<p>对私人借贷行业潜藏大量不良债务的担忧使投资者对商业发展公司的业绩感到担忧。VanEck BDC Income ETF (BIZD) 在过去四个月中下跌了 17.5%。即使收益率达到两位数，这样的损失也令人难以接受。</p>
<p>商业发展公司的业务是向中小型企业提供贷款。根据定义，BDC 是私人债务贷款人。与大型私人债务贷款公司不同的是，典型的 BDC 客户通常是中等规模的企业，贷款金额相对较小。</p>
<p>然而，如果私人借贷问题加剧，一些 BDC 可能会受到影响。大多数 BDC 都有外部管理，理论上，BDC 赞助商可能会将一些可疑债务转移到他们管理的 BDC 中。</p>
<p>我喜欢投资 BDC 股票。好的 BDC 会支付稳定、不断增长的股息和高收益。</p>
<p>首先，我通常喜欢选择那些内部管理的 BDC，因为它们的费用远低于外部管理的 BDC。Hercules Capital (HTGC) 是一家外部管理的 BDC。</p>
<p>然后寻找有长期业绩记录的公司。Hercules Capital 于 2005 年成立，拥有 20 年的业绩记录，其中包括稳定增长的股价。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.investorsalley.com/wp-content/uploads/image-614-1024x678.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.investorsalley.com/wp-content/uploads/image-614-1024x678.png"/></p>
<p>最后，顶级 BDC 会有股息增长的记录。Hercules Capital 的股息自 2019 年以来持续增长，在此期间，常规股息增长了 29%。Hercules 还在利润合理的情况下支付补充股息。自 2021 年疫情结束以来，补充股息每季度支付一次。在疫情初期，常规股息并未减少。HTGC 的常规股息收益率为 9.2%。</p>
<p>HTGC 的质量体现在其向投资者支付的回报上。五年总回报率为 153%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.investorsalley.com/wp-content/uploads/image-615-1024x696.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.investorsalley.com/wp-content/uploads/image-615-1024x696.png"/></p>
<p>如果我只能购买一家 BDC，那就是 Hercules Capital。它是我推荐给订阅者的仅有的四家公司之一。</p>
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HTGC

<p>投资者对私人借贷行业的不良债务对商业发展公司（BDC）的影响表示担忧。VanEck BDC 收益 ETF 在四个月内下跌了 17.5%。尽管如此，Hercules Capital（HTGC）作为一家外部管理的 BDC，以其稳定、不断增长的股息和高收益而脱颖而出。HTGC 拥有 20 年的业绩记录，常规股息的收益率为 9.2%，五年的总回报率为 153%。作者推荐 HTGC 作为顶级 BDC 投资</p>

<p>Fears that a lot of bad debt is lurking in the private lending sector have investors worried about results for business development companies (BDCs). The VanEck BDC Income ETF (BIZD) has fallen 17.5% over the last four months. Even with a double-digit yield, that level of loss is hard to watch.</p>
<div class="lb-trans"><p>对私人借贷行业潜藏大量不良债务的担忧使投资者对商业发展公司的业绩感到担忧。VanEck BDC Income ETF (BIZD) 在过去四个月中下跌了 17.5%。即使收益率达到两位数，这样的损失也令人难以接受。</p>
</div><p>The business of a business development company is to lend money to small to medium-sized corporations. By definition, BDCs are private debt lenders. One differentiator from the larger companies making private debt loans is that the typical BDC will have customers with moderate-sized businesses, and loan amounts will be relatively smaller.</p>
<div class="lb-trans"><p>商业发展公司的业务是向中小型企业提供贷款。根据定义，BDC 是私人债务贷款人。与大型私人债务贷款公司不同的是，典型的 BDC 客户通常是中等规模的企业，贷款金额相对较小。</p>
</div><p>However, if the trouble with private lending grows, some BDCs will likely be affected. Most BDCs have outside management, and it is conceivable that a BDC sponsor could dump some questionable debt into a BDC they manage.</p>
<div class="lb-trans"><p>然而，如果私人借贷问题加剧，一些 BDC 可能会受到影响。大多数 BDC 都有外部管理，理论上，BDC 赞助商可能会将一些可疑债务转移到他们管理的 BDC 中。</p>
</div><p>I like investing in BDC shares. The good ones pay steady, growing dividends and high yields.</p>
<div class="lb-trans"><p>我喜欢投资 BDC 股票。好的 BDC 会支付稳定、不断增长的股息和高收益。</p>
</div><p>First, I generally like to choose BDCs from the handful that are internally managed, as they have much lower expenses compared to BDCs with external managers. Hercules Capital (HTGC) is an externally managed BDC.</p>
<div class="lb-trans"><p>首先，我通常喜欢选择那些内部管理的 BDC，因为它们的费用远低于外部管理的 BDC。Hercules Capital (HTGC) 是一家外部管理的 BDC。</p>
</div><p>Then look for a company with a long track record. Hercules Capital launched in 2005 and has a 20-year track record, which includes a steadily growing share price.</p>
<div class="lb-trans"><p>然后寻找有长期业绩记录的公司。Hercules Capital 于 2005 年成立，拥有 20 年的业绩记录，其中包括稳定增长的股价。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.investorsalley.com/wp-content/uploads/image-614-1024x678.png" alt="" original-src="https://www.investorsalley.com/wp-content/uploads/image-614-1024x678.png"/></p>
<p>Finally, a top BDC will have a record of dividend growth. The Hercules Capital dividend has been growing since 2019, with the regular dividend increasing by 29% over that period. Hercules also pays supplemental dividends when justified by profits. Supplement dividends have been paid every quarter since 2021, following the end of the pandemic. The regular dividend was not reduced during the early days of the pandemic. HTGC yields 9.2% on the regular dividend.</p>
<div class="lb-trans"><p>最后，顶级 BDC 会有股息增长的记录。Hercules Capital 的股息自 2019 年以来持续增长，在此期间，常规股息增长了 29%。Hercules 还在利润合理的情况下支付补充股息。自 2021 年疫情结束以来，补充股息每季度支付一次。在疫情初期，常规股息并未减少。HTGC 的常规股息收益率为 9.2%。</p>
</div><p>The quality of HTGC is reflected in the returns it pays to investors. The five-year total return sits at 153%.</p>
<div class="lb-trans"><p>HTGC 的质量体现在其向投资者支付的回报上。五年总回报率为 153%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.investorsalley.com/wp-content/uploads/image-615-1024x696.png" alt="" original-src="https://www.investorsalley.com/wp-content/uploads/image-615-1024x696.png"/></p>
<p>If I could buy just one BDC, it would be Hercules Capital. It is one of just four I recommend to my subscribers.</p>
<div class="lb-trans"><p>如果我只能购买一家 BDC，那就是 Hercules Capital。它是我推荐给订阅者的仅有的四家公司之一。</p>
</div><hr/>
<div class="lb-trans"><hr/>
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