SummaryThe BDC sector thrived post-COVID as low rates and strong underwriting supported robust dividends and performance.Rising rates initially sparked default fears, but BDCs benefited from higher coupons and stable funding costs, with limited non-accrual uptick.Since early 2025, most BDCs have cut dividends, and total returns now barely match inflation or T-bill rates.In this process, there are some fallen angels which before the sell-off were commonly deemed as blue-chip BDCs.In this article, I discuss three such BDCs. Justin Paget/DigitalVision via Getty Images
A couple of years ago, when the rates were low, investors were scrambling for yields and the PE industry was booming, the setup was extremely favorable for BDCs (BIZD). Once the interest rates
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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 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.
Belden named Top 10 Enterprise-Wide ERGs and Councils; RISE ERG recognized as Top 3 ERGs and Councils for Organizational Impact
ST. LOUIS--(BUSINESS WIRE)--Belden Inc. (NYSE: BDC), a leading global provider of complete connection solutions, today announced it has received two recognitions in the 2026 GEN IMPACT Awards from the Global ERG Network ® (GEN). The GEN IMPACT Awards recognize Employee Resource Groups (ERGs), Councils and Executive Sponsors that are making meaningful impact and delivering measurable organizational outcomes across industries.
Belden received the following recognition: • Top 10 Enterprise-Wide ERGs and Councils • Rising Professionals Network Employee Resource Group, RISE, recognized as Top 3 ERGs and Councils for Organizational Impact
Share Belden received the following recognition:
Top 10 Enterprise-Wide ERGs and Councils Rising Professionals Network Employee Resource Group, RISE, recognized as Top 3 ERGs and Councils for Organizational Impact “Being recognized among the Top 10 Enterprise-Wide ERGs and Councils—and seeing our RISE Employee Resource Group named a Top 3 ERG for Organizational Impact—is a meaningful reflection of our people and our culture,” said Leah Tate, Belden’s Chief People & Strategy Officer. “At Belden, when people feel they belong, they bring their best. Our ERGs are more than communities—they’re catalysts for learning, connection, leadership and engagement that create real impact across the organization and strengthen Belden for the long term.”
Recipients were selected from hundreds of submissions and evaluated on their ability to Innovate, Measure, Progress, Activate, Collaborate and Transform (IMPACT) — reflecting the strategic contributions ERGs and Councils make for individuals, organizations, and communities including strengthening retention and building talent pipelines.
“When employee groups are genuinely wired into the heart of a business, incredible things happen,” said Monica Brunache, Executive Officer of Organizational and Employee Strategy at Tapestry Partner Solutions, which powers GEN. “This year’s winners are growing future leaders, spotting what their people actually need, and keeping everyone grounded through tough times. The GEN IMPACT Awards are all about celebrating that real-world impact and the hard work behind it.”
Award recipients will be celebrated at the 2026 GEN Conference in Charlotte, NC, November 10–11.
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 history we have evolved as a company, but our purpose remains – making connections. By connecting people, information and ideas, we make it possible. We are headquartered in St. Louis and have manufacturing capabilities in North America, Europe, Asia and Africa. For more information, visit us at www.belden.com; follow us on Facebook, LinkedIn and X/Twitter.
Belden and the Belden logo, Hirschmann, Hirschmann IT and ProSoft Technology are trademarks or registered trademarks of Belden Inc. or its affiliated companies in the United States and other jurisdictions. Belden and other parties may also have trademark rights in other terms used herein.
Financial advisors are only getting started with alternatives. Cerulli Associates says the money flowing into these strategies through the advisor channel is nowhere close to peaking. That holds even after a rocky stretch of client redemptions in some of the best-known private market funds.
Key Takeaways:
Cerulli projects advisor-held alternatives will grow by $2 trillion over five years, on top of $2.2 trillion already invested.
Interval funds lead the field, reaching $132 billion across 147 funds by year-end 2025.
After 2026’s redemption wave, advisors want more transparency and education before allocating further.
The Cerulli report on U.S. Private Markets 2026 projected advisor-intermediated ownership of less-than-fully-liquid alternative investments will grow by $2 trillion over the next five years. That’s on top of the $2.2 trillion advisors already hold today.
For an industry once built on scarcity and long lockup periods, that pace of growth changes the equation. Asset managers, distribution platforms and RIAs will need to rethink how these products get built, sold and explained to clients.
The Case for Alternatives
Diversification tops the list of reasons advisors give for adding alternatives to client portfolios. Cerulli found that 82% of advisors cite diversification as a goal.
Public markets have grown concentrated in a shrinking group of mega-cap stocks and a handful of investment themes. Advisors, in turn, see private capital as one way around that concentration.
Two-thirds of asset managers point to advisors’ need to demonstrate value to clients as a growth driver, the firm reported. Another 57% cite demand for income-generating investments.
Interval funds and other private credit structures have gained traction for a simple reason. They can produce yield that traditional bond portfolios no longer offer as easily on their own.
Availability plays a role too. Cerulli’s survey found that 93% of asset managers name greater availability and access to alternatives as a growth driver for the industry. That ranked ahead of every other factor the firm tracked over the next three years.
See more: 3 Alternative ETFs for Navigating Market Volatility
Interval Funds Take the Lead
Among the vehicles carrying that growth, interval funds have separated from the pack. These funds reached about $132 billion in assets across 147 funds by the end of 2025, according to Cerulli. Asset growth of 33% in 2025 outpaced the 25% increase in the number of funds launched.
RIAs have gravitated toward the structure for a practical reason. Interval funds typically skip the performance fees and embedded commissions found in other semi-liquid vehicles, Cerulli noted.
That preference also shows up in the distribution numbers. Cerulli found that 93% of polled asset managers see the independent RIA channel as one of their top five distribution opportunities. That’s ahead of any other channel surveyed.
Not every structure is riding the same wave. Cerulli’s research shows non-traded business development company (BDC) growth has moderated after a rapid run-up in assets. Non-traded real estate investment trusts (REITs), meanwhile, have started drawing renewed interest from investors.
See more: REIT ETFs: Real Estate’s Quiet Revival
A Bumpy Road Along the Way
The path hasn’t been smooth. Cerulli’s report points to a wave of redemption requests in 2026 tied to non-traded BDCs and interval funds. That’s a reminder that semi-liquid does not mean fully liquid. Advisors who moved client money into these structures expecting stock-like access, for instance, instead ran into quarterly or annual withdrawal limits.
That friction has advisors asking for more information before they allocate further. Cerulli found that 44% of advisors say greater transparency into holdings and performance would push them toward more alternatives.
Another 40% ranked education on how to discuss alternatives with clients as the most valuable type of training. That ranks ahead of white papers or conference sessions.
Home offices felt the gap too. Cerulli believes many were caught off guard during the recent private credit redemption wave. Part of the reason: They lacked granular data on their own exposure.
Where Managers Go From Here
Closing that gap will likely depend on which firms figure out how to work together. Distribution is expanding beyond individual products into model portfolios, multi-asset vehicles and defined contribution retirement plans, Cerulli found. That expansion requires closer coordination among asset managers, technology platforms, turnkey asset management providers, trust companies and recordkeepers.
“Traditional asset managers are seeking differentiated capabilities that can enhance their product offerings and support more competitive value propositions,” said Daniil Shapiro, a director at Cerulli.
“At the same time, private capital managers often lack the distribution scale and brand recognition required to penetrate retail channels, particularly beyond the ultra-high-net-worth segment and into the broader affluent market,” Shapiro added. “Working together, these firms can deliver solutions to retail investors that neither could provide as effectively on their own.”
See more: The Case for Active Management in the Private Credit Market
Wholesalers remain the backbone of that effort. Cerulli found that 94% of asset managers still rely on their own wholesaling teams to distribute alternative products. That holds even as online marketplaces built for private funds have multiplied.
Shapiro cautioned that it’s still too early to grade the partnerships taking shape across the industry.
“Clearly defined responsibilities and their scope (including channels, wealth segments targeted, and products offered) are extremely important,” he said. “While it’s too early to evaluate existing partnerships now, in the long term they will be defined by their execution.”
Originally published on Advisor Perspectives
For more news, information, and strategy, visit the Alternatives Content Hub.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of ARCC either through stock ownership, options, or other derivatives. 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.
Disclaimer: I am not an investment advisor or professional. This article is my own personal opinion and is not meant to be a recommendation of the purchase or sale of stock. The investments and strategies discussed within this article are solely my personal opinions and commentary on the subject. This article has been written for research and educational purposes only. Anything written in this article does not take into account the reader’s particular investment objectives, financial situation, needs, or personal circumstances and is not intended to be specific to you. Investors should conduct their own research before investing to see if the companies discussed in this article fit into their portfolio parameters. Just because something may be an enticing investment for me or someone else, it may not be the correct investment for you.
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.
SummaryCrescent Capital BDC is rated HOLD, with the stock trading at a record 0.600x NAV and an attractive 12.7% yield.The dividend was reset 19% lower to $0.34, now conservatively covered by NII at 1.06x, and management permanently cut fees.Portfolio credit quality remains pressured: NAV has declined for eight straight quarters, non-accruals are 4.8%, and the watch list is 14.7%.I am waiting for one quarter of flat NAV before upgrading to BUY, as the book's deterioration remains the key risk.Looking for more investing ideas like this one? Get them exclusively at iREIT®+HOYA Capital. Learn More » Richard Drury/DigitalVision via Getty Images
Investment Thesis and Recommendation As with nearly every BDC, Crescent Capital BDC (CCAP) is owned primarily for income with the possibility of some capital appreciation. The company invests mainly in first lien senior secured
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of ARCC, BXSL, HTGC, TSLX, MSDL, RWAYI, TRIN either through stock ownership, options, or other derivatives. 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.
The content of this article reflects my personal views and is provided for informational and educational purposes only. It does not constitute investment advice, financial advice, or a recommendation to buy or sell any securities or financial instruments. While I strive for accuracy, the information presented may contain errors or omissions or be based on sources believed to be reliable but not independently verified. I make no representations or warranties as to the completeness, accuracy, or timeliness of any information presented. This article is not intended to provide, and should not be relied upon for, investment, legal, tax, or accounting advice. The securities and strategies discussed may not be suitable for all investors. Past performance is not indicative of future results. All investments involve risk, including the potential loss of principal. I may hold, or have held, positions in the securities mentioned. I do not receive compensation for writing this article, nor do I intend to influence the price or trading volume of any security discussed. All opinions are subject to change without notice. This content is written strictly in a personal capacity and does not reflect the views of any employer, organization, or associated entity. Readers are strongly encouraged to conduct their own independent research and to consult with a licensed financial advisor before making any investment
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.
Deutsche Bank AG purchased a new position in Belden Inc (NYSE:BDC – Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 47,108 shares of the industrial products company’s stock, valued at approximately $5,649,000. Deutsche Bank AG owned 0.12% of Belden as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. UBS Group AG boosted its holdings in Belden by 15.0% in the 4th quarter. UBS Group AG now owns 213,489 shares of the industrial products company’s stock valued at $24,882,000 after purchasing an additional 27,827 shares during the period. Pier Capital LLC bought a new position in shares of Belden during the 4th quarter worth about $7,473,000. Wesbanco Bank Inc. acquired a new position in shares of Belden during the fourth quarter valued at about $1,166,000. Leeward Investments LLC MA raised its position in shares of Belden by 5.3% during the first quarter. Leeward Investments LLC MA now owns 137,376 shares of the industrial products company’s stock valued at $15,775,000 after buying an additional 6,923 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Belden by 9.4% in the first quarter. Bank of America Corp DE now owns 238,651 shares of the industrial products company’s stock valued at $27,404,000 after buying an additional 20,465 shares during the period. 98.75% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth BDC has been the topic of a number of recent research reports. Zacks Research raised Belden from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 4th. Fox Advisors upgraded Belden from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 9th. Citigroup began coverage on Belden in a research report on Friday, June 26th. They set a “buy” rating and a $150.00 price objective on the stock. Weiss Ratings lowered Belden from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, July 29th. Finally, DA Davidson raised their target price on Belden from $155.00 to $170.00 and gave the stock a “buy” rating in a research report on Wednesday, August 19th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Belden has an average rating of “Buy” and a consensus price target of $160.00.
Read Our Latest Analysis on Belden Belden Stock Performance Shares of NYSE:BDC opened at $116.71 on Tuesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.14 and a quick ratio of 1.49. The business’s fifty day moving average price is $117.41 and its two-hundred day moving average price is $120.67. Belden Inc has a fifty-two week low of $98.00 and a fifty-two week high of $159.99. The stock has a market capitalization of $4.56 billion, a price-to-earnings ratio of 18.98 and a beta of 1.12.
Belden (NYSE:BDC – Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The industrial products company reported $2.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.02 by $0.32. Belden had a return on equity of 25.00% and a net margin of 8.52%.The company had revenue of $750.16 million during the quarter, compared to analysts’ expectations of $746.75 million. During the same period last year, the business earned $1.89 earnings per share. The business’s revenue was up 11.6% on a year-over-year basis. Belden has set its Q3 2026 guidance at 2.150-2.300 EPS. As a group, analysts predict that Belden Inc will post 8.69 EPS for the current fiscal year.
Belden Announces Dividend The company also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Wednesday, September 16th will be given a $0.05 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $0.20 dividend on an annualized basis and a yield of 0.2%. Belden’s payout ratio is 3.25%.
Belden 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.
