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Belden Inc.
BDCTechnologyNYSEUS
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We take a look at the action in business development companies through the last week of May and highlight some of the key themes we are watching. BDCs outperformed all other income sectors last week, with historic underperformers PSEC, TCPC, and HRZN rallying despite median valuations remaining near recessionary lows. Relative valuations for holdings like BCSF, BBDC, and GBDC have improved, but yield compression after outperformance warrants reassessment of fundamental appeal and potential portfolio rotation.
Vistance Networks remains a Buy, with a compelling valuation disconnect after divesting CCS and RUCKUS, leaving Aurora Networks as the core business. Aurora's Q1 2026 revenue surged 33% YoY, but EBITDA margin was flat at 16.9% due to memory chip cost headwinds and stranded costs. VISN anticipates a ~$7.5/share distribution from the RUCKUS sale, adding to the prior $10/share CCS distribution, with a clean balance sheet and potential for strategic acquisitions.
Alphabet and two under-the-radar stocks with growing exposure to AI data center spending look like excellent value now.
Saratoga Investment remains a hold, balancing portfolio resilience with notable risks from elevated software exposure and dividend coverage concerns. SAR's 14.4% yield is attractive, but adjusted net investment income fell below payout levels, raising the likelihood of a near-term dividend reduction. Despite 28% software exposure and sector headwinds, SAR's disciplined underwriting and low non-accruals (0.2% of portfolio) have limited realized losses.
Kayne Anderson BDC is rated Hold, balancing solid dividend coverage and portfolio resilience against rising non-accruals and watchlist exposure. KBDC maintains a defensive portfolio: 93% first-lien, low software exposure, high diversification, and stable leverage at 1.05x, supporting dividend stability. Non-accruals and watchlist percentages have increased, but management expects improvement as certain troubled assets are resolved in coming quarters.
6% to 8% yield range is where investors can find quite many opportunities without losing their sleep at night. 8%+ (and certainly 10%+) allocations increase risks exponentially. However, high risk isn't the same as certain value destruction.
Goldman Sachs BDC (NYSE:GSBD) held its base dividend flat at $0.32 through the first quarter — but current earnings did not fund it. Net investment income of $0.22 per share covered roughly two-thirds of the payout, against a reported loss of $0.12 per share once marks were included.
Kayne Anderson BDC (KBDC) offers a near 10% yield and trades at a 9% discount to NAV, yet I maintain a Hold rating. KBDC's fundamentals remain resilient, with high first-lien exposure and solid dividend coverage, but deal flow and investment activity have declined sharply. Rising non-accruals, increased payment-in-kind income, and persistent inflation signal potential credit quality deterioration and macro risks for KBDC.
The Invesco KBW High Dividend Yield Financial ETF (NASDAQ:KBWD) advertises a distribution yield near 12%, roughly four times what a mainstream dividend ETF pays.
April net investment activity reached a multi-year low as rising stock valuations and BDC sector weakness prompted a cautious approach and selective BDC purchases. Focused April allocations on Ares Capital, Blue Owl Capital, and Hercules Capital, yielding a 7.5% average on new investments despite sector headwinds. Dividend income set a modest April record at $990, up 3% year-over-year, with BDCs contributing 27% of Q2 year-to-date dividends but facing potential further cuts.
We take a look at the action in business development companies through the third week of May and highlight some of the key themes we are watching. BDCs were lower on the week, with PSEC hit by a dividend cut and OTF rebounding after prior software loan-driven losses. Q1 BDC results show no significant systemic deterioration; average total NAV return was flat, but dispersion remains wide across names.
Capital Southwest trading significantly above NAV is a massive competitive advantage, allowing it to issue highly accretive equity. The Circle of Virtue: Selling stock at +$20 to fund $16 NAV assets creates instant earnings growth. CSWC generated a massive $0.59 in NAV accretion over the past year simply by issuing equity at a premium.
Hercules Capital (HTGC) now trades at 1.2x NAV, offering a compelling entry point for income-focused investors. HTGC maintains a robust, internally managed portfolio with a 12% dividend yield, supported by stable net investment income and disciplined underwriting. Recent valuation compression reflects market concerns over AI-driven disruption in software, but only a third of HTGC's portfolio is exposed.
MISSION WOODS, Kan.--(BUSINESS WIRE)--Palmer Square Capital BDC Inc. (NYSE: PSBD) (“PSBD” or the “Company”), an externally managed business development company, today announced that the Company's board of directors authorized an increase and extension of the Company's previously established open-market share repurchase program (the “Repurchase Program”). Under the increased and extended Repurchase Program, the board of directors authorized the Company to repurchase an additional $30 million of.
