zen downgraded shares of Belden from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Weiss Ratings upgraded shares of Belden from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $158.75.

Read Our Latest Report on Belden

Belden Company Profile (Free Report)

Belden, formerly Belden Inc (NYSE:BDC), was a global provider of signal transmission solutions for demanding applications. The company produced a wide range of copper and fiber optic cables, connectors, patch panels, cable assemblies, and surge protection devices. Its portfolio extended into networking and security hardware, including managed switches, industrial routers, and software tools for remote monitoring and network management.

Founded in 1902 and headquartered in St. Louis, Missouri, Belden built its reputation on delivering high‐performance, reliable products for harsh environments.

Featured Articles Five stocks we like better than Belden AST SpaceMobile Stock Sinks as SpaceX Fallout Rattles Space Sector Aehr Test Systems Stock Soars on Earnings, Eyes Over 150% Revenue Growth TSMC Just Gave AI Chip Bulls Another Reason to Stay Confident GE Aerospace Faces a Prove-It Moment in Q2 Earnings Want to see what other hedge funds are holding BDC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Belden Inc (NYSE:BDC – Free Report).

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in BDC over 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 advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

ST. LOUIS--(BUSINESS WIRE)--Belden Inc. (NYSE: BDC), a leading global provider of complete connection solutions, is proud to announce a partnership between its connected brand, CloudRail, and Tulip, a provider of frontline operations platforms for manufacturing. Together, Belden and Tulip are helping life sciences and consumer packaged goods (CPG) manufacturers accelerate brownfield digitization by connecting legacy equipment to modern frontline operations applications without disrupting produc.

Belden Inc. (NYSE: BDC), a leading global provider of complete connection solutions, is proud to announce apartnership betweenits connected brand, CloudRail, a

CHICAGO--(BUSINESS WIRE)--Kayne Anderson BDC, Inc. (NYSE: KBDC) (“KBDC”), a business development company externally managed by its investment adviser, KA Credit Advisors, LLC, announced today that it will release its financial results for the second quarter ended June 30, 2026 on Monday, August 10, 2026, after the close of financial markets. KBDC will host a conference call at 10:00 am ET on Tuesday, August 11, 2026, to review its financial results. All interested parties are invited to partici.

NEW YORK--(BUSINESS WIRE)--Goldman Sachs BDC, Inc. (“GS BDC”) (NYSE: GSBD) announced today that it will report its second quarter ended June 30, 2026 financial results after the market closes on Thursday, August 6, 2026. GS BDC will also host an earnings conference call on Friday, August 7, 2026 at 9:00 am Eastern Time to discuss its financial results. All interested parties are invited to participate via telephone or the audio webcast, which will be hosted on the Investor Resources section of.

Kayne Anderson BDC remains a buy, offering an attractive risk-to-reward profile despite sector headwinds and recent underperformance. KBDC trades at a 16% discount to BV, with nearly 12% dividend yield and ~107.5% NII coverage, supporting dividend safety. Portfolio diversification is strong, with minimal (2%) software/technology exposure, reducing AI disruption risk relative to peers.

RICHARDSON, Texas--(BUSINESS WIRE)-- #InvestorRelations--Vistance Networks (NASDAQ: VISN) announced the closing of the transaction to sell its RUCKUS Networks business to Belden Corporation (NYSE: BDC).

Key Takeaways HLIT and BDC are compared as connectivity stocks serving broadband, telecom and enterprise markets.Harmonic benefits from broadband access growth, cOS traction, recurring software revenues and DOCSIS 4.0.BDC has a lower forward valuation, but HLIT's price gains and operating metrics make it the better pick. Harmonic, Inc. (HLIT - Free Report) and Belden Inc. (BDC - Free Report) are key players in the communications infrastructure and networking equipment space, serving broadband, telecom and enterprise network markets. While Harmonic is focused on broadband access and video delivery solutions, Belden provides networking, connectivity and industrial infrastructure products.

Let us delve a little deeper into the competitive dynamics of the firms to understand which of the two is relatively better placed in the broadband and telecom services industry.