See Also Five stocks we like better than Belden Visa Just Put Hims & Hers in the Penalty Box—Here’s Why It Matters Treasury Yields Are Surging Again: 3 Stocks That Could Feel the Pain Snowflake Could Be Headed for New Highs Despite Insider Selling MongoDB Is Surging—And the Next Catalyst Is Almost Here 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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Key Takeaways BDC posted record Q2 revenues of $750 million, with adjusted earnings up 24% year over year.Belden's data-center business grew more than 40%, supported by rising AI and hyperscale demand.RUCKUS broadens Belden's networking portfolio and creates cross-selling opportunities across key markets. Belden Inc. (BDC - Free Report) delivered an impressive second-quarter 2026 performance, backed by robust demand across its end markets, strengthening momentum in artificial intelligence (AI) data centers, industrial automation and improving profitability.
The company reported record revenues of $750 million, up 12% year over year and 8% organically. Adjusted earnings surged 24% year over year to $2.34 per share. Adjusted EBITDA increased 28% to $146 million, while the corresponding margin expanded 250 basis points to 19.5%. Moreover, record orders of $836 million increased 19% year over year, resulting in a healthy book-to-bill ratio of 1.11.
The solid order trends, growing exposure to AI infrastructure and the recently completed RUCKUS Networks acquisition pose additional tailwinds. Let us dig a little deeper into the underlying factors that might influence Belden’s growth trajectory.
AI Data Center Momentum Augurs WellBelden's increasing presence in AI and hyperscale data centers is one of its most compelling growth drivers. Management noted that its data center business was up more than 40% year over year in the second quarter, making it one of the company's fastest-growing businesses.
The company is also expanding its addressable opportunity beyond the traditional "gray space" of data centers — covering areas such as cooling, facility controls and power systems — into the "white space" or the data halls where computing equipment resides. This expansion should increase Belden's content opportunity per data center and strengthen relationships with hyperscale customers.
As AI workloads fuel enormous requirements for high-speed, reliable connectivity, the company's fiber, networking and connectivity portfolio appears well placed to capitalize on rising infrastructure spending.
Industrial Automation and Physical AI Create New AvenuesAnother encouraging development is growing demand across Belden's industrial markets. Organic revenues in discrete manufacturing and process manufacturing increased at double-digit rates during the second quarter, reflecting improving industrial automation spending. Orders in the Automation Solutions category increased 27% sequentially, with a book-to-bill ratio of 1.14.
Belden is bullish about the emerging "physical AI" opportunity. As factories and distribution facilities deploy more robots, autonomous machines and AI-enabled systems, these devices require highly reliable, low-latency and mission-critical networks. Belden's long-standing expertise in ruggedized industrial connectivity could give it an advantage as AI investment moves from data centers into factories, warehouses and other physical environments. This represents a potentially sizable long-term growth opportunity that remains in the early stages of adoption.
RUCKUS Acquisition Expands Growth OpportunityThe acquisition of RUCKUS Networks represents another major catalyst. The deal significantly broadens Belden's capabilities by combining its existing wired and industrial networking portfolio with RUCKUS' enterprise Wi-Fi and intelligent cloud-managed networking solutions.
The combined platform enables Belden to offer customers seamless connectivity, spanning passive network infrastructure, wired networking, Wi-Fi 7 and cloud-based network management. The transaction should also create meaningful cross-selling opportunities across manufacturing facilities, warehouses, healthcare establishments, hospitality properties and large venues. Management expects RUCKUS to be immediately accretive to revenues, adjusted EBITDA and earnings, while increasing the proportion of higher-value solutions in Belden's portfolio.
The combination also supports Belden's longer-term transition from connectivity products supplier to integrated networking solutions provider. Greater solutions penetration could improve customer stickiness, expand wallet share and support healthier margins over time.
Price PerformanceBelden has declined 12% in the past year against the industry’s growth of 177%. It has underperformed peers like Ciena Corporation (CIEN - Free Report) and Viavi Solutions Inc. (VIAV - Free Report) . While VIAV has gained 238.5%, CIEN soared 318% over this period.
One-Year BDC Stock Price Performance
Image Source: Zacks Investment Research
Moving ForwardBelden's record second-quarter performance highlights strengthening underlying business momentum. RUCKUS significantly enhances BDC's networking portfolio and could accelerate its evolution into a higher-value, full-stack networking solutions provider. Improving order trends lend support to the inherent growth potential.
Belden's strong order pipeline, expanding exposure to secular AI and automation spending and improving profitability make its growth story increasingly attractive. Investors seeking exposure to the networking infrastructure supporting AI, automation and rising data consumption may consider buying BDC stock following its solid second-quarter showing.
Belden currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ST. LOUIS--(BUSINESS WIRE)--Belden Inc. (NYSE: BDC), a leading global provider of complete connection solutions, today announced the launch of new products and portfolio expansions designed to help customers build more efficient, resilient and scalable IT/OT networks—spanning industrial device connectivity, wireless orchestration, rugged switching and power options, high-density fiber infrastructure and life-safety cabling. Operational Technology (OT) environments across manufacturing, energy a.
Belden Inc. (NYSE: BDC), a leading global provider of complete connection solutions, today announced the launch of new products and portfolio expansions designe
Chicago Atlantic BDC's Q2 credit quality remained strong, with 0% non-accruals, 100% senior-secured exposure, and a 16% weighted-average gross portfolio yield. The $1.1 billion pipeline and $25 million post-quarter deployment suggest weaker Q2 originations were timing-related rather than structural. Chicago Atlantic Real Estate Finance's Koach transaction adds a 12% yielding asset and should be modestly NAV accretive because new shares were issued above book value.
Kayne Anderson BDC remains a buy, supported by stable NII, strong dividend coverage, and prudent balance sheet management. KBDC's NII rose 5% year-over-year to $0.42 per share, maintaining a 105% dividend coverage ratio despite a modest increase in non-accruals. Portfolio diversification is robust, with top 10 investments under 20% of assets and average borrower exposure around 1%, mitigating credit risk.
Sixth Street Specialty Lending cut its dividend by 10.6% quarter-over-quarter to $0.42, restoring dividend coverage above 100% in Q2. TSLX maintains a high-quality portfolio, with a 1.3% fair value non-accrual rate and a portfolio value of $3.3 billion, primarily first liens. The stock trades at a premium (1.16x NAV), reflecting investor confidence in its asset quality and dividend sustainability after the cut.
Trinity Capital demonstrates robust growth, disciplined underwriting, and a 12% yield, positioning it as a top BDC for income seekers. TRIN delivered a record $619M in Q2 fundings, 36% AUM growth, and maintained low non-accruals, reflecting strong credit quality and portfolio diversification. Balance sheet flexibility is enhanced by a premium to NAV, conservative leverage, $66M spillover income, and recent capital raises supporting future investments.
Belden (BDC - Free Report) closed the last trading session at $123.89, gaining 20.3% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $156.2 indicates a 26.1% upside potential.
The average comprises five short-term price targets ranging from a low of $145.00 to a high of $170.00, with a standard deviation of $9.73. While the lowest estimate indicates an increase of 17% from the current price level, the most optimistic estimate points to a 37.2% upside. More than the range, one should note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.
While the consensus price target is highly sought after by investors, the ability and unbiasedness of analysts in setting price targets have long been questionable. And investors making investment decisions solely based on this tool would arguably do themselves a disservice.
But, for BDC, an impressive average price target is not the only indicator of a potential upside. Strong agreement among analysts about the company's ability to report better earnings than they predicted earlier strengthens this view. While a positive trend in earnings estimate revisions doesn't gauge how much a stock could gain, it has proven to be powerful in predicting an upside.
Price, Consensus and EPS Surprise
Here's What You May Not Know About Analysts' Price TargetsAccording to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.
While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?
They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.
However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.
That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.
Why BDC Could Witness a Solid UpsideAnalysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason to expect an upside in the stock. That's because empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
Over the last 30 days, the Zacks Consensus Estimate for the current year has increased 5.8%, as two estimates have moved higher compared to no negative revision.
Moreover, BDC currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Therefore, while the consensus price target may not be a reliable indicator of how much BDC could gain, the direction of price movement it implies does appear to be a good guide.
Venture lending is the higher-octane corner of private credit. Business development companies, or BDCs, in this niche extend senior secured loans to venture-backed and lower-middle market private companies, then pass the interest income through to shareholders as dividends.
The trade-off is real. When borrowers stumble, credit trouble shows up quickly through non-accruals and NAV erosion, and yields that look generous on paper can mask stress in the underlying book. The three BDCs below all yield well into the double digits, but the quality of the coverage varies. Here is how we rank them, counting down to the venture lender whose Q2 numbers most cleanly justify the payout.
3. Horizon Technology Finance Horizon Technology Finance (NASDAQ:HRZN) lends to growth-stage, venture capital-backed businesses across technology, life sciences, and sustainability sectors. Post the Monroe Capital merger that closed in April 2026, the balance sheet is materially larger, with $229 million in available liquidity and net leverage of 0.65 to 1 against a target closer to 1.20.
The dividend runs at 9 cents monthly through November 2026, split between a 6-cent regular and 3-cent special distribution. Q2 2026 net investment income landed at $0.11 per share, or $0.18 excluding merger expenses, on a 14.9% debt portfolio yield.
The specific risk: NAV per share fell to $6.23 from $6.98, driven by a $39 million write-down on portfolio company Soli. With 12% of debt fair value rated 4 or 5, credit vigilance matters more than the headline yield.
2. Stellus Capital Investment Stellus Capital Investment (NYSE:SCM) targets private middle-market enterprises with senior secured loans, subordinated debt, and equity investments. The portfolio spans $968 million across 116 portfolio companies, with 100% of loans secured and 92% at floating rates.
Q2 2026 GAAP net investment income came in at 26 cents per share, and NAV rose 26 cents, or 2% sequentially. Management just reset the payout to 25 cents per share quarterly for Q3 2026 after paying 8 cents monthly beginning July 31, down from 11 cents. The forward yield sits at 16.6%. Since IPO, Stellus has distributed $18.83 per share, or $349 million total.
The specific risk: Five portfolio companies are on non-accrual, representing 8.5% of cost and 5.4% of fair value, and 26% of the loan book is rated Category 3 or below. The recent dividend cut is the tell.
1. Runway Growth Finance Runway Growth Finance (NASDAQ:RWAY) delivered the cleanest quarter of the group. GAAP NII hit 43 cents per share, and total investment income of $37 million exceeded expectations. The SWK Holdings acquisition, closed April 6, added $239.6 million in funded investments and expanded the platform into life sciences and specialty finance. Portfolio fair value now stands at $1.2 billion across 79 companies, yielding 14.2% on a dollar-weighted basis.
The quarterly dividend of 33 cents per share, payable Aug. 31, is backed by 68 cents of spillover income and management’s confidence in full-year coverage exceeding 100%. Insider conviction is unusually direct: BC Partners and affiliates committed to buy up to 10% of outstanding shares while the stock trades below 70% of NAV.
The specific risk: leverage jumped to 1.36x from 0.98x, and Q2 booked a $45.3 million net realized loss tied to the Marley Spoon restructuring and BlueShift sale. Still, 94% of the portfolio carries a risk rating of 3 or better, and shares trade at 0.577 times book value.
Where the Coverage Actually Holds Venture lending BDCs sell yield, but the number that matters is whether net investment income can carry the distribution without spillover accounting or one-time gains. Horizon needed a merger-expense adjustment to cover its payout. Stellus reset its dividend downward to match the current NII trajectory. Runway alone produced a headline NII figure comfortably above its declared distribution, added a strategic platform in SWK, and has its adviser publicly committing capital to buy shares below NAV. That combination is why RWAY tops this list.
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Investors in Barings BDC, Inc. (BBDC - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Sept. 18, 2026 $2.50 Put had some of the highest implied volatility of all equity options today.
What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?Clearly, options traders are pricing in a big move for Barings BDC shares, but what is the fundamental picture for the company? Currently, Barings BDC is a Zacks Rank #2 (Buy) in the Financial - SBIC & Commercial Industry industry that ranks in the Bottom 37% of our Zacks Industry Rank. Over the last 60 days our Zacks Consensus Estimate for the current quarter from 26 cents per share to 27 cents in that period.
Given the way analysts feel about Barings BDC right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
shares fell 6.0% to $129.40, a significant drop in the context of its recent performance. Over the past month, shares have gained 27.6%, while the year-to-date return stands at 11.1%. The stock has traded between a 52-week high of $159.99 and a low of $98.00.
GF Value™ verdict: Current price $129.40 vs GF Value™ of $130.33; 0.7% undervalued.GF Score™: 86/100, indicating strong overall fundamentals.Notable signal: Insider activity shows a net buying of $2.8M over the past year.Is BDC Overvalued or Undervalued?Belden Inc's current trading price of $129.40 is slightly below the GF Value™ estimate of $130.33, suggesting that the stock is 0.7% undervalued. The GF Value™ is GuruFocus's proprietary intrinsic value estimate, which is based on historical trading multiples, past business growth, and future performance projections. This small margin of safety indicates that there may be limited downside risk, but potential investors should remain cautious due to the volatility indicated by today's drop.
The GF Valuation label indicates that BDC is fairly valued, which means that the stock price aligns closely with its calculated intrinsic value. As the market adjusts to recent price movements, it is important to consider whether this dip represents a temporary fluctuation or a shift in investor sentiment regarding the company's future prospects.
