GSBD - BDC Earnings Season Update
Four of the 14 business development corporations we follow at Cash Flow Kingdom have reported so far: Apollo Investment (AINV), Ares Capital (ARCC), Pennant Park (PFLT), and Golub Capital (GBDC).
All four of these, and almost all BDCs' management in general are benefiting from a change in rules passed last year which allow them to effectively double leverage thereby also increasing the assets under management (AUM) fees they retain. In some cases this benefit has been partially shared with investors, typically by lowering