CGBD - TCG BDC: The Case Of The Unattractive High Yield
All loans, in the eyes of honest borrowers, must eventually be repaid. All credit is debt. Proposals for an increased volume of credit, therefore, are merely another name for proposals for an increased burden of debt. They would seem considerably less inviting if they were habitually referred to by the second name instead of by the first
- Henry Hazlitt, Economics in One Lesson
Specialty finance company TCG BDC (CGBD) looks good at first glance: 77% of the company’s loan book is graded as Stable Risk, its earnings are decent, and the company