How Does BDC's Valuation Compare to Its History?MetricCurrentHistoricalP/E (TTM)21.0x21.1xForward P/E15.0xN/ACurrently, Belden Inc's P/E ratio of 21.0x is virtually in line with its 5-year median P/E of 21.1x, suggesting that the stock is trading at a valuation consistent with its historical averages. The forward P/E of 15.0x indicates a more favorable outlook for earnings growth, which supports the notion of potential value in the stock at its current price. This P/E analysis aligns with the GF Value™ verdict, reinforcing the view that BDC is fairly valued, albeit with an opportunity for growth based on forward earnings estimates.
What Does BDC's GF Score™ Tell Us?The GF Score™ is a comprehensive rating that evaluates a company's financial strength, profitability, growth potential, valuation, and momentum. Belden Inc's score of 86/100 indicates strong fundamentals, with particular strengths in profitability and growth, while momentum lags behind.
MetricRatingGF Score™86Financial Strength6/10Profitability8/10Growth9/10Valuation7/10Momentum4/10The strong profitability rank of 8/10 indicates that BDC has solid profit margins and returns, while a growth rank of 9/10 suggests robust potential for future earnings expansion. However, the momentum rank of 4/10 reflects recent volatility, which may concern some investors. Overall, the scores highlight BDC's strengths in profitability and growth, with some caution advised regarding its current momentum.
What Are Gurus and Insiders Doing with BDC?Currently, 8 gurus hold positions in Belden Inc, with 4 adding to their holdings and 4 trimming their positions in recent quarters. This balanced activity suggests a mixed sentiment among professional investors, which could indicate indecision about the stock's short-term prospects.
On the insider front, there has been a notable net buying of $2.8M over the past 12 months, with insiders purchasing $6.0M worth of shares while selling $3.2M. This trend of insider buying can be interpreted as a positive signal, suggesting that those closest to the company have confidence in its future performance. Such activity can often be a reassuring indicator for potential investors.
What This Means for InvestorsIn summary, Belden Inc
BDC -5.95% 86
is currently fairly valued according to the GF Value™ estimate, with shares trading slightly below intrinsic value. The stock exhibits strong fundamentals, particularly in profitability and growth, while insider buying reinforces confidence in its long-term prospects. However, investors should be aware of the recent volatility and mixed sentiment among gurus. For more detailed insights, refer to the Belden Inc (BDC) stock page and consider exploring the GF Value™ page or the GuruFocus Stock Screener.
Frequently Asked QuestionsWhat is BDC's GF Score™?
Belden Inc has a GF Score™ of 86/100, indicating strong overall fundamentals and potential for growth.
Is BDC overvalued or undervalued?
BDC is currently considered fairly valued, with a slight undervaluation of 0.7% based on the GF Value™ estimate.
What is BDC's P/E ratio?
BDC's P/E TTM is 21.0x, which is consistent with its 5-year median P/E of 21.1x, indicating stability in its valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
This is a fair market value price provided by Massive. Learn more.
$98.00▼
$159.990.15%
21.20
$156.25
Investors hunting for ways to profit from the artificial intelligence boom typically look to chipmakers, cloud giants, or maybe software firms embedding AI into everything.
But what about the company that makes the cable running between the server racks? Just ask Belden NYSE: BDC about where this unexpected opportunity lies and how it now has Wall Street’s attention.
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Rated a Buy by analysts, this century-old maker of industrial cable and wire has surged in recent weeks and is in the midst of a multibillion-dollar acquisition. Whether the expansion pays off and Belden can outcompete some larger competitors, this St. Louis-based company might be a less-obvious way to play the AI-fueled buildout.
Belden’s Record Quarter Fuels Its RallyBelden has spent more than a century supplying the kind of unglamorous infrastructure that keeps factories, hospitals, refineries, and mass transit running.
That story is changing. Shares are up roughly 38% over the past month, helped by a blowout second-quarter earnings report in late July, and analysts are expecting to see further growth.
The quarter itself was a record. Revenue came in at $750.2 million, up 11.6% year-over-year (YOY) and ahead of the $746.75 million Wall Street expected. Net income came in at $68.5 million, up 12.3% from $61 million. Adjusted earnings per share hit $2.34, a 24% jump from a year earlier, comfortably beating the $2.02 consensus.
Orders reached a record $836 million, up 19% YOY, pushing the book-to-bill ratio to 1.11, a clear sign demand is building. Margins told the same story as adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose about 28% to $146 million. The margin climbed to 19.5% from 17%.
AI Data Centers Drive New DemandBelden isn't succeeding by building AI models or chips. It's supplying the behind-the-scenes or under-the-floorboards connectivity that the AI buildout sorely needs.
Belden disclosed roughly $40 million in hyperscaler orders, or those from large-scale cloud computing providers, during the quarter. That included a $20 million contract with an unnamed Tier 1 hyperscaler for high-density fiber connectivity inside an AI data center.
The segment is still a small slice of Belden’s business today, but it's growing fast. First-quarter revenue was already up 11% to $696.4 million, with adjusted earnings per share (EPS) up 11% to $1.77. The full 2025 fiscal year was itself a record, with revenue reaching $2.715 billion, up 10% YOY, with adjusted EPS growing 19% to $7.54.
RUCKUS Acquisition Expands Belden’s ReachBehind the momentum sits an equally interesting strategic shift.
On July 1, Belden closed a roughly $1.85 billion acquisition from Vistance Networks NASDAQ: VISN of its RUCKUS Networks. Not only could RUCKUS, which supplies enterprise Wi-Fi, Ethernet switching, and network management platforms, attract an expanded set of enterprise clients, but its high-margin assets could further boost Belden’s gross and EBITDA margins.
Belden already expects the benefits to appear in the current quarter. Assuming the continuation of current market conditions, the company expects third-quarter revenue to be between $950 million and $970 million, including the contribution of RUCKUS. The company projects GAAP EPS will be between 69 cents and 84 cents. Management expects adjusted EPS to be between $2.15 and $2.30, representing a 9% to 17% increase over the prior year quarter.
Analysts See More Upside for Belden Stock, But Risks RemainAnalysts appear to like the logic so far. Of the seven analysts currently covering the stock, the consensus is a Buy rating, with two analysts labeling it a Strong Buy, four listing it as a Buy, and one has it slated as a Hold.
Current Price$130.93High Forecast$175.00Average Forecast$156.25Low Forecast$145.00Belden Stock Forecast Details
The average 12-month price target is $156.25, implying a nearly 20% upside from recent levels. The range is running from $175 on the high side to $145 for the low.
There are a few things to consider, however, after surveying the good news. The most obvious concern is that the recent stock runup could signal there's a chance a good deal of optimism is already priced in. Half the gain so far this year has come just within the past month, as the year-to-date performance is up only 18%. And with a 20-cent annual dividend yielding 0.15%, stock appreciation is the core motivation for investors.
Also, a bit of the bump in second-quarter earnings isn't guaranteed to repeat. Belden's results included a net tariff benefit of roughly 25 cents per share tied to an expected trade-remedy recovery, the company said, a singular boost rather than a recurring one.
Competition is also far from backing off. Networking giant Cisco Systems NASDAQ: CSCO and connectivity specialist Amphenol NYSE: APH are among those also chasing the same data-center and industrial-automation spending.
AI Could Reshape Belden’s Growth StoryIn other words, the AI data center angle for Belden might be best understood as an enhancement to the company, not necessarily a long-term transformation. Then again, with the introduction of RUCKUS and the broadened capabilities it brings, Belden could possibly grow into something much more.
The next few quarters could tell whether old-fashioned cables and wires can become something new. Belden might be the place to find out.
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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 October 8, 2026, to shareholders of record as of September 16, 2026. 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+ y.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of TRIN, ARCC, OBDC either through stock ownership, options, or other derivatives. 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.
We take a look at the action in business development companies through the first week of August and highlight some of the key themes we are watching. BDCs posted a strong week, averaging nearly 10% returns, with higher-beta names like TCPC, CION, and OTF leading performance. Despite slightly lagging in price terms year-to-date, BDCs have outperformed all other credit sectors in total NAV terms, reflecting sector resilience.
NEW YORK--(BUSINESS WIRE)--Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB) (“ICMB” or the “Company”) announced its financial results today for its fiscal quarter ended June 30, 2026. HIGHLIGHTS ICMB fully realized investments in five portfolio companies during the quarter, totaling $13.9 million in proceeds. The internal rate of return on these investments was 7.73%. During the quarter, ICMB made a $2.3 million at cost investment in an existing portfolio company. During the quarter, the C.
Capital Southwest is expanding its committed investments while adding portfolio companies, indicating gradual growth with increasing diversification. The loan book is mostly floating rate, but its debt is mostly fixed rate. This should lift spread yields in the hawkish rates environment expected over the next year. Credit quality is worth tracking as average ratings, non‑accruals, and PIK income are rising, but there is no cause for alarm yet.
Goldman Sachs BDC continues to exhibit below-average investment quality, with persistent portfolio shrinkage and elevated non-accruals. GSBD's Q2 dividend dropped 40% year-over-year, reflecting ongoing pressure from non-accrual loans and a contracting asset base. Despite a high 118.8% dividend coverage ratio in Q2'26, GSBD's non-accrual ratio remains the second-highest among peers, undermining investor confidence.
Chicago Atlantic BDC, Inc. (LIEN) Q2 2026 Earnings Call August 13, 2026 9:00 AM EDT
Company Participants
Peter Sack - Chief Executive Officer
Thomas Geoffroy - Interim Chief Financial Officer
Bernardino Colonna - President
Conference Call Participants
Lisa Kampf - SCR Partners, LLC
Pablo Zuanic - Zuanic & Associates
Presentation
Operator
Good morning, and welcome to the Chicago Atlantic BDC Second Quarter 2026 Conference Call. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Lisa Kampf from SCR Partners. Please go ahead.
Lisa Kampf
SCR Partners, LLC
Thank you. Good morning. Welcome to the Chicago Atlantic BDC conference call to review the company's results. On the call today will be Peter Sack, Chief Executive Officer; Tom Geoffroy, Interim Chief Financial Officer; and Dino Colonna, President. Our results were released this morning in our earnings press release, which can be found in the Investor Relations section of our website and in our supplemental earnings presentation filed with the SEC. A live audio webcast of this call is being made available today. For those who listen to the replay of this webcast, we remind you that the remarks made herein are as of today and will not be updated subsequent to this call.
During this call, certain comments and statements we make may be deemed forward-looking statements within the meaning prescribed by the securities laws, including statements related to the future performance of our portfolio, our pipeline of potential loans and other investments, future dividends, financing activities, the proposed merger of Chicago Atlantic Real Estate Finance, Inc., REFI, with and into the company, and the anticipated benefits and timing of that merger. Such forward-looking statements are subject to significant risks and uncertainties that can cause actual results to differ materially from our current expectations. Investors are urged to carefully review various disclosures made by the
Chicago Atlantic BDC NASDAQ: LIEN reported second-quarter net investment income of $7.7 million, or $0.34 per share, as loan repayments exceeded new originations and reduced the size of its investment portfolio.
The company declared a quarterly dividend of $0.34 per share, its eighth consecutive quarter at that level. Net investment income declined from $10 million, or $0.44 per share, in the first quarter, which management attributed to a smaller portfolio, lower fee income from originations and, in part, lower income-based incentive fees.
Chief Executive Officer Peter Sack described the quarter as strong but said comparisons with the prior quarter were difficult because originations and repayments can vary materially from period to period.
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Portfolio Declines on Paydowns, While Credit Quality Remains Stable
The fair value of Chicago Atlantic BDC’s portfolio was $334.8 million as of June 30, down $29.1 million from March 31. The decline primarily reflected $32.2 million of gross paydowns, including three full loan payoffs, partly offset by $2.7 million in new originations during the quarter.
The paydowns included $26.7 million from three borrowers that fully repaid their loans, plus $5.5 million of amortization and unscheduled payments. Sack said the loans were repaid at par, with no realized losses, and had generated a weighted-average contractual yield in the high teens over their lives.
Interim Chief Financial Officer Tom Geoffroy said the decline in portfolio value did not result from deterioration in credit quality. Fair value continued to track closely with principal outstanding, he said, and the company reported no loans on non-accrual status.
Portfolio fair value: $334.8 million as of June 30
Portfolio companies: 37
Weighted-average gross yield on debt investments: approximately 16%
Debt portfolio that is fixed rate or at applicable rate floors: approximately 93%
Debt investments that are senior secured: 100%
Non-cannabis investments: 26% of the portfolio
Sack said 81% of the debt portfolio would benefit from a 100-basis-point increase in benchmark interest rates, while the fixed-rate structures and interest-rate floors offer protection in a declining-rate environment.
The company had $27 million of debt outstanding at quarter-end, all drawn on its revolving credit facility, resulting in a debt-to-equity ratio of 0.09 times. Geoffroy said the company had approximately $47.2 million of liquidity as of Aug. 12, including $46.5 million of borrowing capacity under its $100 million credit facility and about $0.7 million of cash.
Origination Pipeline Expands Following Modest Quarter
President Dino Colonna said second-quarter deployment was modest due to transaction timing rather than a reduction in market activity or deal flow. Several investments expected to close during the quarter required additional time and moved into the third quarter, he said.
After the quarter ended, the company funded a $25 million senior-secured, floating-rate debt investment to a new portfolio company. Colonna said the investment had characteristics similar to other cannabis loans originated this year.