The Case for HLITHarmonic is benefiting from strong organic growth, supported by increasing adoption of its broadband access solutions, expanding recurring software revenues and a growing customer base. The company's focus on next-generation broadband technologies has led to a healthy revenue growth, strengthening its market position. The Broadband segment remains Harmonic's primary growth driver. The company's cOS virtualized broadband platform is gaining traction among cable operators and fiber providers looking to modernize their network infrastructure. Growing deployments of the platform and rising connected modem counts highlight strong customer demand and increasing market penetration.

In addition, Harmonic is well placed to benefit from the ongoing transition to DOCSIS 4.0 technology. As broadband operators upgrade networks to support higher speeds and greater capacity, demand for the company's software-based broadband solutions is expected to increase. Strong broadband bookings and a healthy backlog underscore the favorable demand environment. The company also continues to generate solid momentum from its software and SaaS offerings. A growing customer footprint reflects the strength of its product portfolio and execution capabilities. Broader adoption among cable and fiber operators is creating multiple avenues for growth while supporting long-term revenue stability.

However, pricing pressure and rapid technological changes within the highly competitive broadband and video infrastructure markets often affect the company’s profitability. Harmonic has relatively lower profit margins compared to some larger technology peers, and its growth is influenced by high customer concentration risk. The company also faces intense competition from larger, well-funded networking and infrastructure providers, prompting it to continually invest in research and development initiatives, which can put pressure on earnings.

The Case for BDCBelden is pursuing a balanced growth strategy, leveraging both organic initiatives and opportunistic acquisitions to strengthen its position in the rapidly evolving industrial automation and networking markets. The company's focus on innovation, portfolio enhancement and operational excellence has enabled it to capitalize on secular growth trends while delivering sustainable value to shareholders. Belden is focusing on new product development and expansion of geographic footprint in attractive end markets to fuel its organic growth. The company continues to benefit from robust demand for industrial automation, smart manufacturing and digital infrastructure solutions, driven by accelerating digital transformation efforts across industries.

Belden aims to acquire firms that enhance its technology portfolio and expand its market opportunities. The company has consistently utilized acquisitions to strengthen its capabilities in high-growth areas such as industrial networking, software and cybersecurity. These buyouts also create cross-selling opportunities and deepen customer engagement. Management's acquisition strategy is focused on identifying businesses that complement existing operations, provide access to attractive growth markets and generate long-term value. In addition to realizing operational synergies, the acquisitions increase its exposure to faster-growing and less cyclical markets, reinforcing its transition toward a more technology-driven business model.

However, Belden operates in cyclical industrial, enterprise and infrastructure markets, making its revenue sensitive to economic slowdowns, reduced capital spending and delays in automation or networking projects. While Belden has been shifting toward higher-margin industrial automation and digital infrastructure solutions, it still has meaningful exposure to manufacturing and construction activity, which can fluctuate with macroeconomic conditions. The business also faces intense competition from larger global electrical and networking equipment providers, creating ongoing pricing pressure and requiring continuous investment in innovation. In addition, high integration and execution risks, supply chain disruptions, raw material cost inflation and tariff-related pressures can compress margins.

How Do Zacks Estimates Compare for HLIT & BDC?The Zacks Consensus Estimate for Harmonic’s 2026 sales implies a year-over-year decline of 14.8%, while that of EPS indicates growth of 38.3%. The EPS estimate for 2026 has been trending northward 14% over the past 60 days.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Belden’s 2026 EPS indicates year-over-year growth of 7.6%. The EPS estimates have trended up 0.4% over the past 60 days.

Image Source: Zacks Investment Research

Price Performance & Valuation of HLIT & BDCOver the past year, Harmonic has surged 57.2% compared with the industry’s growth of 325.3%. Belden has gained 3.5% over the same period.

Image Source: Zacks Investment Research

Belden looks more attractive than Harmonic from a valuation standpoint. Going by the price/earnings ratio, BDC’s shares currently trade at 13.09 forward earnings, lower than 20.81 for HLIT.