ST. LOUIS--(BUSINESS WIRE)--The Board of Directors of Belden Inc. (NYSE: BDC) today declared a quarterly dividend to holders of common stock of $0.05 per share payable on July 9, 2026, to shareholders of record as of June 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+ year hist.
On May 20, 2026, Belden Inc (BDC) shares rose 3.5% today, closing at $105.51. Over the past month, the stock has experienced a significant decline of 19.9%, wit
Blue Owl Technology Finance is a tech-focused BDC trading at a deep 33% discount to NAV amid portfolio headwinds. OTF's 12.7% dividend yield is not currently covered by adjusted net investment income, relying instead on spillover income. Net realized losses and software sector exposure have pressured NAV and returns, but management continues to deploy capital into new investments.
Belden Inc. (NYSE: BDC), a leading global provider of complete connection solutions, is proud to release its 2025 Sustainability Report: Connecting What Matter
ST. LOUIS--(BUSINESS WIRE)--Belden Inc. (NYSE: BDC), a leading global provider of complete connection solutions, is proud to release its 2025 Sustainability Report: Connecting What Matters Most. The report highlights the company's significant strides toward meeting its environmental, social and governance goals. Belden first defined its sustainability goals in 2021, setting 12 clear objectives to be achieved by the end of 2025. This year's report marks the successful conclusion of the company's.
NEW YORK--(BUSINESS WIRE)--Golub Capital BDC, Inc. (the “Company,” “we,” “us” or “our”), a business development company (Nasdaq: GBDC), announced that it has priced an underwritten public offering of $500 million in aggregate principal amount of 6.250% notes due 2031 (the “Notes”). The Notes will mature on June 1, 2031 and may be redeemed in whole or in part at the Company's option at any time prior to May 1, 2031, at par plus a “make-whole” premium, and thereafter at par. Wells Fargo Securitie.
Income-focused investors comparing high-yield options to mainstream dividend funds encounter a familiar gap.
Chicago Atlantic BDC, Inc. (LIEN) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.
The heavy selling pressure might have exhausted for Belden (BDC) as it is technically in oversold territory now. In addition to this technical measure, strong agreement among Wall Street analysts in revising earnings estimates higher indicates that the stock is ripe for a trend reversal.
Crescent Capital BDC trades near a 52-week low, offering a 13% yield and a deep 0.61x price-to-book discount. CCAP's first-lien-heavy, diversified portfolio and recent management fee reductions support strong NII-to-dividend coverage at 113.5%. Nonaccruals rose to 3.6% of portfolio value, mainly in healthcare, but management actively manages these with meaningful control.
Belden (BDC) has been upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
We take a look at the action in business development companies through the second week of May and highlight some of the key themes we are watching. BDCs underperformed the income market, with several names near 1-year lows despite stable NAV returns and manageable non-accruals across the sector. Q1 median total NAV return is -0.2%, indicating sector resilience despite credit spread pressures, especially in software portfolios.
LIEN reported strong Q1 earnings, with a portfolio fair value of $364M across 40 companies. I see steady NAV per share growth projected through Q1 2026, reaching $13.33. LIEN offers a compelling dividend yield of approximately 13.8% based on the latest $0.34/share distribution.
The BDC sector has been hit hard since July 2025. However, I think the tide may be about to turn with a bright future ahead for some companies in the sector. I share which BDC names I think are poised to outperform moving forward.
Chicago Atlantic BDC, Inc. (NASDAQ:LIEN) is a publicly traded Business Development Company that specializes in direct lending to middle-market private companies in sectors with regulatory or reputational challenges. The firm was established in 2018 and operates as the public investment vehicle managed by Chicago Atlantic – the same sponsor that also manages Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) , a commercial mortgage REIT.
Trinity Capital (TRIN) delivered solid Q1'26 results, with robust portfolio growth despite sector headwinds. TRIN's portfolio value surged 39% year-over-year, driving 38% Y/Y growth in total investment income and maintaining healthy dividend coverage at 103.9%. Despite a slight rise in non-accruals to 1.1%, TRIN's credit profile remains solid, and the $0.51 per-share quarterly dividend is fully supported by net investment income.
Belden Inc. delivers advanced signal transmission and networking solutions for enterprise and industrial markets worldwide.
Goldman Sachs BDC suffered a 50% Y/Y drop in net investment income, missing analyst expectations and triggering a post-earnings sell-off. GSBD's non-accrual ratio surged to 3.2%, with eleven portfolio companies now non-performing, pressuring both interest income and dividend sustainability. Dividend coverage fell sharply to 62.9%, making a dividend cut in 2026 highly likely; I downgrade GSBD to 'Hold.'
Crescent Capital BDC NASDAQ: CCAP reported a more difficult first quarter as higher non-accruals, lower base rates and broader credit-market volatility weighed on earnings and net asset value, prompting management to lower fees and reset the company's base dividend.