Chicago Atlantic’s platform-wide pipeline was just under $1.1 billion in potential debt transactions at quarter-end, including approximately $649 million in cannabis opportunities and about $440 million in non-cannabis opportunities. Sack characterized the mix as roughly 60% cannabis and 40% diversified direct lending.
Management said it remains focused on selective lending and direct origination rather than pursuing growth for its own sake. Colonna said the company sources most new investments directly and has minimal reliance on syndicated transactions, allowing it to retain control over loan structures, pricing and covenant protections.
Merger With Chicago Atlantic Real Estate Finance Remains Targeted for Fourth Quarter
Chicago Atlantic BDC continues to expect its proposed all-stock, net-asset-value merger with Chicago Atlantic Real Estate Finance Inc., or REFI, to close in the fourth quarter of 2026, subject to shareholder and regulatory approvals and other customary conditions.
The companies filed a preliminary Form N-14 registration statement and joint proxy materials on July 31. Sack said the SEC review process is the most significant uncertain variable in the closing timeline, though he said there were no significant state regulatory hurdles.
Management said the combination would create a larger and better-capitalized BDC, potentially improving access to capital, trading liquidity, market visibility and future earnings capacity. Sack said the combined company would have book equity of more than $600 million and would rank among the top 25 BDCs by book equity.
Cannabis Policy Developments Seen as Supportive, but Not Included in Underwriting Assumptions
Sack also pointed to continued developments in federal cannabis policy, including the Department of Justice’s announcement regarding the proposed rescheduling of state-licensed medical cannabis products from Schedule I to Schedule III. He said the company views regulatory developments as positive for borrowers’ credit quality but does not incorporate anticipated regulatory changes into its projections or underwriting standards.
While management expects evolving cannabis policy and broader investor interest in cannabis-related businesses to support the company’s market narrative, Sack said the merger’s potential to increase scale and liquidity could be more important for attracting larger institutional investors.
For the quarter, gross investment income was $14 million, compared with $16.7 million in the first quarter. Total expenses declined to $6.3 million from $6.7 million. Chicago Atlantic BDC recorded a $1.6 million net unrealized loss, primarily due to reversals of prior unrealized gains on loans that repaid at par. Net assets were $302.5 million, and net asset value per share was $13.26, compared with $13.33 at the end of the first quarter.
About Chicago Atlantic BDC (NASDAQ:LIEN)Chicago Atlantic BDC NASDAQ: LIEN is a closed-end management investment company organized as a business development company (BDC). It focuses on providing debt and equity financing solutions to U.S. middle-market companies that demonstrate strong growth potential. Through its public listing, the company offers investors exposure to a diversified portfolio of private credit and equity investments aimed at delivering attractive risk-adjusted returns.
The company's investment strategy centers on structuring customized credit facilities, including senior secured loans, unitranche loans, mezzanine debt and equity co-investments.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Should You Invest $1,000 in Chicago Atlantic BDC Right Now?Before you consider Chicago Atlantic BDC, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Chicago Atlantic BDC wasn't on the list.
While Chicago Atlantic BDC currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
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MarketBeat just released its list of the 7 hottest IPOs expected to hit Wall Street in 2026. See which companies are preparing to go public and why investors are watching closely.
KBDC stands out as a rare externally managed BDC worth holding, despite typical structural drawbacks. Recent Q2 results showed declining NII and NAV, higher leverage, and increased non-accruals, but underlying drivers suggest near-term improvement. KBDC trades at a 15% discount to NAV, with NII per share expected to rise next quarter due to portfolio rotation and higher spreads.
Chicago Atlantic BDC, Inc. (LIEN - Free Report) came out with quarterly earnings of $0.34 per share, missing the Zacks Consensus Estimate of $0.4 per share. This compares to earnings of $0.34 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -15.00%. A quarter ago, it was expected that this company would post earnings of $0.36 per share when it actually produced earnings of $0.44, delivering a surprise of +22.22%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
CHICAGO ATL BDC, which belongs to the Zacks Financial - SBIC & Commercial Industry industry, posted revenues of $13.97 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 10.62%. This compares to year-ago revenues of $13.08 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
CHICAGO ATL BDC shares have lost about 6.1% since the beginning of the year versus the S&P 500's gain of 13.2%.
What's Next for CHICAGO ATL BDC?While CHICAGO ATL BDC has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for CHICAGO ATL BDC was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.40 on $15.85 million in revenues for the coming quarter and $1.64 on $64.03 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - SBIC & Commercial Industry is currently in the top 43% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the broader Zacks Finance sector, IREN Limited (IREN - Free Report) , is yet to report results for the quarter ended June 2026.
This company is expected to post quarterly loss of $0.80 per share in its upcoming report, which represents a year-over-year change of -1100%. The consensus EPS estimate for the quarter has been revised 65.1% lower over the last 30 days to the current level.
IREN Limited's revenues are expected to be $138.89 million, down 25.8% from the year-ago quarter.
Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Has Belden (BDC - Free Report) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Computer and Technology sector should help us answer this question.
Belden is a member of the Computer and Technology sector. This group includes 614 individual stocks and currently holds a Zacks Sector Rank of #2. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Belden is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for BDC's full-year earnings has moved 5.7% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that BDC has returned about 18.4% since the start of the calendar year. Meanwhile, stocks in the Computer and Technology group have gained about 18.3% on average. As we can see, Belden is performing better than its sector in the calendar year.
One other Computer and Technology stock that has outperformed the sector so far this year is Cognex Corporation (CGNX - Free Report) . The stock is up 68.6% year-to-date.
In Cognex Corporation's case, the consensus EPS estimate for the current year increased 16.7% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Belden belongs to the Communication - Components industry, a group that includes 13 individual companies and currently sits at #78 in the Zacks Industry Rank. On average, this group has gained an average of 101% so far this year, meaning that BDC is slightly underperforming its industry in terms of year-to-date returns.
On the other hand, Cognex Corporation belongs to the Electronics - Testing Equipment industry. This 4-stock industry is currently ranked #34. The industry has moved +26.6% year to date.
Investors interested in the Computer and Technology sector may want to keep a close eye on Belden and Cognex Corporation as they attempt to continue their solid performance.
Cetera Investment Advisers boosted its position in shares of Belden Inc (NYSE:BDC – Free Report) by 84.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,138 shares of the industrial products company’s stock after purchasing an additional 5,095 shares during the quarter. Cetera Investment Advisers’ holdings in Belden were worth $1,279,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in the company. Caitong International Asset Management Co. Ltd boosted its position in shares of Belden by 12,950.0% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 261 shares of the industrial products company’s stock worth $31,000 after buying an additional 259 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Belden by 134.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 288 shares of the industrial products company’s stock valued at $33,000 after acquiring an additional 165 shares in the last quarter. Fairscale Capital LLC acquired a new position in Belden during the fourth quarter worth about $51,000. Smartleaf Asset Management LLC raised its position in Belden by 32.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 437 shares of the industrial products company’s stock worth $52,000 after acquiring an additional 106 shares during the last quarter. Finally, Torren Management LLC purchased a new stake in shares of Belden in the fourth quarter valued at about $62,000. Hedge funds and other institutional investors own 98.75% of the company’s stock.
Analyst Upgrades and Downgrades BDC has been the subject of a number of recent research reports. Zacks Research raised shares of Belden from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 4th. DA Davidson started coverage on Belden in a research note on Tuesday, June 16th. They issued a “buy” rating and a $155.00 target price on the stock. Citigroup initiated coverage on Belden in a report on Friday, June 26th. They set a “buy” rating and a $150.00 target price on the stock. Weiss Ratings downgraded Belden from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, July 29th. Finally, Truist Financial restated a “buy” rating and issued a $145.00 price objective (down from $155.00) on shares of Belden in a research report on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $156.25.
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Belden Trading Up 2.6% Shares of Belden stock opened at $138.15 on Thursday. Belden Inc has a fifty-two week low of $98.00 and a fifty-two week high of $159.99. The business’s fifty day moving average is $114.42 and its two-hundred day moving average is $120.11. The company has a quick ratio of 1.49, a current ratio of 2.14 and a debt-to-equity ratio of 0.89. The firm has a market cap of $5.40 billion, a PE ratio of 22.46 and a beta of 1.13.
Belden (NYSE:BDC – Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The industrial products company reported $2.34 EPS for the quarter, beating analysts’ consensus estimates of $2.02 by $0.32. Belden had a return on equity of 25.00% and a net margin of 8.52%.The business had revenue of $750.16 million during the quarter, compared to the consensus estimate of $746.75 million. During the same quarter in the previous year, the business earned $1.89 earnings per share. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. Belden has set its Q3 2026 guidance at 2.150-2.300 EPS. Analysts anticipate that Belden Inc will post 8.69 earnings per share for the current year.
Belden Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Tuesday, June 16th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.1%. Belden’s dividend payout ratio is currently 3.25%.
Belden 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.
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Lumentum (NASDAQ:LITE – Get Free Report) and Belden (NYSE:BDC – Get Free Report) are both technology companies, but which is the better investment? We will compare the two companies based on the strength of their institutional ownership, analyst recommendations, risk, profitability, earnings, valuation and dividends.
Insider and Institutional Ownership 94.1% of Lumentum shares are owned by institutional investors. Comparatively, 98.8% of Belden shares are owned by institutional investors. 0.4% of Lumentum shares are owned by company insiders. Comparatively, 1.1% of Belden shares are owned by company insiders. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a stock will outperform the market over the long term.
Risk & Volatility Lumentum has a beta of 1.5, meaning that its share price is 50% more volatile than the S&P 500. Comparatively, Belden has a beta of 1.13, meaning that its share price is 13% more volatile than the S&P 500.
Analyst Ratings This is a summary of recent ratings and recommmendations for Lumentum and Belden, as reported by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Lumentum 0 7 14 0 2.67 Belden 0 1 4 2 3.14 Lumentum presently has a consensus price target of $1,044.67, indicating a potential upside of 12.03%. Belden has a consensus price target of $156.25, indicating a potential upside of 13.10%. Given Belden’s stronger consensus rating and higher possible upside, analysts plainly believe Belden is more favorable than Lumentum.
Profitability This table compares Lumentum and Belden’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Lumentum -230.15% 39.69% 11.10% Belden 8.52% 25.00% 9.24% Earnings and Valuation This table compares Lumentum and Belden”s gross revenue, earnings per share and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Lumentum $3.01 billion 24.07 $25.90 million $5.40 172.68 Belden $2.72 billion 1.99 $237.52 million $6.15 22.46 Belden has lower revenue, but higher earnings than Lumentum. Belden is trading at a lower price-to-earnings ratio than Lumentum, indicating that it is currently the more affordable of the two stocks.
Summary Belden beats Lumentum on 9 of the 15 factors compared between the two stocks.
About Lumentum (Get Free Report)
Lumentum Holdings Inc. manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables. It offers tunable transponders, transceivers, and transmitter modules; tunable lasers, receivers, and modulators; transport products, such as reconfigurable optical add/drop multiplexers, amplifiers, and optical channel monitors, as well as components, including 980nm, multi-mode, and Raman pumps; and switches, attenuators, photodetectors, gain flattening filters, isolators, wavelength-division multiplexing filters, arrayed waveguide gratings, multiplex/de-multiplexers, and integrated passive modules. This segment also provides Super Transport Blade, which integrates optical transport functions into a single-slot blade; vertical-cavity surface-emitting lasers; directly modulated and electro-absorption modulated lasers; and laser illumination sources for 3D sensing systems. It serves customers in telecommunications, data communications, and consumer and industrial markets. The Commercial Lasers segment offers diode-pumped solid-state, fiber, diode, direct-diode, and gas lasers, such as argon-ion and helium-neon lasers for use in original equipment manufacturer applications. It serves customers in markets and applications, such as sheet metal processing, general manufacturing, biotechnology, solar cell processing, graphics and imaging, remote sensing, and precision machining. Lumentum Holdings Inc. was incorporated in 2015 and is headquartered in San Jose, California.
About Belden (Get Free Report)
Belden Inc. designs, manufactures, and markets a portfolio of signal transmission solutions for mission critical applications in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It operates in two segments, Enterprise Solutions and Industrial Automation Solutions. The Enterprise Solutions segment offers copper cable and connectivity solutions, fiber cable and connectivity solutions, interconnect panels, racks and enclosures, and signal extension and matrix switching systems for use in applications, such as local area networks, data centers, access control, 5G, fiber to the home, and building automation. It also provides power, cooling, and airflow management products for mission-critical data center operations; and end-to-end fiber and copper network systems. This segment serves commercial real estate, education, financial, stadiums and venues, military installations, and broadband and wireless service providers, as well as data centers, governments, healthcare, and hospitality sectors. The Industrial Automation Solutions segment offers network infrastructure and digitization solutions; secure networks for the digitization and automation of industries and infrastructure; and products and solutions covering various aspects of data handling, including acquisition, transmission, orchestration, and management for applications in discrete automation, process automation, energy, and mass transit. It sells its products to distributors, end-users, installers, and original equipment manufacturers (OEMs). The company was formerly known as Belden CDT Inc. and changed its name to Belden Inc. in May 2007. Belden Inc. was founded in 1902 and is headquartered in Saint Louis, Missouri.
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NEW YORK, Aug. 13, 2026 (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 second quarter ended June 30, 2026. Operating Highlights For the Three Months Ended (Dollar amounts in millions, except per share data)* June 30, 2026 March 31, 2026 Total Amount Per Share Total Amount Per Share Total investment income $14.0 $0.61 $16.7 $0.73 Net investment income $7.7 $0.34 $10.0 $0.44 Net change in unrealized gains (losses) $(1.6) $(0.07) $(1.4) $(0.06) Net increase in net assets resulting from operations $6.1 $0.27 $8.5 $0.37 *totals may not foot due to rounding.