Image Source: Zacks Investment Research

End NoteHarmonic and Belden carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Both companies expect earnings to increase in 2026. In terms of price performance, Harmonic has outperformed Belden. An uptrend in estimate revisions shows bullish investor sentiment for HLIT, although it appears to have less attractive valuation metrics compared with Belden. With slightly better operating metrics, Harmonic is a better investment option at the moment.

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Insiders may stand to receive substantial financial benefits not available to ordinary shareholders.

The proposed transaction may contain terms that could limit superior competing offers.

Shareholders are encouraged to contact the firm to discuss their rights and options at no cost or obligation. We would handle any matter on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.

NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating the merger of Chicago Atlantic BDC, Inc. (NASDAQ: LIEN) and Chicago Atlantic Real Estate Finance, Inc.

Halper Sadeh encourages LIEN shareholders to click here to learn more about their rights and options or contact Daniel Sadeh or Zachary Halper free of charge at (212) 763-0060 or [email protected] or [email protected].

The investigation concerns whether LIEN and its board of directors violated the federal securities laws and/or breached their fiduciary duties by failing to: (1) obtain the best possible price for LIEN shareholders; (2) conduct a fair sales process free of any conflicts of interests; and (3) disclose all material information for LIEN shareholders to evaluate the transaction.

On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures, or other relief and benefits.

Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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Barings BDC remains a hold as portfolio stability persists, but growth catalysts are lacking amid sector headwinds and higher rates. BBDC trades at a 24.77% discount to NAV, reflecting limited growth, thin dividend coverage, and persistent net investment income declines. Dividend yield stands at 12.5%, but coverage is razor-thin; a 20% reduction is advised to improve sustainability and NAV protection.

Creates a scaled BDC positioned for growth while maintaining industry leading credit quality and portfolio yield June 18, 2026 07:00 ET  | Source: Chicago Atlantic BDC, Inc.; Chicago Atlantic Real Estate Finance, Inc.

NEW YORK, June 18, 2026 (GLOBE NEWSWIRE) -- Chicago Atlantic Real Estate Finance, Inc. (“REFI”) (NASDAQ: REFI), a commercial mortgage real estate investment trust, and Chicago Atlantic BDC, Inc. (the “LIEN”) (NASDAQ: LIEN), a specialty finance company that has elected to be regulated as a business development company (“BDC”), today announced they have entered into a definitive merger agreement (the “Merger Agreement”) under which REFI will elect to be regulated as a BDC, and merge with and into LIEN in an all-stock, strategic combination (the “Merger”). Upon closing of the Merger, LIEN will be the surviving public entity and will continue to operate as a BDC and trade on the Nasdaq Global Select Market under the ticker symbol “LIEN.”

The Board of Directors of both companies, each acting on the unanimous recommendation of their respective special committee comprised solely of independent directors, unanimously approved the Merger Agreement and the transactions contemplated thereby. Under the terms of the Merger Agreement, REFI stockholders will receive a number of shares of LIEN common stock based on the ratio of REFI's adjusted net asset value ("NAV") per share to LIEN's adjusted NAV per share, in each case as determined shortly prior to closing in accordance with the Merger Agreement. Based on the respective net asset values of REFI and LIEN as of March 31, 2026, the former REFI stockholders would be expected to own approximately 50.5% of LIEN immediately following the Merger; the actual ownership percentage will depend on the NAV ratio calculated shortly prior to closing. The Merger is structured as an adjusted NAV-for-NAV exchange of shares.

Peter Sack, Co-Chief Executive Officer of REFI and, Chief Executive Officer of LIEN stated “The merger of REFI and LIEN brings together two platforms with a shared foundation of disciplined, senior secured lending to the cannabis industry and underserved segments of the lower middle markets. For REFI, this transaction is a path to unlock value that would be difficult to achieve independently in the current evolving cannabis investment landscape. For LIEN, this transaction accelerates the core strategy.” Mr. Sack continued, “Together, we believe the combined platform will be better positioned to pursue attractive risk-adjusted returns across cannabis and the broader lower middle market.”

