CGBD - TCG BDC: Good Q4 And A Dividend Raise For This 11.4% Yield BDC
- We discuss Q4 results from CGBD and highlight key income dynamics.
- CGBD had a solid quarter with a rise in both NAV and NII; it also raised the special dividend by a penny in Q1 - its third consecutive hike.
- A low valuation of 83% appears to price in an elevated level of non-accruals as well as potential dilution from preferred conversion.
- CGBD has delivered total NAV performance only a touch below the sector average over the last 3 years despite its low equity allocation profile.
- Overall, we find the stock very attractive and it remains in our High Income Portfolio.
For further details see:
TCG BDC: Good Q4 And A Dividend Raise For This 11.4% Yield BDC