NEW YORK, Aug. 13, 2026 (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 ended September 30, 2026. The following are the key dates for the dividends: Record Date September 25, 2026 Payment Date October 9, 2026 About Chicago Atlantic BDC, Inc. The Company 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.
CCAP cut its dividend by 19% a few months ago. But I expect another dividend cut, as I see several signals of struggling NII. NII dropped nearly 22% year-over-year to $0.36 per share, leaving only a 6% margin of safety over the current base dividend and heightening payout risk.
TORONTO, Aug. 12, 2026 (GLOBE NEWSWIRE) -- Clip Money Inc. (TSX-V: CLIP) (“Clip Money” or the “Company”), a company that operates a multi-bank self-service deposit system for businesses, is pleased to announce that it has received the second and final advance of CAD$1.62 million from Business Development Bank of Canada's (“BDC”) Growth and Transition Capital team pursuant to the Company's previously announced CAD$3 million loan (the “BDC Loan”). The BDC Loan, which matures on August 15, 2028, has now been fully drawn for an aggregate principal amount of CAD$3 million.
Goldman Sachs BDC remains a hold as portfolio growth and NAV continue to decline amid sector headwinds. GSBD's 14.1% dividend yield is well-covered by net investment income, with a 116% coverage rate and $0.89 per share in spillover income. New investment activity remains muted, with negative net funded investments and limited catalysts for near-term NAV or earnings growth.
Crescent Capital BDC NASDAQ: CCAP reported second-quarter net investment income of $0.36 per share, exceeding its $0.34 per-share base dividend but declining from $0.38 per share in the prior quarter excluding a one-time incentive-fee waiver.
The business development company’s net asset value fell to $17.82 per share as of June 30 from $18.27 at the end of the first quarter. Chief Executive Officer Jason Breaux said the decline was primarily tied to unrealized losses on non-accrual investments that the company is actively managing.
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“Our two near-term priorities are rotating our watchlist investments and de-leveraging our portfolio to within our target range,” Breaux said on the company’s earnings call.
During the quarter, the company paid the first of three previously announced special dividends of $0.03 per share. Its board also declared a regular third-quarter dividend of $0.34 per share, along with the second $0.03 special dividend, to be paid Sept. 15. The company said it would not pay a supplemental dividend for the quarter under its existing framework.
Income and NAV Drivers Chief Financial Officer Gerhard Lombard said total investment income declined about $1.6 million sequentially. The reduction reflected lower dividend income and less realization activity, which led to lower accelerated amortization and prepayment-fee income.
Dividend income totaled $1.2 million, down approximately $1.8 million from the first quarter, primarily because of a lower distribution from the Logan joint venture as that vehicle continues to amortize and reduce leverage. Accelerated amortization and prepayment-fee income was about $0.4 million, compared with an average of roughly $0.8 million over the prior year.
Those factors were partly offset by higher interest income from positive net deployment during the first half of the year and restructurings of non-accrual investments, as well as lower management and incentive fees that became fully effective April 1.
Three restructurings completed during the quarter produced $0.48 per share of realized losses, Lombard said, but those losses were largely offset by the reversal of previously recognized unrealized losses. Separately, the company recorded $0.47 per share of unrealized losses, primarily from continued operating pressure among a subset of non-accrual investments. Realized gains contributed $0.03 per share, while the special dividend reduced NAV by another $0.03 per share.
Portfolio Performance and Watchlist At quarter-end, Crescent Capital BDC held approximately $1.6 billion of investments at fair value across 192 portfolio companies. Senior first-lien loans represented 91% of the portfolio, while the average investment accounted for roughly 0.5% of total portfolio value.
President Henry Chung said the broader portfolio performed generally in line with underwriting expectations, with most portfolio companies reporting resilient operating results and year-over-year EBITDA growth. About 85% of investments were rated one or two, and the weighted-average portfolio risk rating was 2.1. Weighted-average interest coverage was stable at 2.2 times.
Still, the company’s watchlist rose modestly to 15% of the portfolio from 14% in the prior quarter. Chung said companies tied to deferrable consumer spending represented an outsized portion of watchlist investments. Healthcare investments were generally stable except for select company-specific situations, while software and services holdings continued to post stable operating results amid AI-related market volatility.
The company reported no new non-accruals during the quarter. Following three restructurings, non-accrual investments declined to 4.8% of debt investments at cost from 5.7% in the first quarter.
Management also continued rotating investments acquired through the legacy First Eagle portfolio. The acquired portfolio has been reduced from more than 70 investments to 27 investments, representing about 7% of CCAP’s portfolio at fair value as of June 30. During the quarter, the company restructured one legacy First Eagle investment and exited another acquired investment at par.
In response to an analyst question regarding eight consecutive quarters of NAV declines, Chung said the company marks watchlist and non-accrual investments based on current operating performance and near-term outlooks, which can change substantially from quarter to quarter. He said Crescent is focused on maximizing long-term recovery values rather than pursuing the fastest possible exits.
Leverage, Liquidity and Deployment CCAP’s debt-to-equity ratio rose to 1.42 times, or 1.37 times after accounting for balance-sheet cash, due to lower NAV and positive net deployment. Lombard said the company ended the quarter above its long-term leverage target but had approximately $200 million of available borrowing capacity and $36 million in cash and cash equivalents.
The company expects several anticipated portfolio realizations to reduce leverage into its target net leverage range during the second half of 2026, all else equal.
Repaid $162 million of maturing fixed-rate debt during the quarter. Increased its SPV asset facility by $100 million to $500 million. Expanded its SMBC corporate facility by $25 million to $335 million. Funded a previously committed $50 million tranche of 2025A fixed-rate unsecured notes due in May 2029. Breaux said the company is intentionally balancing selective investment activity with the need to preserve financial flexibility. Gross deployment totaled $57 million, including $28 million across three new platform investments at weighted-average spreads of about 550 basis points. Follow-on investments accounted for the remaining $29 million. Exits, sales and repayments totaled approximately $36 million, producing net deployment of about $21 million.
Given its leverage position, Chung said the company expects near-term new positions to be smaller than its approximately 50-basis-point average portfolio position size, with the aim of adding diversification while maintaining access to the broader Crescent platform’s origination pipeline.
Breaux said sponsor-backed merger-and-acquisition activity remains below historical averages, though lending competition has improved as redemptions and slower capital formation in non-traded retail BDCs reduce competitive pressure. He added that Crescent’s broader platform committed more than $2.5 billion across private-credit transactions in the quarter and more than $8.7 billion over the past 12 months.
About Crescent Capital BDC (NASDAQ:CCAP)Crescent Capital BDC, Inc is a closed-end, externally managed business development company that provides flexible financing solutions to middle market companies in the United States. Trading on the Nasdaq under the ticker CCAP, the firm offers investors exposure to a diversified portfolio of debt and equity instruments, targeting businesses with attractive risk-adjusted return profiles. Its primary objective is to generate current income through interest payments and potential capital appreciation via selective equity co-investments.
The company’s investment strategy emphasizes senior secured loans, unsecured second-lien loans, mezzanine debt, as well as preferred and common equity co-investments.
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Kayne Anderson BDC NYSE: KBDC reported second-quarter 2026 net investment income of $0.42 per share, exceeding its quarterly dividend by $0.02 per share, while net asset value declined amid realized and unrealized portfolio losses and the completion of its exit from broadly syndicated loans.
The company’s board declared a regular third-quarter dividend of $0.40 per share, payable Oct. 16 to shareholders of record as of Sept. 30. Co-Chief Executive Officer Ken Leonard said the dividend represented an annualized yield of about 10% based on current NAV per share and a dividend coverage ratio of 105%.
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“We remain confident in our ability to sustain this dividend through 2026,” Leonard said. Annualized return on equity based on net investment income was 10.5% during the quarter.
Net Asset Value Declines on Portfolio Losses Net asset value per share was $16.00 as of June 30, down $0.23, or 1.4%, from $16.23 at the end of the prior quarter. The decrease reflected $0.26 per share of realized and unrealized losses, partly offset by $0.02 per share of net investment income above the dividend and $0.01 per share from accretive share repurchases.
Chief Financial Officer Terry Hart said the company recorded net income of $0.16 per share and total investment income of $55.7 million, compared with $57.3 million in the first quarter. The decline in investment income was primarily attributed to $2 million less in payment-in-kind, or PIK, interest tied to ArborWorks. The prior quarter included a catch-up recognition of income that had been deferred since the fourth quarter of 2023 after the investment returned to accrual status.
Interest income was also affected by American Soccer being on non-accrual during the second quarter, Hart said, though new investments and the rotation out of broadly syndicated loans partly offset that impact.
Second-quarter realized losses totaled $12.2 million, including a $9.4 million loss from the liquidation of Sundance, a $0.9 million loss related to the restructuring of Diverzify debt, and $1.9 million of losses from selling the remaining broadly syndicated loan positions. Net unrealized losses were $4.6 million, primarily due to valuation changes in American Soccer, 4over and Regiment Security.
Private Credit Originations Continue as BSL Exit Concludes KBDC closed $138.7 million of new private-credit commitments during the quarter and funded $146.4 million, including new investments and draws on existing unfunded commitments. New floating-rate loans carried an average spread of 566 basis points over SOFR, 17 basis points wider than in the first quarter.
Leonard said the company continued to reject opportunities where risk-adjusted returns, sector exposure or leverage profiles did not meet its standards. He cited demand from middle-market borrowers, slower capital formation in non-traded and private investment vehicles, and higher risk premiums as factors supporting current loan pricing.
Repayment activity totaled $67.9 million, including $38.1 million of private-credit repayments and $29.8 million from sales of the remaining broadly syndicated loan positions. President Frank Karl said the company has now fully exited the broadly syndicated loan portfolio, which had been intended as a temporary allocation following KBDC’s initial public offering.
Karl said the broadly syndicated loans had spreads of roughly SOFR plus 300 basis points, compared with the 566-basis-point average on the company’s second-quarter direct-lending originations. “You are picking up 250 basis points plus or minus on a rotation out of those names,” he said.
Portfolio Credit Metrics and Liquidity As of June 30, KBDC’s portfolio consisted of 104 companies with a fair value of $2.3 billion and $293 million of unfunded commitments. Since quarter-end, the company had closed or was finalizing $69 million of new commitments, Karl said.
Excluding watch-list and opportunistic investments, portfolio companies had weighted-average leverage of 4.5 times, interest coverage of 2.4 times and loan-to-enterprise value of about 43%. The weighted-average EBITDA of its private middle-market borrowers was $53.7 million.
Non-accrual investments represented 2.7% of debt investments at fair value, up from 2.5% in the prior quarter. KBDC added 4over and Diverzify Intermediate LLC’s last-out tranche to non-accrual status, while Sundance was removed from non-accrual after its position was fully realized.
Karl said the company’s watch list represented about 5.5% of the debt portfolio’s fair value and had remained relatively consistent over an extended period. He described the credit environment as showing signs of “a shallow, slow slowdown,” including increased non-accruals and restructurings across the market.
PIK income fell to 4.5% of total investment income from 7.5% in the first quarter, following the one-time ArborWorks catch-up. The weighted-average portfolio yield, excluding non-accruals, rose to 10.2% from 10.1%, aided by the shift from broadly syndicated loans to higher-yielding private-credit investments.
Leverage Remains Within Target Range KBDC ended the quarter with $1.238 billion of debt outstanding and a debt-to-equity ratio of 1.17 times, up from 1.05 times at the end of the first quarter. Management said the increase mainly reflected expected realizations shifting into the third quarter rather than a deliberate effort to raise leverage.
The company targets a debt-to-equity ratio of between 1.0 and 1.25 times and expects to operate around the midpoint of that range over time. Liquidity totaled $476.7 million at quarter-end, including $39.7 million in cash and equivalents and $437 million of undrawn committed debt capacity.
Karl said KBDC expects some realizations during the third quarter, including transactions that had slipped from the second quarter, and does not anticipate a significant change in leverage. He also said approximately 5% of the portfolio is scheduled to mature during the second half of 2026, absent a material acceleration in exit activity.
About Kayne Anderson BDC (NYSE:KBDC)Kayne Anderson BDC, Inc NYSE: KBDC is a closed-end, non-diversified management investment company structured as a business development company under the Investment Company Act of 1940. The firm focuses on providing bespoke financing solutions to U.S. middle-market companies, offering first-lien and second-lien secured loans, unitranche facilities, mezzanine debt and selected equity co-investments. KBDC targets businesses with EBITDA profiles generally ranging from $10 million to $100 million, aiming to generate attractive income and potential capital appreciation for shareholders.
The company's portfolio spans a variety of sectors, including healthcare, technology, energy services, consumer products and industrials.
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CHICAGO--(BUSINESS WIRE)--Kayne Anderson BDC, Inc. (NYSE: KBDC) (“KBDC or the Company”), a business development company externally managed by its investment adviser, KA Credit Advisors, LLC, today announced its financial results for the second quarter ended June 30, 2026. Financial Highlights for the Quarter Ended June 30, 2026 Net investment income of $27.5 million, or $0.42 per share; Net asset value of $16.00 per share, decreased from $16.23 per share as of March 31, 2026, primarily as a res.
Belden (BDC - Free Report) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.
Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.
Therefore, the Zacks rating upgrade for Belden basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.
Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Belden imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for BeldenFor the fiscal year ending December 2026, this communications equipment company is expected to earn $8.69 per share, which is unchanged compared with the year-ago reported number.
Analysts have been steadily raising their estimates for Belden. Over the past three months, the Zacks Consensus Estimate for the company has increased 5.7%.
Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of Belden to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
Amundi increased its stake in shares of Belden Inc (NYSE:BDC – Free Report) by 85.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,357 shares of the industrial products company’s stock after buying an additional 3,856 shares during the quarter. Amundi’s holdings in Belden were worth $960,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BDC. California State Teachers Retirement System increased its position in Belden by 22.1% during the first quarter. California State Teachers Retirement System now owns 45,876 shares of the industrial products company’s stock worth $5,268,000 after purchasing an additional 8,294 shares during the last quarter. Rithm Capital Corp. acquired a new stake in shares of Belden during the 1st quarter worth approximately $1,166,000. Quantinno Capital Management LP raised its position in shares of Belden by 44.4% during the 1st quarter. Quantinno Capital Management LP now owns 7,037 shares of the industrial products company’s stock valued at $808,000 after buying an additional 2,163 shares during the period. Lazard Asset Management LLC purchased a new stake in shares of Belden during the 1st quarter valued at approximately $296,000. Finally, Gabelli Funds LLC lifted its holdings in Belden by 83.7% in the first quarter. Gabelli Funds LLC now owns 36,000 shares of the industrial products company’s stock valued at $4,134,000 after acquiring an additional 16,408 shares during the last quarter. Institutional investors and hedge funds own 98.75% of the company’s stock.
Analyst Upgrades and Downgrades Several brokerages recently weighed in on BDC. Citigroup initiated coverage on Belden in a research report on Friday, June 26th. They issued a “buy” rating and a $150.00 price objective for the company. Truist Financial reaffirmed a “buy” rating and issued a $145.00 price target (down from $155.00) on shares of Belden in a research note on Friday, July 31st. Zacks Research raised Belden from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 4th. DA Davidson assumed coverage on Belden in a report on Tuesday, June 16th. They set a “buy” rating and a $155.00 price target for the company. Finally, Weiss Ratings downgraded Belden from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Belden currently has a consensus rating of “Buy” and an average price target of $156.25.
Read Our Latest Stock Report on Belden
Belden Stock Up 3.0% Belden stock opened at $133.00 on Friday. The company has a market capitalization of $5.20 billion, a PE ratio of 21.63 and a beta of 1.13. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.49 and a current ratio of 2.14. Belden Inc has a fifty-two week low of $98.00 and a fifty-two week high of $159.99. The firm has a 50 day moving average price of $112.75 and a 200 day moving average price of $119.70.
Belden (NYSE:BDC – Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The industrial products company reported $2.34 EPS for the quarter, topping analysts’ consensus estimates of $2.02 by $0.32. The company had revenue of $750.16 million for the quarter, compared to analysts’ expectations of $746.75 million. Belden had a return on equity of 25.00% and a net margin of 8.52%.The firm’s revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.89 earnings per share. Belden has set its Q3 2026 guidance at 2.150-2.300 EPS. Research analysts expect that Belden Inc will post 8.69 earnings per share for the current year.
Belden Announces Dividend The company also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Tuesday, June 16th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Tuesday, June 16th. Belden’s payout ratio is currently 3.25%.
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.
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TriplePoint Venture Growth BDC NYSE: TPVG reported second-quarter results that reflected increased investment activity, continued portfolio repositioning and two monetization events intended to improve liquidity and reduce exposure to payment-in-kind income.
We take a look at the action in business development companies through the last week of July and highlight some of the key themes we are watching. Business Development Companies (BDCs) ended July slightly lower as Q2 earnings season begins. HTGC posted a strong 5.7% total NAV return for Q2, driven by higher fees and lower compensation, while maintaining low non-accruals and reduced leverage.
Palmer Square Capital BDC NYSE: PSBD reported second-quarter 2026 net investment income of $12 million, or $0.39 per share, matching its total quarterly dividend of $0.39 per share. The payout included a $0.36 base dividend and a $0.03 supplemental distribution.
The company said its board declared a third-quarter base dividend of $0.36 per share, while any supplemental dividend will be determined in the normal course. President Matt Bloomfield said the company has generally sought to distribute nearly all income generated over time, although payouts can vary from quarterly net investment income because of spillover income.
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Chairman and Chief Executive Officer Chris Long said the company deployed $72.4 million during the quarter and viewed share repurchases as an attractive use of capital amid subdued deal activity in private credit and broadly syndicated loans. The company expanded its buyback program by $30 million, after using approximately $4 million of its prior authorization during the second quarter.
Investment income declines from prior year Total investment income was $27.3 million in the second quarter, down 13.8% from $31.7 million a year earlier. Chief Financial Officer Jeff Fox attributed the decline primarily to lower base rates compared with the prior-year period, along with paydown-related income and fee income.
Total net expenses fell to $15.3 million from $17.8 million in the prior-year quarter. Net investment income declined from $13.8 million, or $0.43 per share, in the second quarter of 2025.
The company recorded total net realized and unrealized losses of $3.6 million, compared with losses of $6.7 million in the prior-year period. Fox said the quarter included $6.3 million of net unrealized depreciation on existing portfolio investments and $6 million of net unrealized appreciation associated with exited investments.
Net asset value per share was $13.21 as of June 30, down from $13.30 at the end of the first quarter. Long said the June NAV reflected fair-value adjustments tied to pricing moves in the broadly syndicated loan market.
Portfolio activity and credit metrics Palmer Square’s investment portfolio had a fair value of approximately $1.11 billion as of June 30, compared with $1.15 billion at the end of the first quarter. During the quarter, the company made 21 new investment commitments totaling $72.4 million, with an average commitment value of about $3.3 million. It also realized approximately $109.8 million through repayments and sales.
Bloomfield said the portfolio was diversified across 45 industries and was 96% senior secured. The company’s 10 largest investments represented 10.74% of the portfolio, while its average hold size was approximately $4.2 million.
Weighted average total yield to maturity at fair value was 11.95%. Weighted average total yield to maturity at amortized cost was 8.43%. Non-accruals represented approximately 29 basis points of the portfolio at fair value and 149 basis points at cost. PIK income represented approximately 1.37% of total investment income. New private-credit loans accounted for 24.1% of new investments and carried a weighted average spread of 534 basis points over the reference rate. Bloomfield said private-credit loans represented approximately 14% of the portfolio as of the prior quarter and had median revenue and EBITDA growth of about 9% each. He said current BDC-sector trading discounts imply default expectations that the company believes are disconnected from portfolio fundamentals.
Buybacks, leverage and financing changes Management said the expanded repurchase authorization is intended to capitalize on the company’s trading discount while maintaining balance-sheet flexibility. Of the new $30 million program, $10 million is subject to a Rule 10b5-1 plan and $20 million can be deployed through discretionary open-market purchases, Bloomfield said.
The company’s debt-to-equity ratio was 1.71x at quarter-end, compared with 1.70x at the end of the first quarter. Bloomfield said leverage was toward the higher end of the company’s traditional target range, largely reflecting NAV movement, but added that the liquidity of much of the portfolio allows management to monitor and manage leverage closely.
Total assets were $1.1 billion and total net assets were $406.2 million at June 30. Available liquidity, including cash and undrawn credit-facility capacity, was approximately $331 million, up from $325.3 million at the end of the first quarter.
Chief Investment Officer Angie Long said the company reset and extended its BDC CLO, reducing its weighted average cost of debt to SOFR plus 1.39% from SOFR plus 1.72%. The transaction closed July 15, extended the reinvestment period to July 2031 and maturity to July 2039, and is expected to become fully accretive after refinancing costs beginning in the fourth quarter.
The company also reduced excess capacity on its Bank of America broadly syndicated loan funding facility to lower unused fees, while maintaining availability under its Wells Fargo facility for private-credit investments.
Management sees selective opportunities Management said market activity remained muted but noted a pickup in broadly syndicated loan refinancing activity late in the second quarter and into the third quarter. Bloomfield said borrowers have refinanced debt at spreads that, in some cases, were tighter than the company considered attractive for its portfolio, contributing to elevated repayments.
At the same time, management said it is finding selected discounted opportunities in broadly syndicated loans, including software and cyclical credits, particularly among companies with nearer-term maturities. Bloomfield said cybersecurity remains an area where the company is constructive, while Angie Long said underwriting remains focused on credit-by-credit analysis because of increased dispersion and more complex capital structures.
Chris Long said the company remains confident in its software portfolio, emphasizing investments in cybersecurity, IT infrastructure and ERP businesses. He said outcomes for loans originated in 2021 and 2022 will increasingly depend on individual borrower fundamentals as maturities approach in a higher-rate and more constrained exit environment.
About Palmer Square Capital BDC (NYSE:PSBD)Palmer Square Capital BDC Inc NYSE: PSBD is a closed-end, externally managed business development company that provides customized financing solutions to middle-market companies in the United States. The firm offers a broad range of debt and equity products—including first-lien and second-lien senior secured loans, unitranche financings, mezzanine debt and equity co-investments—to support corporate acquisitions, refinancings, growth initiatives and balance sheet restructurings.
PSBD primarily targets established privately owned and sponsored businesses across diverse industries such as healthcare, business services, industrials and consumer products.
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3 retailers that may report huge holiday earnings…and still dropGoldman Sachs BDC NYSE: GSBD reported second-quarter 2026 net investment income of $0.38 per share, up from the prior quarter, as higher investment income and the absence of an incentive fee supported results. The company also announced that Co-Chief Executive Officer David Miller will step down from the role effective Dec. 31, with Co-CEO Vivek Bantwal set to become sole CEO.
Miller, who has worked at Goldman Sachs for 22 years and has 34 years of private-credit industry experience, will remain co-CEO through year-end. He will then become an advisory director of Goldman Sachs and remain on the Private Credit Investment Committee. Justin Betzen has become co-president and co-chief operating officer alongside Tucker Greene, while Greg Watts and Steven Budig will become co-heads of Americas Direct Lending.
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Second-Quarter Financial Results GAAP net investment income totaled $42.2 million, while adjusted after-tax net investment income was $41.5 million. Those figures compared with $24.8 million and $24.7 million, respectively, in the first quarter. Total investment income rose to $83.7 million from $78.8 million in the preceding quarter.
Chief Financial Officer and Treasurer Stan Matuszewski said income benefited from the restoration of certain investments to accrual status and from repayment activity. He said approximately $5 million of income reflected items that would not necessarily recur, including accelerated original issue discount income and income associated with restored accrual investments.
The company did not earn an incentive fee during the quarter. Matuszewski said the outcome reflected GSBD’s three-year total-return lookback provision, which links advisory compensation to cumulative shareholder value, including gains and losses as well as income. The structure had resulted in an “outsized” incentive fee in the prior quarter, he said.
Net asset value was $12.06 per share at June 30, down modestly from $12.17 per share at the end of the first quarter. The company said a portion of unrealized appreciation during the quarter was broad-based, while the remaining portion was tied to investments that had previously undergone workouts or restructurings and continued to face performance pressure.
GSBD’s board declared a third-quarter base dividend of $0.32 per share for shareholders of record as of Sept. 30, 2026, as well as a $0.03 supplemental dividend for shareholders of record as of Aug. 31, 2026. The company said it had $100.3 million, or $0.89 per share, of undistributed taxable income at quarter-end. Matuszewski said management expects to maintain the $0.32 base dividend in the near term, while continuing to assess interest-rate trends, new-investment spreads and portfolio earnings.
Selective Deployment and Lower Leverage Management described private-equity dealmaking and sponsored loan issuance as subdued during the second quarter. Bantwal said private-equity deal volume declined 38% quarter over quarter, while sponsored loan issuance fell 33%. However, he said reduced available capital in direct lending has led borrowers and sponsors to accept wider spreads, lower leverage and stronger documentation.
GSBD made approximately $12.9 million of new commitments across nine portfolio companies during the quarter, including two new borrowers, and funded about $114 million of previously unfunded commitments. Greene said the company’s new commitments were concentrated outside software, with more activity in healthcare, business services and industrials.
The weighted average spread on second-quarter originations was 511 basis points wider than originations made six months earlier, according to Greene. The weighted average loan-to-value ratio on new deals was 37.4%.
Repayments and sales generated $146 million in proceeds, exceeding new deployment and allowing GSBD to reduce leverage. Net debt-to-equity was 1.35x at quarter-end, though management said it had fallen below the company’s 1.25x target after quarter-end, primarily due to further repayment and sales activity. Miller said pro forma leverage was closer to 1.2x and that the lower level could support a mix of new investments and renewed stock repurchases.
The board previously authorized a 10b5-1 repurchase program for up to $75 million of common stock, subject to specified limitations including leverage. Matuszewski said the company’s lower leverage provides flexibility to resume repurchases under that program.
Portfolio and Credit Quality At quarter-end, GSBD had $3.2 billion of investments at fair value. Senior secured loans accounted for 98.6% of the portfolio, with the remainder consisting of preferred and common equity and unsecured debt. The weighted average yield on debt and income-producing investments at amortized cost declined to 9.5%.
Weighted average net leverage across portfolio companies increased to 6.2x from 6x in the first quarter, while interest coverage improved to 2x from 1.9x. Greene said the portfolio spans 173 borrowers across 39 industries.