Scott Gordon, Executive Chairman of the Board of Directors of LIEN remarked, “The merger of REFI and LIEN is a strategic transaction that we believe will enhance value for stockholders. We view this as an important step on our path to pursuing greater scale, supporting earnings over time and maintaining strong credit quality for the combined company.”

Strategic Benefits of the Merger:

Increases Competitive Positioning – The Merger creates a vehicle with a pro-forma NAV of $613 million1, and a pro-forma portfolio of $771 million1 in investments, which the parties believe could expand the combined company's reach with a broader universe of borrowers.Enhances Portfolio Diversification and Collateral Base – The pro forma vehicle is expected to include an attractive mix of cash-flow loans, real estate–backed loans, and diversified direct lending.Improves Access to Debt Capital – Increased scale is expected to expand access to larger, lower-cost, and more diversified leverage, which the boards believe could support more efficient balance sheet management over time, driving incremental earnings.Enhances Liquidity and Investor Visibility – Increased scale may support improved trading liquidity, increased institutional engagement and visibility.Potential for Earnings Accretion–The boards believe the combination has the potential to drive operating efficiencies through the elimination of overlapping expense categories and may support increased earnings capacity over time through prudent use of leverage.Strong Pro Forma Portfolio Metrics – Results in a pro-forma portfolio with strong credit metrics, reflecting the aligned investment and underwriting philosophies of the combined platforms.Stock Repurchase Program – The Merger agreement provides that the LIEN board will consider in good faith, the adoption of a stock repurchase program of up to $25.0 million to be implemented following the closing of the transaction, subject to market conditions and other factors the LIEN Board determines to be relevant at that time.
Management and Governance

Chicago Atlantic BDC Advisers, LLC, a majority-owned subsidiary of Chicago Atlantic Group, LP, will continue to serve as the investment adviser of LIEN following the closing of the Merger.

Peter Sack will lead the combined company as Chief Executive Officer. Following the closing of the transaction, the LIEN Board of Directors will include three independent directors continuing from REFI and two independent directors continuing from LIEN, along with two directors affiliated with the LIEN Adviser or its affiliates (subject to finalization in accordance with the Merger Agreement and applicable Investment Company Act requirements).

Required Approvals and Expected Timing

Completion of the Merger is subject to the approval of stockholders of both REFI and LIEN, as well as regulatory approvals, lender consents and other customary closing conditions. Subject to the satisfaction of the conditions of the transaction, the Merger is currently expected to close in the fourth quarter of 2026. Chicago Atlantic has agreed to fund $2.0 million of REFI’s transaction-related expenses in connection with the transaction at or immediately prior to closing, underscoring its commitment to the transaction.

Transaction Advisors

Oppenheimer & Co. is serving as financial advisor, and Nixon Peabody LLP is serving as legal counsel to the Special Committee of independent directors of REFI.

Keefe, Bruyette & Woods, A Stifel Company, is serving as financial advisor, and Eversheds Sutherland is serving as legal counsel to the Special Committee of independent directors of LIEN.

Conference Call and Related Presentation

A joint conference call will be held at 9:00 a.m. ET on Thursday, June 18, 2026. A live webcast of the conference call and associated presentation material will be available on the investor relations section of each company’s website at investors.refi.reit and investors.chicagoatlanticbdc.com A replay of the call will be available at the end of the day at the same locations.

Call Details:

When: Thursday, June 18, 2026Time: 9:00 a.m. ETConference call dial-in: 877-317-6789 and 412-317-6789 for international callersWebcast Live Stream: https://event.choruscall.com/mediaframe/webcast.html?webcastid=cm4KYEzO About Chicago Atlantic Real Estate Finance, Inc.

Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) is a market-leading commercial mortgage REIT utilizing significant real estate, credit and cannabis expertise to originate senior secured loans primarily to state-licensed cannabis operators in limited-license states in the United States. REFI is managed by Chicago Atlantic REIT Manager, LLC, an investment manager focused on the cannabis industry and other niche or underfollowed sectors, please visit https://www.refi.reit/.