Chicago Atlantic BDC NASDAQ: LIEN reported record first-quarter 2026 net investment income as management pointed to strong loan deployments, a senior secured portfolio and limited exposure to interest-rate declines as key drivers of performance.
Runway Growth has been beaten down far beyond most BDCs and trades at a 49% discount to NAV with a covered 21.25% yield and a PE of 4.7. The fear - software companies will be harmed by AI, and RWAY has software company loans. But other BDCs, more exposed to software, have not been beaten down like RWAY. This panic looks similar to the ”CLO CEF” panic, which never got discounted as much as RWAY and has had huge rallies off their bottoms when the panic subsided.
Chicago Atlantic BDC, Inc. (LIEN) Q1 2026 Earnings Call Transcript
Chicago Atlantic BDC, Inc. (LIEN) came out with quarterly earnings of $0.44 per share, beating the Zacks Consensus Estimate of $0.36 per share. This compares to a loss of $0.34 per share a year ago.
Goldman Sachs BDC trades at a 27% discount to NAV, significantly below its 5-year average. GSBD's portfolio is 97% first lien, with heavy exposure to software and healthcare sectors. The five-year average annual total return on NAV is 7.34%.
NEW YORK, May 14, 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 ending June 30, 2026. The following are the key dates for the dividends: Record Date June 26, 2026 Payment Date July 10, 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.
NEW YORK, May 14, 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 first quarter ended March 31, 2026. First Quarter 2026 Highlights Total gross investment income of $16.7 million Net investment income of $10.0 million, or $0.44 per weighted average share outstanding Total investment portfolio of $364.0 million at fair value, an increase of $30.7 million as compared to the prior quarter Net asset value (“NAV”) per share was $13.33 on March 31, 2026, a $0.03 increase as compared to the prior quarter Board of Directors declared a dividend of $0.34 per share for the quarter ending June 30, 2026, payable on July 10, 2026 to shareholders of record on June 26, 2026 Funded seven portfolio companies with $93.9 million in aggregate par value As of March 31, 2026, there were 22,820,590 common shares issued and outstanding on a basic and fully diluted basis Peter Sack, Chief Executive Officer of the Company, commented, “Chicago Atlantic BDC delivered record results this quarter, demonstrating the benefits of our differentiated strategy.
LOS ANGELES, May 13, 2026 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. (“Crescent BDC” or the “Company”) (NASDAQ: CCAP) today reported net investment income of $0.42 per share and net income of ($0.42) per share for the quarter ended March 31, 2026. Net asset value (NAV) per share was $18.27 at March 31, 2026. Subsequent to quarter end, the Company reduced its fee structure, lowering its base management fee from 1.25% to 1.00% and its incentive fee from 17.5% to 15.0%, effective April 1, 2026, further aligning interests with shareholders and supporting the durability of its earnings profile.
Kayne Anderson BDC remains my high conviction externally managed BDC pick, with significant personal exposure and ongoing dividend reinvestment. KBDC has maintained a stable dividend and resilient NAV per share, outperforming many BDC peers despite sector-wide pressures. The company's limited SaaS exposure and strong fundamentals have driven recent alpha performance relative to the BDC index.
Kayne Anderson BDC NYSE: KBDC reported first-quarter 2026 net investment income of $0.43 per share, covering its $0.40 quarterly dividend by 108%, as management emphasized the company's defensive portfolio positioning and disciplined lending approach amid a more uncertain private credit environment.
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 March 31, 2026. HIGHLIGHTS ICMB fully realized its investments in three portfolio companies during the quarter, totaling $12.7 million in proceeds. The internal rate of return on these investments was 10.67%. During the quarter, ICMB made an investment in one existing portfolio company. The investment was $0.1 million, at c.
Kayne Anderson BDC, Inc. delivers stable net investment income and dividends, but structural vulnerabilities warrant caution for long-term capital preservation. KBDC's Q1 '26 saw non-accruals rise to 4.1% of portfolio cost, highlighting the risk of increasing credit losses as the portfolio seasons. Due to regulatory requirements, KBDC cannot build meaningful loan loss reserves, making NAV/share declines likely over time as defaults occur.
Blue Owl Technology Finance Corp. (OTF) has experienced a market decline far exceeding its BDC peers, despite resilient fundamentals. I view OTF as the most compelling bargain in the externally managed BDC space, given the divergence between price action and underlying performance. Recent Q1 2026 results reinforce my conviction, prompting me to make OTF one of my largest externally managed BDC holdings.
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 first quarter ended March 31, 2026. Financial Highlights for the Quarter Ended March 31, 2026 Net investment income of $28.9 million, or $0.43 per share; Net asset value of $16.23 per share, decreased from $16.32 per share as of December 31, 2025, primarily as a.