Non-accrual investments declined to 2.9% of fair value from 3.2% in the prior quarter. The number of companies on non-accrual fell to 10 from 11 after one borrower returned to accrual status. Greene said the non-accruals were idiosyncratic rather than evidence of a broader portfolio trend.
Miller highlighted recoveries at Thrasio, an Amazon e-commerce aggregator that emerged from bankruptcy in 2024. He said GSBD received full repayment on its senior loan and more than 75% repayment at par on a second-out position during the quarter, with full repayment expected in the second half of 2026.
He also discussed Senneca Holdings, a specialty industrial door manufacturer held since 2018. GSBD negotiated a two-and-a-half-year maturity extension with first-lien lenders and elevated Goldman Sachs’ subordinated notes in the capital structure, increasing seniority and cash-pay income. The company’s first-out term loan in Senneca returned to accrual status during the quarter.
Market Outlook Management said M&A activity and deal flow picked up after quarter-end, which could provide more opportunities for new deployment in the second half of 2026. Bantwal said the company has recently been signing new transactions and expects increased origination activity as leverage returns to its target level.
On software lending, Bantwal said GSBD remains active in evaluating opportunities but has been selective amid uncertainty over how artificial intelligence could affect company valuations and terminal values. He said vertically focused software providers with high switching costs, strong customer relationships and proprietary data have generally performed well within the portfolio.
About Goldman Sachs BDC (NYSE:GSBD)Goldman Sachs BDC, Inc NYSE: GSBD is an externally managed, closed-end, non-diversified management investment company organized as a business development company (BDC) under the U.S. Investment Company Act of 1940. The company's primary objective is to generate current income and capital appreciation through debt and equity investments in U.S. middle-market companies. It principally invests in senior secured loans, mezzanine debt, preferred equity and, to a lesser extent, common equity, focusing on sponsor-backed transactions and special-situation financings.
The fund is advised by affiliates of Goldman Sachs Asset Management's Private Credit Group, leveraging the firm's global research capabilities and risk management infrastructure.
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TRIN delivered a solid quarter, but the market didn't care. After the Q2 release, the share price dropped by 5%, suggesting that there is something that the market really disliked about the recent financials. However, I would argue if we scored (priced) TRIN based on the Q2 fundamental results, we should definitely offer some bonus points.
NEW YORK--(BUSINESS WIRE)--Goldman Sachs BDC, Inc. (“GSBD”, the “Company”, “we”, “us”, or “our”) (NYSE: GSBD) today reported financial results for the second quarter ended June 30, 2026 and filed its Form 10-Q with the U.S. Securities and Exchange Commission. QUARTERLY HIGHLIGHTS Net investment income per share for the quarter ended June 30, 2026 was $0.38. Excluding purchase discount amortization per share of $0.01 from the Merger, adjusted net investment income per share was $0.37 for the qua.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of HTGC, ARCC, OBDC either through stock ownership, options, or other derivatives. 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 pleased to announce that it has been recognized as a World's Top Disability Inclusive Business based on its performance on the Disability Index®, the leading global benchmark for disability inclusion in business. Belden earned the Established level of proficiency which reflects the company's ongoing commitment to creating a workplace where everyone can thrive, with strong performan.
MENLO PARK, Calif.--(BUSINESS WIRE)--TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) (the “Company,” “TPVG,” “we,” “us,” or “our”), 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 its financial results for the second quarter ended June 30, 2026 and the declaration by its Board of Directors of its third quarter 2026 regular distribution of $0.23 per share and supplemental distributions totaling $0.12 per share to be paid in two equal installments of $0.06 per share on September 30, 2026 and December 30, 2026.
Second Quarter 2026 Highlights
Signed $306.8 million of term sheets with venture growth stage companies at TriplePoint Capital LLC (“TPC”) and TPVG closed $29.8 million of new debt commitments; Funded $47.8 million in debt investments to 10 portfolio companies, representing an 80% increase from the prior quarter, with a 12.8% weighted average annualized yield at origination; Grew the debt investment portfolio to $722.8 million at cost; Realized gain of $12.8 million from the secondary sale of equity shares in Revolut Ltd (“Revolut”); remaining warrant and equity position in Revolut with a fair value of $47.9 million as of June 30, 2026; Achieved a 12.9% weighted average annualized portfolio yield on debt investments for the quarter1; Earned net investment income of $8.3 million, or $0.21 per share; Net increase in net assets resulting from operations of $10.7 million, or $0.26 per share; Three debt portfolio companies raised an aggregate $44.8 million of capital in private financings during the quarter; Held debt investments in 53 portfolio companies, warrants in 117 portfolio companies and equity investments in 60 portfolio companies as of June 30, 2026; Debt investment portfolio weighted average investment ranking of 2.28 as of quarter’s end; Net asset value of $352.8 million, or $8.67 per share, as of June 30, 2026 compared to $351.0 million, or $8.65 per share, as of March 31, 2026; Ended the quarter with a gross leverage ratio of 1.26x and a net leverage ratio of 1.22x; In April 2026, DBRS, Inc. confirmed TPVG’s investment grade rating, with a BBB (low) Long-Term Issuer rating, with a stable trend
outlook; The Company’s Board of Directors authorized a 12-month stock repurchase program for the purpose of repurchasing up to an aggregate of $12.5 million of its common stock in the open market; Subsequent to quarter-end, declared a third quarter regular distribution of $0.23 per share, payable on September 30, 2026; and Subsequent to quarter-end, declared supplemental distributions totaling $0.12 per share, payable in two equal installments of $0.06 per share on September 30, 2026 and December 30, 2026, bringing total declared distributions to $17.94 per share since the Company’s initial public offering. Year to Date 2026 Highlights
Signed $562.9 million of term sheets with venture growth stage companies at TPC and TPVG closed $30.8 million of new debt commitments; Funded $74.4 million in debt investments to 14 portfolio companies with a 12.8% weighted average annualized portfolio yield at origination, and funded $0.3 million in direct equity investments in private rounds of financing to five portfolio companies; Earned net investment income of $17.5 million, or $0.43 per share; Net increase in net assets resulting from operations of $16.8 million, or $0.41 per share; Paid distributions of $0.46 per share; 10 debt portfolio companies raised an aggregate $1.2 billion of capital in private financings; Achieved a 13.2% weighted average annualized portfolio yield on debt investments[1]; Our sponsor, TPC, purchased 188,662 shares of the Company’s common stock in the open market under TPC’s previously announced discretionary share purchase program, bringing total shares purchased to 1,998,489, which represents 4.9% of the Company’s outstanding shares of common stock as of June 30, 2026; and Estimated undistributed taxable earnings from net investment income (or “spillover income”) of $41.7 million, or $1.03 per share, as of June 30, 2026. “During the second quarter, we made steady progress in strengthening TPVG’s portfolio and financial position to enhance our portfolio’s durability, grow our income-generating assets, and increase net asset value over the long-term,” said Jim Labe, chairman and chief executive officer of TPVG. “We continued our diversification strategy by investing in venture-growth-stage companies across AI and other attractive venture investment sectors.”
“We continue to monetize our investment in Revolut, generating total proceeds of $12.9 million this quarter, in addition to the $2.3 million from Q1 2025, while maintaining a sizeable position in Revolut,” said Sajal Srivastava, president and chief investment officer of the Company. “We intend to use these proceeds along with proceeds from other liquidity events to continue building a strong foundation for TPVG and position it for the long term.”
PORTFOLIO AND INVESTMENT ACTIVITY
During the three months ended June 30, 2026, the Company entered into $29.8 million of new debt commitments with five portfolio companies, funded debt investments totaling $47.8 million to 10 portfolio companies and acquired warrants in five portfolio companies representing $0.3 million at fair value. Debt investments funded during the quarter carried a weighted average annualized portfolio yield of 12.8% at origination. During the quarter, the Company received $28.6 million of principal prepayments, $4.6 million of early repayments and $12.2 million of scheduled principal amortization. The weighted average annualized portfolio yield on debt investments for the second quarter was 12.9%2. The return on average equity for the second quarter was 9.5% based on net investment income. The Company calculates return on average equity as the annualized rate of net investment income recognized during the period divided by the Company’s average net asset value during the period.
As of June 30, 2026, the Company held debt investments in 53 portfolio companies, warrants in 117 portfolio companies and equity investments in 60 portfolio companies. The total cost and fair value of these investments were $830.8 million and $780.7 million, respectively.
The following table shows the total portfolio investment activity for the three and six months ended June 30, 2026 and 2025:
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
(in thousands)
2026
2025
2026
2025
Beginning portfolio at fair value
$
785,635
$
682,012
$
783,544
$
676,249
New debt investments, net(a)
46,730
78,187
72,640
105,514
Scheduled principal amortization
(12,188
)
(11,311
)
(14,114
)
(21,192
)
Principal prepayments and early repayments
(33,132
)
(44,979
)
(58,388
)
(62,761
)
Net amortization and accretion of premiums and discounts and end-of-term payments
1,589
4,263
3,843
5,728
Payment-in-kind coupon
3,039
5,250
6,533
9,007
New warrant investments
272
997
846
1,760
New equity investments
—
1,535
303
1,982
Proceeds from dispositions of investments
(13,544
)
—
(13,845
)
(2,308
)
Net realized gains (losses) on investments
12,952
—
12,655
2,278
Net change in unrealized gains (losses) on investments
(10,611
)
1,931
(13,275
)
1,628
Ending portfolio at fair value
$
780,742
$
717,885
$
780,742
$
717,885
_____________
(a) Debt balance is net of fees and discounts applied to the loan at origination. SIGNED TERM SHEETS
During the three months ended June 30, 2026, TPC entered into $306.8 million of non-binding term sheets to venture growth stage companies. These opportunities are subject to underwriting conditions including, but not limited to, the completion of due diligence, negotiation of definitive documentation and investment committee approval, as well as compliance with the allocation policy. Accordingly, there is no assurance that any or all of these transactions will be completed or assigned to the Company.
UNFUNDED COMMITMENTS
As of June 30, 2026, the Company’s unfunded commitments totaled $140.6 million, of which $23.0 million was dependent upon portfolio companies reaching certain milestones. Of the $140.6 million of unfunded commitments, $47.6 million will expire during 2026, $84.8 million will expire during 2027, $7.7 million will expire during 2028 and $0.5 million will expire during 2031, if not drawn prior to expiration. Since these commitments may expire without being drawn, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company.
RESULTS OF OPERATIONS
Total investment and other income was $22.1 million for the second quarter of 2026, representing a weighted average annualized portfolio yield of 12.9% on debt investments, as compared to $23.3 million and 14.5% for the second quarter of 2025. The decrease in total investment and other income was primarily due to less prepayment income and lower investment yields due in part to decreases in the Prime rate. For the six months ended June 30, 2026, the Company’s total investment and other income was $44.9 million, as compared to $45.7 million for the six months ended June 30, 2025, representing a weighted average annualized portfolio yield on total debt investments of 13.2% and 14.5%, respectively.
For the second quarter of 2026, total operating expenses, inclusive of an income incentive fee waiver of $1.3 million, were $13.6 million as compared to $11.7 million, inclusive of an income incentive fee waiver of $1.3 million, for the second quarter of 2025. The Adviser agreed to waive, in full, any and all of the investment income component of the quarterly incentive fee through the end of fiscal year 2026, and as such, $1.3 million of income incentive fees were waived during the three months ended June 30, 2026. Total operating expenses for the second quarter of 2026 consisted of $8.3 million of interest expense and amortization of fees, $3.6 million of base management fees, $0.7 million of Administration Agreement expenses and $1.0 million of general and administrative expenses. The Company also recorded a $0.2 million accrual for excise taxes during the second quarter of 2026. Total operating expenses for the second quarter of 2025 consisted of $6.7 million of interest expense and amortization of fees, $3.3 million of base management fees, $0.7 million of Administration Agreement expenses and $1.0 million of general and administrative expenses. The Company also recorded a $0.4 million accrual for excise taxes during the second quarter of 2025. For the three months ended June 30, 2025, our income incentive fee of $2.3 million was reduced by $1.0 million due to the total return requirement under the income component of our incentive fee structure, and the Adviser earned and waived the remaining $1.3 million in income incentive fees. The Company’s total operating expenses for the six months ended June 30, 2026, inclusive of an income incentive fee waiver of $3.2 million, were $26.8 million as compared to $23.0 million, inclusive of income incentive fee waiver of $1.3 million for the six months ended June 30, 2025. For the six months ended June 30, 2026 and 2025, the Company recorded $0.6 million and $0.8 million, respectively, for an excise tax accrual.
For the second quarter of 2026, the Company recorded net investment income of $8.3 million, or $0.21 per share, as compared to $11.3 million, or $0.28 per share, for the second quarter of 2025. The decrease in net investment income between periods was driven primarily by higher interest expense and less prepayment income. Net investment income for the six months ended June 30, 2026 was $17.5 million, or $0.43 per share, compared to $22.0 million, or $0.55 per share, for the six months ended June 30, 2025.
During the second quarter of 2026, the Company recognized net realized gains on investments of $12.9 million, resulting primarily from the partial sale of equity in one portfolio company and consideration for warrants in two portfolio companies. During the second quarter of 2025, the Company recognized net realized losses on investments of $32,000.