About Chicago Atlantic BDC, Inc.

Chicago Atlantic BDC, Inc. (Nasdaq: LIEN) is a specialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, and has elected to be treated as a regulated investment company for U.S. federal income tax purposes. LIEN’s investment objective is to maximize risk-adjusted returns on equity for its stockholders by investing primarily in direct loans to privately held middle-market companies, with a primary focus on cannabis companies. LIEN is managed by Chicago Atlantic BDC Advisers, LLC, an investment manager focused on the cannabis industry and other niche or underfollowed sectors. For more information, please visit https://investors.chicagoatlanticbdc.com/.

Forward-Looking Statements

Some of the statements in this communication constitute forward-looking statements because they relate to future events, future performance or financial condition of REFI, LIEN or the Merger. Forward-looking statements may include statements as to: future operating results of the combined company and distribution projections; business prospects of the combined company and the prospects of its portfolio companies; and the impact of the investments that the combined company expects to make. In addition, words such as “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words indicate forward-looking statements. The forward-looking statements contained in this communication involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the ability of the parties to consummate the Merger on the expected timeline, or at all; (ii) the ability to realize the anticipated benefits of the Merger; (iii) the percentage of LIEN and REFI stockholders voting in favor of the proposals submitted for their approval; (iv) the possibility that competing offers or acquisition proposals will be made; (v) the possibility that any or all of the various conditions to the consummation of the Merger may not be satisfied or waived; (vi) risks related to diverting management’s attention from ongoing business operations; (vii) the risk that stockholder litigation in connection with the Merger may result in significant costs of defense and liability; (viii) changes in the economy, financial markets, and political environment; (ix) future changes in laws or regulations, including laws applicable to the cannabis industry; (x) the risk that the Merger may not qualify as a "reorganization" within the meaning of Section 368(a) of the Internal Revenue Code; (xi) the risk that the surviving company may not qualify or maintain its qualification as a regulated investment company for U.S. federal income tax purposes; (xii) the risk that REFI may fail to maintain its qualification as a real estate investment trust through the effective time of the Merger; (xiii) the risk that REFI may be unable to complete the BDC Election on the contemplated timeline or at all; (xiv) the risk that the Exchange Ratio, which will be determined based on the Closing Net Asset Value of each of LIEN and REFI calculated shortly prior to closing, may differ from current expectations or may not reflect changes in market conditions or portfolio values between signing and closing; (xv) the risk that the amount, timing or tax treatment of the Tax Dividends required to be paid by REFI prior to the BDC Election Time may differ from current expectations, or that REFI may lack sufficient liquidity to pay such dividends on the contemplated timeline; (xvi) the risk that the conversion of REFI from a REIT to a regulated investment company may give rise to corporate-level tax on built-in gains or other tax consequences that may differ from current expectations; (xvii) the risk that operating as a BDC under the Investment Company Act will subject the combined company to regulatory limitations, including with respect to leverage and affiliate transactions, that may adversely affect operating results or investment strategy; (xviii) the risk that the share repurchase program of up to $25.0 million that the LIEN Board of Directors has agreed to consider in good faith following the Closing may not be adoption, or, if adopted, may differ in size, scope, timing, or terms from current expectations; and (xix) other considerations that may be disclosed from time to time in publicly available documents filed by LIEN and REFI with the SEC. LIEN and REFI undertake no duty to update any forward-looking statements made herein.

No Offer or Solicitation

This press release is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”), or in a transaction exempt from the registration requirements of the Securities Act.

Additional Information and Where to Find It

This communication relates to the proposed Merger involving LIEN and REFI, along with related proposals for which stockholder approval will be sought. The Merger Agreement was unanimously approved by the Boards of Directors of both LIEN and REFI, each acting on the unanimous recommendation of its respective Special Committee comprised solely of independent directors. In connection with the proposals, LIEN intends to file relevant materials with the SEC, including a registration statement on Form N-14, which will include a joint proxy statement of LIEN and REFI and a prospectus of LIEN (the “Proxy Statement/Prospectus”). This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. STOCKHOLDERS OF LIEN AND REFI ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS, AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT LIEN, REFI, THE MERGER AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC's website, www.sec.gov, or from each company's investor relations website at www.investors.chicagoatlanticbdc.com (LIEN) and www.investors.refi.reit (REFI), or by directing a request to [email protected] (LIEN) or [email protected] (REFI).

