Core Viewpoint - Belden Inc. intends to offer €450 million in senior subordinated notes due 2033 to fund the redemption of its existing 3.375% senior notes, subject to market conditions [1] Group 1: Company Actions - The company plans to conduct a private offering of €450 million in aggregate principal amount of senior subordinated notes [1] - The net proceeds from the notes offering will be used alongside cash on hand to fully redeem its existing 3.375% senior notes [1] Group 2: Financial Details - The notes are due in 2033, indicating a long-term financing strategy [1] - The offering is contingent upon market conditions, suggesting a strategic approach to capital management [1]

Core Viewpoint - Golub Capital BDC, Inc. will report its financial results for the quarter ended December 31, 2025 on February 4, 2026, after market close [1] - An earnings conference call is scheduled for February 5, 2026, at 10:00 a.m. Eastern Time to discuss the quarterly financial results [1] Financial Reporting - The financial results will cover the quarter ending December 31, 2025 [1] - The earnings conference call will be open to all interested parties [1]

Core Insights - The current market presents a favorable environment for income investors, particularly in the Business Development Company (BDC) sector, where many stocks are trading at attractive valuations [2]. Group 1: Investment Focus - The investment service iREIT+HOYA Capital specializes in income-producing asset classes, aiming to provide sustainable portfolio income, diversification, and inflation hedging [1]. - The service offers investment research on various financial instruments, including REITs, ETFs, closed-end funds, preferred stocks, and dividend champions, with targeted dividend yields of up to 10% [2]. Group 2: Investment Strategy - The focus is on selecting stocks with well-covered dividends and a margin of safety, which are expected to perform better in the long term [2]. - The investment approach emphasizes defensive stocks suitable for medium- to long-term horizons, aiming to achieve dependable monthly income for investors [2].

Core Viewpoint - Since mid-2024, investor sentiment towards Business Development Companies (BDCs) has shifted due to the Federal Reserve's decision to reduce monetary tightening, leading to concerns about the impact of lower base rates on BDC net investment income [1] Group 1: Investor Sentiment - The change in investor sentiment towards BDCs is attributed to the Federal Reserve's monetary policy adjustments [1] - Investors are increasingly aware that lower base rates will negatively affect the net investment income of BDCs [1] Group 2: Industry Context - The article highlights the experience of Roberts Berzins in financial management and his contributions to enhancing the liquidity of capital markets in Latvia [1] - Berzins has been involved in developing financing guidelines for state-owned enterprises and frameworks for private capital investment in affordable housing [1]

Core Viewpoint - Middle-market lending has transitioned from traditional bank balance sheets to specialized investment vehicles, presenting opportunities for income investors who are willing to accept credit risk and volatility [1] Group 1 - The shift in middle-market lending indicates a significant change in the financial landscape, moving away from conventional banking methods [1] - Specialized investment vehicles are now taking a more prominent role in providing capital to middle-market companies [1] - This transition creates potential investment opportunities for those looking to generate income despite the associated risks [1]

Group 1 - Ares Capital (ARCC) has experienced an expansion in its discount to net asset value (NAV) but continues to cover its dividend with a healthy margin due to positive loan origination and portfolio growth [1] - The external manager of Ares Capital is Ares, which plays a significant role in its operations and performance [1] - The equity market is highlighted as a mechanism for wealth creation or destruction over the long term, emphasizing the importance of market dynamics [1] Group 2 - Pacifica Yield aims to create long-term wealth by focusing on undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Core Insights - The article discusses the role of business development companies (BDCs) in the financial market and highlights the experience of Roberts Berzins in financial management and the development of capital markets in Latvia [1]. Group 1: Company Insights - Roberts Berzins has over a decade of experience in financial management, assisting top-tier corporates in shaping financial strategies and executing large-scale financings [1]. - Berzins has made significant contributions to institutionalizing the REIT framework in Latvia, aimed at enhancing the liquidity of pan-Baltic capital markets [1]. - His policy-level work includes developing national SOE financing guidelines and frameworks to channel private capital into affordable housing [1]. Group 2: Industry Insights - The article emphasizes the importance of BDCs in the financial landscape, suggesting a growing interest and potential in this sector [1].

