发行核心条款 - FS KKR Capital Corp 定价一次本金总额为4亿美元的无抵押票据公开发行 [1] - 票据年利率为6.125%，将于2031年1月15日到期 [1] - 公司可选择在到期前任何时间按面值加"溢价"赎回全部或部分票据，或在到期前一个月按面值赎回 [1] - 此次发行预计于2025年9月25日完成，需满足常规交割条件 [1] 承销商信息 - 本次发行由美国银行证券、BMO资本市场、ING金融市场、摩根大通证券、KKR资本市场等12家机构担任联合簿记管理人 [2] - 法国巴黎银行证券、花旗环球市场、CIBC世界市场、高盛、巴克莱资本等8家机构担任联合牵头管理人 [2] - 工银标准银行、R Seelaus & Co、美国银行投资等5家机构担任联席管理人 [2] 资金用途 - 公司计划将此次发行的净收益用于一般公司用途，包括可能偿还信贷安排和某些票据项下的未偿债务 [3] 公司背景 - FS KKR Capital Corp 是一家领先的公开交易业务发展公司，专注于为美国私营中型市场公司提供定制信贷解决方案 [7] - 公司主要投资于私营中型市场公司的优先担保债务，其次级债务投资程度较轻 [7] - 公司由FS/KKR Advisor, LLC提供投资建议 [7] - FS/KKR Advisor, LLC是Future Standard与KKR Credit之间的合伙公司，担任FSK及其他业务发展公司的投资顾问 [8] 顾问公司背景 - Future Standard是一家全球另类资产管理公司，服务机构和私人财富客户，投资领域包括私募股权、信贷和房地产 [9] - Future Standard拥有超过30年的价值创造记录，管理资产规模超过860亿美元 [9] - KKR是一家领先的全球投资公司，提供另类资产管理以及资本市场和保险解决方案 [10]

Blue Owl Capital Corporation (NYSE: OBDC ) operates as a business development company that aims to generate its earnings through a diverse portfolio of debt investments. As the name implies, OBDC lends capital to businesses toFinancial analyst by day and a seasoned investor by passion, I've been involved in the world of investing for over 15 years and honed my skills in analyzing lucrative opportunities within the market.I specialize in uncovering high quality dividend stocks and other assets that offer pot ...

Blue Owl Capital Corporation (NYSE: OBDC ) operates as a business development company that aims to generate its earnings through a diverse portfolio of debt investments. As the name implies, OBDC lends capital to businesses toFinancial analyst by day and a seasoned investor by passion, I've been involved in the world of investing for over 15 years and honed my skills in analyzing lucrative opportunities within the market.I specialize in uncovering high quality dividend stocks and other assets that offer pot ...

Main Street Capital (NYSE: MAIN ) is expensive. The business development company ("BDC") is trading at 2x its net asset value per share ("NAV") and offers an aggregate dividend yield that's only 240 basis points above the U.S. 10-year Treasury yield (The equity market is a powerful mechanism as daily fluctuations in price get aggregated to incredible wealth creation or destruction over the long term. Pacifica Yield aims to pursue long-term wealth creation with a focus on undervalued yet high-growth companie ...

公司估值水平 - Main Street Capital交易价格达每股净资产价值2倍[1] - 总股息收益率仅比美国10年期国债收益率高240个基点[1] 投资策略方向 - 长期财富创造聚焦于被低估高增长公司[1] - 重点关注高股息股票、房地产投资信托及绿色能源企业[1] 分析师持仓情况 - 分析师通过股票、期权或其他衍生品持有TRIN和CSWC多头头寸[2]

Focus of Article: The focus of this two-part article is a very detailed analysis comparing Blackstone Secured Lending (NYSE:BXSL) to some of the company’s business development company (“BDC”) peers (all sector peers I currently fully cover). I am writing this two-part article due to the continued requests that such an analysis be specifically performed on BXSL and some of the company’s BDC peers at periodic intervals. For readers who just want the summarized conclusions/results, I would suggest to scroll do ...

文章核心观点 - 文章对Blackstone Secured Lending (BXSL) 及其11家BDC同行进行了详细的股息可持续性比较分析 [1][2][3] - 分析旨在评估各BDC未来股息的安全性 识别股息削减或增长的风险与概率 [4] - 基于多项独特指标 对BXSL在2025年第四季度和2026年第一季度的股息进行了预测 [3][33][34] 股息与收益率分析 - BXSL在2025年第三季度宣布的每股基础股息为0.77美元 未宣布特别周期性股息 [27][31] - 以2025年9月12日股价28.59美元计算 BXSL的TTM股息收益率为10.77% 基于股价的年度远期股息收益率为10.77% 基于预估NAV的年度远期股息收益率为11.26% [28][31] - BXSL基于NAV的年度远期收益率11.26% 高于分析中12家BDC同行的平均值10.27% [32] 股息可持续性关键指标 - BXSL的累计未分配应税收入与流通普通股比率为1.86 远高于同行均值0.77 为股息提供重要缓冲 [15][16] - BXSL自2021年第四季度IPO以来从未削减基础股息 且基础季度股息自2020年第三季度以来净增长45% [17] - BXSL债务投资的加权平均年化收益率为10.20% 低于同行均值11.61% 且在TTM内下降1.40% [20] - BXSL债务投资中浮动利率占比高达99.80% 使其在利率上升环境中受益 [22] - BXSL未偿债务的加权平均利率为4.69% 低于同行平均水平 但面临2026年1月到期的8亿美元利率3.625%的无票据再融资压力 [24][25] 股息预测与估值 - BXSL在2025年第四季度维持每股0.77美元基础股息的概率为80% [33] - 预计2026年第一季度BXSL的股息范围在每股0.70至0.77美元之间 概率为90% [34] - 基于2025年9月12日预估NAV每股27.35美元 当前股价27.54美元使得BXSL被显著低估 评级为强力买入 [37][38] - 公司当前股价目标为每股33.50美元 [39]

we discuss ideas like this as they happen in more detail. All active investors are welcome to join on a free trial and ask any question in our chat room full of sophisticated traders and investors.In this article, we will look at the financial instrument of a well-known BDC company - Gladstone Investment Corporation (NASDAQ: GAIN ), and what they provide to us.Denislav leads the investing group Trade With Beta , features of the service include: frequent picks for mispriced preferred stocks and baby bonds, w ...

文章核心观点 - 文章重点分析知名BDC公司Gladstone Investment Corporation (GAIN) 提供的金融工具 [1] 作者及服务介绍 - 分析由Trade With Beta投资团队主导，该团队服务内容包括筛选定价错误的优先股和婴儿债券、每周回顾1200多只股票、IPO预览、对冲策略以及积极管理的投资组合 [2] - 作者披露其通过股票、期权或其他衍生品对GAINZ持有有益的多头头寸 [2] 内容免责声明 - 文章内容代表作者个人观点，作者未因撰写此文获得除Seeking Alpha以外的报酬，且与文中提及的任何公司无业务关系 [2] - Seeking Alpha披露其分析师包括专业和个人投资者，可能未经任何机构或监管机构许可或认证，且其并非持牌证券交易商、经纪商或美国投资顾问/投行 [3]

New Mountain Finance (NASDAQ: NMFC ) is trading at a double-digit discount to its net asset value ("NAV") per share but is equally paying out a double-digit dividend yield that's just about covered by net investment income ("NII"). The business development company ("BDC") last declared a quarterlyThe equity market is a powerful mechanism as daily fluctuations in price get aggregated to incredible wealth creation or destruction over the long term. Pacifica Yield aims to pursue long-term wealth creation with ...