Participants in the Solicitation

LIEN, REFI and their respective directors and executive officers, the LIEN Adviser and the Company Manager, and their respective directors, officers, members, managers, partners, employees and affiliates, and other persons may be deemed to be participants in the solicitation of proxies from the stockholders of LIEN and REFI in connection with the Merger and the related proposals. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the stockholders of LIEN and REFI in connection with the Merger and the related proposals, including a description of their direct or indirect interests, by security holdings or otherwise, will be included in the Proxy Statement/Prospectus and other relevant materials to be filed with the SEC when they become available. Additional information regarding the ownership of LIEN and REFI securities by their respective directors and executive officers is included in such persons' SEC filings on Forms 3, 4 and 5, which can be found through the SEC's website at www.sec.gov. Information about the directors and executive officers of LIEN is also set forth in LIEN's proxy statement for its 2026 annual meeting of stockholders, filed with the SEC on April 30, 2026, and in LIEN's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 19, 2026. Information about the directors and executive officers of REFI is also set forth in REFI's proxy statement for its 2026 annual meeting of stockholders, filed with the SEC on April 23, 2026, and in REFI's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 12, 2026. Each of these documents is available free of charge at the SEC's website, www.sec.gov, or from LIEN's or REFI's investor relations website, as applicable.

Contacts:

Tripp Sullivan
Lisa Kampf
SCR Partners
[email protected]
[email protected]

1 Pro-forma information based on March 31, 2026 financial statements as reported on Form 10-Q.

Trinity Capital is a well-managed, internally managed BDC with a differentiated equipment financing focus and strong portfolio discipline. TRIN's fundamentals are robust, but recent non-accruals have re-accelerated, highlighting some credit risk beneath the surface. Shares trade at a historically rich premium (1.28x NAV, >8x NII), making the current valuation stretched relative to the sector and history.

We take a look at the action in business development companies through the first week of June and highlight some of the key themes we are watching. BDCs fell this week along with the rest of the income space. We look at factors in deciding to allocate between the manager and its BDCs. At the moment we like both Blue Owl stocks OWL and OTF.

Key Takeaways BDC is pursuing organic growth and acquisitions to strengthen automation and networking offerings.Industrial automation demand and Industry 4.0 adoption are key drivers for BDC's growth momentum.Belden's cash flow and balance sheet support investments in digitization, cybersecurity and modernization. Belden Inc. (BDC - Free Report) is pursuing a balanced growth strategy, leveraging both organic initiatives and opportunistic acquisitions to strengthen its position in the rapidly evolving industrial automation and networking markets. The company's focus on innovation, portfolio enhancement and operational excellence has enabled it to capitalize on secular growth trends while delivering sustainable value to shareholders.

Organic Initiatives Fuel Growth MomentumBelden is focusing on new product development and expansion of geographic footprint in attractive end markets to fuel its organic growth. The company continues to benefit from robust demand for industrial automation, smart manufacturing and digital infrastructure solutions, driven by accelerating digital transformation efforts across industries.

Its Industrial Automation Solutions business has emerged as a key growth driver, supported by increasing adoption of Industry 4.0 technologies. Belden's portfolio of networking, connectivity and cybersecurity solutions is well-positioned to address customers' growing need for reliable and secure data transmission across increasingly connected industrial environments.

The company continues to invest in research and development to enhance its product offerings and maintain its technological edge. Product innovations spanning industrial Ethernet, cloud connectivity and cybersecurity are helping Belden expand its addressable market while supporting a favorable mix shift toward higher-value solutions.

Belden's diversified exposure across manufacturing, energy, transportation, enterprise and data-center markets further supports organic growth, while ongoing productivity initiatives and disciplined cost management continue to bolster margins and cash flow generation.