Core Viewpoint - Clip Money Inc. has secured a CAD$3 million loan from the Business Development Bank of Canada to support its working capital and growth initiatives, marking a significant milestone for the company [1][3][5]. Financial Details - The BDC Loan has a maturity date of August 15, 2028, with an interest rate of 6.8% per annum plus 1% per annum, calculated daily [2]. - An additional interest component of 7.45% per annum is applicable, calculated monthly on the total indebtedness [2]. - The principal amount can be repaid as a balloon payment on the maturity date, along with all accrued and unpaid interest [2]. Security and Guarantees - Clip Money and its subsidiary have granted BDC a first-ranking security interest over substantially all of their present and after-acquired personal property [3]. - Clip Money (USA) Inc. has provided a guarantee for 100% of the amounts owed under the BDC Loan [3]. Loan Structure and Fees - There are no bonus securities, finder's fees, or other equity instruments associated with the BDC Loan [4]. - Compensation to BDC is limited to interest payments and customary cash fees, including a monthly management fee of CAD$500 and a standby fee starting October 10, 2026, at a rate of 3% per annum on the undrawn portion of the loan [4]. Company Overview - Clip Money operates a multi-bank self-service deposit system, allowing businesses to deposit cash at various locations outside their bank branches [9]. - The company combines hardware, a mobile app, and a cloud-based transaction engine to facilitate business banking transactions efficiently [9]. - Clip Money aims to provide a cost-effective and convenient solution for business banking deposits across Canada and the United States [9].

Core Insights - Riverwater Partners' Small Cap Strategy reported solid results for Q3 2025 but lagged behind the benchmark due to the market's preference for lower-quality companies [1] - The strategy focuses on higher-quality companies with strong fundamentals, consistent revenue, and a clear path to profitability, positioning itself well for challenging market conditions [1] Company Highlights - Belden Inc. (NYSE:BDC) is highlighted as a key stock in the Small Cap Strategy, providing connection solutions for data infrastructures [2] - Belden Inc. achieved a one-month return of 12.46% and a 52-week share value increase of 2.27%, with its stock closing at $121.55 on December 15, 2025, and a market capitalization of $4.816 billion [2] - Founded in 1920 and public since 1939, Belden Inc. is recognized as a leading provider of network infrastructure and broadband solutions, as well as cabling and connectivity solutions for commercial audio/video and security applications [3]

Core Insights - Belden, a leader in industrial networking and connectivity, reported a significant insider sale by Board member Jonathan C. Klein, who sold 3,000 shares for $372,570, indicating a strategic move to capitalize on stock price appreciation [1][9]. Transaction Summary - The sale of 3,000 shares represents the largest single disposition by Mr. Klein, exceeding his historical median sell size of 2,129 shares and accounting for 26.42% of his direct holdings at the time [6]. - Post-transaction, Mr. Klein's direct holdings decreased to 8,353 shares, reflecting a 44.64% decline from 15,089 shares held at the beginning of the reporting period in June 2024 [6]. Company Overview - Belden reported a total revenue of $2.66 billion and a net income of $228.02 million for the trailing twelve months (TTM) [4]. - The company has a dividend yield of 0.18% and a 1-year price change of 1.39% as of December 11, 2025 [4]. Financial Performance - Belden achieved record third-quarter revenue of $698 million, marking a 7% year-over-year increase, alongside a 16% year-over-year growth in earnings per share to $1.97 [10]. - The company is developing technology for physical AI, which could significantly enhance sales as the AI market expands [11]. Market Position - Belden provides signal transmission solutions, including copper and fiber cables, connectivity systems, and industrial Ethernet switches, serving enterprise and industrial markets [7][8]. - The company has a diverse customer base across various sectors, including commercial real estate, healthcare, education, government, and manufacturing [7].