NEW YORK, May 11, 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 it has filed a shelf registration statement with the Securities and Exchange commission (“SEC”), that once declared effective, will allow the Company to issue up to $500 million of securities, including debt securities, from time to time in one or more offerings.
Goldman Sachs BDC NYSE: GSBD reported a decline in first-quarter net asset value and lower net investment income as unrealized losses increased and credit issues remained concentrated in older investments originated before the business development company's integration into Goldman Sachs' broader direct lending platform.
Barings Bdc NYSE: BBDC held its 2026 Annual Meeting of Stockholders virtually on May 7, with shareholders voting to reelect three Class II directors to the company's board.
BDC sector Q1 2026 earnings reveal widespread NAV contractions, impacting both discounted and premium BDCs. Despite NAV declines and negative price reactions, these adjustments are logical and not a signal to exit the BDC space. Price-to-NAV ratios remain attractive, with several BDCs trading at significant discounts post-earnings.
Hercules Capital remains a 'Strong Buy' as Q1 results dispel AI-driven SaaS loan fears, showing record investment income and stable credit quality. HTGC achieved 18.2% year-over-year portfolio growth to $4.8B, with non-accruals at a low 0.1% (based off of fair value) and robust origination momentum. Net investment income of $0.48/share in Q1 '26 covered the dividend at 120%.
NEW YORK--(BUSINESS WIRE)--Goldman Sachs BDC, Inc. (“GSBD”, the “Company”, “we”, “us”, or “our”) (NYSE: GSBD) today reported financial results for the first quarter ended March 31, 2026 and filed its Form 10-Q with the U.S. Securities and Exchange Commission. QUARTERLY HIGHLIGHTS Net investment income and adjusted net investment income per share for the quarter ended March 31, 2026 was $0.22, equating to an annualized net investment income yield on book value of 7.2%.1 Earnings per share for th.
CHARLOTTE, N.C.--(BUSINESS WIRE)--Barings BDC, Inc. (NYSE: BBDC) (“Barings BDC” or the “Company”) today reported its financial and operating results for the first quarter of 2026 and announced that the Company's Board of Directors (the “Board”) declared a quarterly cash dividend of $0.26 per share. Highlights Three Months Ended Three Months Ended Income Statement March 31, 2026 December 31, 2025 (dollars in millions, except per share data) Total Amount Per Share(1) Total Amount Per Share(2) N.
Golub Capital BDC's portfolio has some weaknesses and sector risks, but I trust management's strong track record, especially in software lending. Non-accruals and underperforming assets have risen, with 2.2% of investments materially below expectations and spreads continuing to compress. Dividend coverage is tight. NII barely covers payouts, and another dividend cut may be possible if trends persist.
MISSION WOODS, Kan.--(BUSINESS WIRE)--Palmer Square Capital BDC Inc. (NYSE: PSBD) (“PSBD” or the “Company”), an externally managed business development company, today announced its financial results for the first quarter ended March 31, 2026. Financial and Operating Highlights Total investment income of $26.2 million for the first quarter of 2026, compared to $31.2 million for the prior year period Net investment income of $11.0 million or $0.35 per share for the first quarter of 2026, compared.
ST. LOUIS--(BUSINESS WIRE)--Belden Inc. (NYSE: BDC), a leading global provider of complete connection solutions is pleased to announce that three companies have been selected as finalists for the 3rd annual Joseph C. Belden Innovation Award. The three finalists were selected from a highly competitive field of submissions by a panel of industry expert judges. This year's entries were evaluated on how effectively they enable IT/OT convergence. The three finalists are united by a common focus: bri.
Ares Capital is the largest investment-grade BDC, offering a 10% yield and a robust dividend buffer via $1.38 per share spillover income. ARCC's portfolio remains high-quality and diversified, with software exposure well-monitored; there is only 1 non-accrual in the sector and minimal AI disruption risk. At $18.67, the company trades at a 4.7% discount to NAV and 8.5x NII, near fair value but attractive for income-focused investors.
NEW YORK--(BUSINESS WIRE)--Golub Capital BDC, Inc., a business development company (Nasdaq: GBDC), today announced its financial results for its second fiscal quarter ended March 31, 2026. Except where the context suggests otherwise, the terms “we,” “us,” “our,” and “Company” refer to Golub Capital BDC, Inc. and its consolidated subsidiaries. “GC Advisors” refers to GC Advisors LLC, our investment adviser. SELECTED FINANCIAL HIGHLIGHTS (in thousands, except per share data) .
SLR Investment (NASDAQ:SLRC) sits in an unusual spot for a business development company in 2026.