Strategic Buyouts Lend SupportIn addition to internal growth efforts, Belden aims to acquire firms that enhance its technology portfolio and expand its market opportunities. The company has consistently utilized acquisitions to strengthen its capabilities in high-growth areas such as industrial networking, software and cybersecurity. These buyouts also create cross-selling opportunities and deepen customer engagement.

Management's acquisition strategy is focused on identifying businesses that complement existing operations, provide access to attractive growth markets and generate long-term value. In addition to realizing operational synergies, the acquisitions increase its exposure to faster-growing and less cyclical markets, reinforcing its transition toward a more technology-driven business model.

Price PerformanceBelden has jumped 4.4% in the past year compared with the industry’s growth of 312.8%. It has underperformed peers like Ciena Corporation (CIEN - Free Report) and Viavi Solutions Inc. (VIAV - Free Report) . While VIAV has gained 447.3%, CIEN soared 519.6% over this period.

One-Year Price Performance of BDC

Image Source: Zacks Investment Research

End NoteBelden's healthy balance sheet and robust free cash flow generation provide ample flexibility to invest in holistic growth initiatives. Moreover, with favorable exposure to long-term trends such as industrial digitization, automation, cybersecurity and network modernization, the company remains well-positioned for sustained growth.

Belden currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

With a favorable Zacks Rank and solid demand trends, BDC appears primed for healthy long-term growth. Consequently, investors are likely to profit in the long run if they bet on this stock now.

MISSION WOODS, Kan.--(BUSINESS WIRE)--Palmer Square Capital BDC Inc. (NYSE: PSBD) (“PSBD” or the “Company”), an externally managed business development company, today announced that the Company's board of directors authorized an increase and extension of the Company's previously established open-market share repurchase program (the “Repurchase Program”). Under the increased and extended Repurchase Program, the board of directors authorized the Company to repurchase an additional $30 million of.

Capital Southwest trading significantly above NAV is a massive competitive advantage, allowing it to issue highly accretive equity. The Circle of Virtue: Selling stock at +$20 to fund $16 NAV assets creates instant earnings growth. CSWC generated a massive $0.59 in NAV accretion over the past year simply by issuing equity at a premium.

The Invesco KBW High Dividend Yield Financial ETF (NASDAQ:KBWD) advertises a distribution yield near 12%, roughly four times what a mainstream dividend ETF pays. The cash arrives monthly and the fund has a track record. What most KBWD holders miss is where that yield comes from: the fund is mostly Business Development Companies (BDCs) that lend to middle market borrowers the big banks have passed on. KBWD is a leveraged credit bet wearing a dividend ETF’s clothing.

What KBWD actually owns BDCs are publicly traded lenders that raise capital from equity and bond markets, then originate loans to private middle market companies at yields of roughly 10% to 14%. The spread between funding cost and loan yield is the profit, and by law BDCs distribute most taxable income as dividends. That structure produces KBWD’s headline payout. Every dollar of yield compensates for credit risk on borrowers who could not get cheaper loans from regional banks, syndicated desks, or the high yield bond market.

The fund carries an expense ratio near 2.01%, shocking next to the Schwab U.S. Dividend Equity ETF (NYSEARCA:SCHD) at 0.06%. Most of KBWD’s expense comes from acquired fund fees within the BDCs themselves, not Invesco’s management fee. It is real money leaving the portfolio and the price of accessing this asset class in a single ticker.

The risk that actually matters: a credit cycle turn The dominant risk in KBWD is the credit cycle. When defaults rise and credit spreads widen, three things happen to BDCs simultaneously. Non-accrual loans climb, directly reducing net investment income. Mark-to-market portfolio values fall, dragging net asset value lower. BDCs often cut distributions to preserve capital, forcing KBWD’s payout down with them.

Recent history makes this concrete. During March 2020 stress, KBWD fell 34% in the first half of that year, with deeper intra-quarter drawdowns before recovery. A retiree who put $50,000 into KBWD expecting $6,000 of annual income would have watched principal cut nearly in half within weeks, with several portfolio BDCs cutting distributions. The yield reflects exactly that scenario as a probability.