Net change in unrealized losses on investments for the second quarter of 2026 was $10.6 million, consisting of $11.9 million of net unrealized losses from the reversal of previously recorded unrealized gains on investments realized during the period, $9.6 million of net unrealized losses on the existing debt investment portfolio resulting from fair value adjustments and $0.5 million of net unrealized losses from foreign currency adjustments, partially offset by $11.4 million of net unrealized gains on the existing warrant and equity portfolio resulting from fair value adjustments. Net change in unrealized gains on investments for the second quarter of 2025 was $1.9 million. The Company’s net realized and unrealized losses were $0.6 million for the six months ended June 30, 2026, compared to net realized and unrealized gains of $3.9 million for the six months ended June 30, 2025.
The Company’s net increase in net assets resulting from operations for the second quarter of 2026 was $10.7 million, or $0.26 per share, as compared to a net increase in net assets resulting from operations of $13.2 million, or $0.33 per share, for the second quarter of 2025. For the six months ended June 30, 2026, the Company’s net increase in net assets resulting from operations was $16.8 million, or $0.41 per share, as compared to a net increase in net assets resulting from operations of $25.9 million, or $0.64 per share, for the six months ended June 30, 2025.
CREDIT QUALITY
The Adviser maintains a credit watch list with portfolio companies placed into one of five credit risk categories, with Clear, or 1, being the best rating and Red, or 5, being the lowest. Generally, all new loans receive an initial grade of White, or 2, unless the portfolio company’s credit quality meets the characteristics of another credit category.
As of June 30, 2026, the weighted average investment ranking of the Company’s debt investment portfolio was 2.28, as compared to 2.25 at the end of the prior quarter. During the quarter ended June 30, 2026, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: one portfolio company with a principal balance of $28.0 million was downgraded from White (2) to Yellow (3).
The following table shows the credit categories for the Company’s debt investments at fair value as of June 30, 2026 and December 31, 2025:
June 30, 2026
December 31, 2025
Credit Category
(dollars in thousands)
Fair Value
Percentage of Total Debt Investments
Number of Portfolio Companies
Fair Value
Percentage of Total Debt Investments
Number of Portfolio Companies
Clear (1)
$
45,260
7.1
%
3
$
45,042
7.0
%
3
White (2)
395,339
62.1
38
484,866
75.1
43
Yellow (3)
173,390
27.2
7
86,255
13.4
4
Orange (4)
20,075
3.1
4
25,212
3.9
4
Red (5)
3,357
0.5
1
3,991
0.6
1
$
637,421
100.0
%
53
$
645,366
100.0
%
55
NET ASSET VALUE
As of June 30, 2026, the Company’s net assets were $352.8 million, or $8.67 per share, as compared to $353.6 million, or $8.73 per share, as of December 31, 2025.
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 2026, the Company had total liquidity of $119.8 million, consisting of cash, cash equivalents and restricted cash of $14.8 million and available capacity under its Revolving Credit Facility of $105.0 million. As of June 30, 2026, the Company held $1.1 million of stock and warrant positions in publicly traded companies. The Company ended the quarter with a 1.26x leverage ratio, a 1.22x net leverage ratio and a 1940 Act asset coverage ratio of 179%.
SHARE REPURCHASE PROGRAM
On May 5, 2026, the Company’s Board of Directors authorized a 12-month stock repurchase program for the purpose of repurchasing up to an aggregate of $12.5 million of its common stock in the open market at certain thresholds below its then-current net asset value per share in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934. The timing, manner, price and amount of any share repurchases will be determined by the Company based upon an evaluation of economic and market conditions, stock price, applicable legal, contractual and regulatory requirements and other factors. The authorized stock repurchase program is scheduled to expire on May 6, 2027. As of June 30, 2026, the Company had not repurchased any shares of common stock pursuant to the Board’s stock repurchase authorization.
DISTRIBUTIONS
On July 29, 2026, the Company’s Board of Directors declared a regular quarterly distribution of $0.23 per share for the third quarter, payable on September 30, 2026 to stockholders of record as of September 16, 2026. On August 4, 2026, the Company’s Board of Directors also declared supplemental distributions totaling $0.12 per share to be paid in two equal installments. The first $0.06 per share supplemental distribution will be paid on September 30, 2026 to stockholders of record as of September 16, 2026, and the second $0.06 per share supplemental distribution will be paid on December 30, 2026 to stockholders of record as of December 16, 2026. As of June 30, 2026, the Company had estimated spillover income of $41.7 million, or $1.03 per share.
RECENT DEVELOPMENTS
Since June 30, 2026 and through August 5, 2026:
TPC’s direct originations platform entered into $50.0 million of additional non-binding signed term sheets with venture growth stage companies; The Company closed $1.0 million of additional debt commitments; The Company received $1.0 million of principal prepayments and had no material fundings; and On August 5, 2026, the Company sold its investments in Prodigy Investments Limited to a third party for total cash consideration of $43.8 million, which reflects its fair value as of June 30, 2026 plus accrued cash interest. CONFERENCE CALL
The Company will host a conference call at 5:00 p.m. Eastern Time, today, August 5, 2026, to discuss its financial results for the quarter ended June 30, 2026. To listen to the call, investors and analysts should dial (844) 826-3038 (domestic) or +1 (412) 317-5184 (international) and ask to join the TriplePoint Venture Growth BDC Corp. call. Please dial in at least five minutes before the scheduled start time. A replay of the call will be available through September 5, 2026, by dialing (855) 669-9658 (domestic) or +1 (412) 317-0088 (international) and entering conference ID 8717732. The conference call also will be available via a live audio webcast in the investor relations section of the Company’s website, https://www.tpvg.com. An online archive of the webcast will be available on the Company’s website for one year after the call.
ABOUT TRIPLEPOINT VENTURE GROWTH BDC CORP.
TriplePoint Venture Growth BDC Corp. is an externally-managed business development company focused on providing customized debt financing with warrants and direct equity investments primarily to venture growth stage companies in technology and other high growth industries backed by a select group of venture capital firms. The Company’s sponsor, TriplePoint Capital, is a Sand Hill Road-based global investment platform which provides customized debt financing, leasing, direct equity investments and other complementary solutions to venture capital-backed companies in technology and other high growth industries at every stage of their development with unparalleled levels of creativity, flexibility and service. For more information about TriplePoint Venture Growth BDC Corp., visit https://www.tpvg.com. For more information about TriplePoint Capital, visit https://www.triplepointcapital.com.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release constitute forward-looking statements. Forward-looking statements are not guarantees of future performance, investment activity, financial condition or results of operations and involve a number of substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. Actual events, investment activity, performance, condition or results may differ materially from those in the forward-looking statements as a result of a number of factors, including as a result of changes in economic, market or other conditions, and the impact of such changes on the Company’s and its portfolio companies’ results of operations and financial condition, and those factors described from time to time in the Company’s filings with the Securities and Exchange Commission. More information on these risks and other potential factors that could affect actual events and the Company’s performance and financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein or discussed on the webcast/conference call, is or will be included in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date hereof. In addition, the Company’s authorized share repurchase program does not require the Company to repurchase any specific number of shares, and there is no assurance that the Company or any of its affiliates will purchase additional shares of the Company’s common stock at any specific discount levels or in any specific amounts. There is no assurance that the market price of the Company’s shares, either absolutely or relative to NAV, will increase as a result of any share purchase program, or that any purchase plan will enhance stockholder value over the long term. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
NON-GAAP FINANCIAL MEASURES
To provide additional information about the Company’s results, the Company’s management has discussed in this press release the Company’s net leverage ratio (calculated as (i) total debt less (ii) cash, cash equivalents and restricted cash, with the result divided by total net assets), which is not prepared in accordance with GAAP. This non-GAAP measure is included to supplement the Company’s financial information presented in accordance with GAAP and because the Company uses such measure to monitor and evaluate its leverage and financial condition and believes this presentation enhances investors’ ability to analyze trends in the Company’s business and to evaluate the Company’s leverage and ability to take on additional debt. However, this non-GAAP measure has limitations and should not be considered in isolation or as a substitute for analysis of the Company’s financial results as reported under GAAP.
This non-GAAP measure is not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, this non-GAAP measure is not based on any comprehensive set of accounting rules or principles and should only be used to evaluate the Company’s results of operations in conjunction with its corresponding GAAP measure.
TriplePoint Venture Growth BDC Corp.
Consolidated Statements of Assets and Liabilities
(in thousands, except per share data)
June 30, 2026
December 31, 2025
Assets
(unaudited)
Investments at fair value
Non-controlled/unaffiliated investments (amortized cost of $814,562 and $804,090, respectively)
$
764,961
$
767,304
Non-controlled/affiliated investments (amortized cost of $16,273 and $16,273, respectively)
15,781
16,240
Total Investments at fair value (amortized cost of $830,835 and $820,363, respectively)
780,742
783,544
Cash and cash equivalents
13,999
20,364
Restricted cash
811
27,003
Deferred credit facility costs
3,981
4,643
Prepaid expenses and other assets
9,511
4,095
Total assets
$
809,044
$
839,649
Liabilities
Revolving Credit Facility
$
195,000
$
95,000
2026 Notes, net of unamortized debt issuance costs of $— and $75, respectively
—
199,925
2027 Notes, net of unamortized debt issuance costs of $188 and $329, respectively
124,812
124,671
8.11% 2028 Notes, net of unamortized debt issuance costs of $394 and $516, respectively
49,606
49,484
7.50% 2028 Notes, net of unamortized debt issuance costs of $238 and $—, respectively
74,762
—
Base management fee payable
3,592
3,581
Other accrued expenses and liabilities
8,447
13,367
Total liabilities
$
456,219
$
486,028
Net assets
Preferred stock, par value $0.01 per share (50,000 shares authorized; no shares issued and outstanding, respectively)
$
—
$
—
Common stock, par value $0.01 per share
407
405
Paid-in capital in excess of par value
515,424
514,399
Total distributable earnings (loss)
(163,006
)
(161,183
)
Total net assets
$
352,825
$
353,621
Total liabilities and net assets
$
809,044
$
839,649
Shares of common stock outstanding (par value $0.01 per share and 450,000 authorized)
40,710
40,491
Net asset value per share
$
8.67
$
8.73
TriplePoint Venture Growth BDC Corp.
Consolidated Statements of Operations
(in thousands, except per share data)
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2026
2025
2026
2025
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Investment income
Interest income from investments
$
22,036
$
22,504
$
44,125
$
44,089
Other income
109
772
795
1,641
Total investment and other income
$
22,145
$
23,276
$
44,920
$
45,730
Operating expenses
Base management fee
$
3,592
$
3,268
7,207
6,593
Income incentive fee
1,337
1,259
3,161
1,259
Interest expense and amortization of fees
8,288
6,732
16,149
13,103
Administration Agreement expenses
723
629
1,442
1,232
General and administrative expenses
1,005
1,022
2,023
2,033
Total operating expenses before Income incentive fee waiver
$
14,945
$
12,910
$
29,982
$
24,220
Income incentive fee waiver
(1,337
)
(1,259
)
(3,161
)
(1,259
)
Total operating expenses net of Income incentive fee waiver
$
13,608
$
11,651
$
26,821
$
22,961
Net investment income before excise taxes
$
8,537
$
11,625
$
18,099
$
22,769
Excise tax expense
(200
)
(350
)
(640
)
(756
)
Net investment income after excise taxes
$
8,337
$
11,275
$
17,459
$
22,013
Net realized and unrealized gains/(losses)
Net realized gains (losses) on investments
$
12,941
$
(32
)
$
12,642
$
2,222
Net change in unrealized gains (losses) on investments
(10,611
)
1,931
(13,275
)
1,628
Net realized and unrealized gains/(losses)
$
2,330
$
1,899
$
(633
)
$
3,850
Net increase (decrease) in net assets resulting from operations
$
10,667
$
13,174
$
16,826
$
25,863
Per share information (basic and diluted)
Net increase (decrease) in net assets per share
$
0.26
$
0.33
$
0.41
$
0.64
Weighted average shares of common stock outstanding
40,600
40,234
40,547
40,186
Regular distributions declared per share
$
0.23
$
0.30
$
0.46
$
0.60
Weighted Average Portfolio Yield
on Debt Investments
Ratios
(Percentages, on an annualized basis)(1)
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2026
2025
2026
2025
Weighted average portfolio yield on debt investments(2)
12.9
%
14.5
%
13.2
%
14.5
%
Coupon income
10.5
%
11.5
%
10.5
%
11.5
%
Accretion of discount
0.7
%
0.9
%
0.8
%
1.0
%
Accretion of end-of-term payments
1.1
%
1.2
%
1.1
%
1.3
%
Impact of prepayments during the period
0.6
%
0.9
%
0.8
%
0.7
%
_____________
Weighted average portfolio yields on debt investments for periods shown are the annualized rates of interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period. The calculation of weighted average portfolio yields on debt investments excludes any non-income producing debt investments, but includes debt investments on non-accrual status. Including non-income producing debt investments, the weighted average yield for the three months ended June 30, 2026 and 2025 was 12.3% and 13.8%, respectively. Including non-income producing debt investments, the weighted average yield for the six months ended June 30, 2026 and 2025 was 12.5% and 13.7%, respectively. The weighted average yields reported for these periods are annualized and reflect the weighted average yields to maturities. The weighted average portfolio yields on debt investments reflected above do not represent actual investment returns to the Company’s stockholders. 1 Please see the last table in this press release, titled "Weighted Average Portfolio Yield on Debt Investments," for more information on the calculation of the weighted average annualized portfolio yield on debt investments.
2 Please see the last table in this press release, titled "Weighted Average Portfolio Yield on Debt Investments," for more information on the calculation of the weighted average annualized portfolio yield on debt investments.
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