How today’s setup looks The credit environment is calm but not cheap. The 10Y-2Y Treasury spread sits at 0.50%, below its 12-month average of 0.6% and flattening from a February peak of 0.74%. The VIX is around 17, near its 12-month median. KBWD shares are at $12.63, down about 3% year to date and up 3% over the past year. The yield curve signals slower growth ahead, exactly the environment where leveraged middle market borrowers struggle on refinancings.

How KBWD compares to BIZD The closest peer is the VanEck BDC Income ETF (NYSEARCA:BIZD), which tracks a market cap weighted BDC index rather than KBWD’s yield weighted approach. BIZD is down 11% over the past year and 8% year to date, worse than KBWD on both windows. Its 10-year total return of 116% dwarfs KBWD’s 68%. KBWD’s higher current yield tends to come with greater capital decay over full cycles because tilting toward the highest yielding BDCs systematically overweights the riskiest underwriters.

What to actually watch Three indicators signal when credit is turning before KBWD’s price does:

The 10Y-2Y Treasury spread on FRED. An inversion signals deteriorating refinancing conditions. The current reading of 0.50% is positive but in the lower quartile of its 12-month range. Aggregate BDC non-accrual rates in quarterly filings. A move from low single digits toward 5% historically precedes distribution cuts. High yield credit spreads (ICE BofA US High Yield Index OAS on FRED). When that spread blows out past 500 basis points, BDC NAVs almost always follow. The bottom line for KBWD holders KBWD is doing exactly what it was designed to do: pay a high distribution by owning the highest yielding slice of the BDC universe. The risk is the price of admission. For an investor who understands that the 12% yield can fall in a credit downturn and that share price can drop sharply alongside it, KBWD is a coherent way to access middle market private credit. For an investor who picked it over SCHD purely on yield numbers, the position is larger than it looks. Watching the credit curve, not the dividend calendar, is the job.

The PrintWhat Is Holding The DividendWhere The Clocks DivergeWhere ARCC Reads DifferentlyBoth are high-yield BDCs. The difference is which side of the buffer each is operating from: ARCC’s base is currently earned, GSBD’s is currently buffered. GSBD’s higher on-price yield, driven by its discount, is the market pricing that difference — not rewarding it. Same yield, different durability.

This is not a prediction — structural assessment.

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Saratoga Investment remains a hold, balancing portfolio resilience with notable risks from elevated software exposure and dividend coverage concerns. SAR's 14.4% yield is attractive, but adjusted net investment income fell below payout levels, raising the likelihood of a near-term dividend reduction. Despite 28% software exposure and sector headwinds, SAR's disciplined underwriting and low non-accruals (0.2% of portfolio) have limited realized losses.

Vistance Networks remains a Buy, with a compelling valuation disconnect after divesting CCS and RUCKUS, leaving Aurora Networks as the core business. Aurora's Q1 2026 revenue surged 33% YoY, but EBITDA margin was flat at 16.9% due to memory chip cost headwinds and stranded costs. VISN anticipates a ~$7.5/share distribution from the RUCKUS sale, adding to the prior $10/share CCS distribution, with a clean balance sheet and potential for strategic acquisitions.

Ares Capital Corporation is one of the best BDCs in history. However, the market has traded down its shares recently so that it trades at a rare discount to its NAV. I take an in-depth look at the dividend's sustainability, and risk factors facing the company and share my updated take on the investment thesis.

ST. LOUIS--(BUSINESS WIRE)--Belden Inc. (NYSE: BDC) (“Belden” or the “Company”), a leading global supplier of specialty networking solutions, announced today that it has successfully syndicated and priced a new $1.85 billion aggregate principal amount senior secured term loan B due 2033 (the "Facility").The loans under the Facility will be issued at a price equal to 99.75% of their face value (or with an original issue discount of 0.25%) and bear interest at SOFR plus 2.25%, with closing expect.