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Return-Path: <bounce+8532d3.4d1858-ds=e24.com.au@mg2.substack.com> Delivered-To: ds@e24.com.au Received: from myaccount8.wpcpanel.com by myaccount8.wpcpanel.com with LMTP id OFMlBESCc2m3FQAAycIfzw (envelope-from <bounce+8532d3.4d1858-ds=e24.com.au@mg2.substack.com>) for <ds@e24.com.au>; Sat, 24 Jan 2026 01:14:28 +1100 Return-path: <bounce+8532d3.4d1858-ds=e24.com.au@mg2.substack.com> Envelope-to: ds@e24.com.au Delivery-date: Sat, 24 Jan 2026 01:14:28 +1100 Received: from v521.v5375b7fa.use4.send.mailgun.net ([159.112.244.21]:55888) by myaccount8.wpcpanel.com with esmtps (TLS1.2) tls TLS_ECDHE_RSA_WITH_AES_128_GCM_SHA256 (Exim 4.96.2) (envelope-from <bounce+8532d3.4d1858-ds=e24.com.au@mg2.substack.com>) id 1vjHvb-0001Qp-2U for ds@e24.com.au; Sat, 24 Jan 2026 01:14:27 +1100 DKIM-Signature: a=rsa-sha256; v=1; c=relaxed/relaxed; d=mg2.substack.com; q=dns/txt; s=mailo; t=1769177616; x=1769184816; h=List-Unsubscribe-Post: List-Unsubscribe: List-Post: List-Id: List-Archive: List-Owner: Reply-To: In-Reply-To: References: Sender: Sender: Date: Message-Id: To: To: From: From: Subject: Subject: Content-Type: Mime-Version; bh=N5ky0Uw8kjYvckIZkLi4IZzq19Ag0/RJbDsL23WIeWo=; b=WQUZ+g0qmWn1nx4gVi6XOf49XEj8V/VJ5sWhAbBA/nGu/8jaAz+Yt5ceksXNs8rEaL3s+umS7IbcTwGe7tqJp/+uVIosEUfk1r9pCf+Fm5MPk6AOuQYOLsEr39lGKWCQFvSfTimQ/D7gM+Ut93iKVfg2J6EVFOBi1a1B6ZOF35U= X-Mailgun-Sid: WyI0NGFjMSIsImRzQGUyNC5jb20uYXUiLCI0ZDE4NTgiXQ== Received: by 3a3ae850d776ceca9505be1fbd466f8bb42f03fe617a37f2fbc6b646fd2150e2 with HTTP id 6973820f6ad1ef0eb2fcbef4; Fri, 23 Jan 2026 14:13:33 GMT X-Mailgun-Sending-Ip: 159.112.244.21 X-Mailgun-Batch-Id: 6973820e2696f1983498d1e3 Mime-Version: 1.0 Content-Type: multipart/alternative; boundary="37a35d521d4f88ba7c53e6116347481185b88d690bcf742974ea010e4e58" Subject: Why I added this BDC to the portfolio (full breakdown) From: Get Dividends <getdividends@substack.com> To: ds@e24.com.au X-Mailgun-Tag: post X-Mailgun-Track-Clicks: false Message-Id: <20260123141229.3.e76c50bfdb3a52d7@mg2.substack.com> Date: Fri, 23 Jan 2026 14:12:29 +0000 Feedback-Id: post-184426977:cat-post:pub-6658155:substack Sender: Get Dividends <getdividends@substack.com> References: <post-184426977@substack.com> In-Reply-To: <post-184426977@substack.com> Reply-To: Get Dividends <reply+31swrl&6k42rq&&0ff963e20780d2a427dc84d38dbf0aa39702b2dd69839f5a686df9f413d47830@mg1.substack.com> List-Owner: <mailto:getdividends@substack.com> List-Url: <https://getdividends.net/> List-Archive: <https://getdividends.net/archive> List-Id: <getdividends.substack.com> List-Post: <https://getdividends.net/p/why-i-added-this-bdc-to-the-portfolio> List-Unsubscribe: <https://getdividends.net/action/disable_email/disable?token=eyJ1c2VyX2lkIjozOTY1Nzk1OTAsInBvc3RfaWQiOjE4NDQyNjk3NywiaWF0IjoxNzY5MTc3NjEyLCJleHAiOjE4MDA3MTM2MTIsImlzcyI6InB1Yi02NjU4MTU1Iiwic3ViIjoiZGlzYWJsZV9lbWFpbCJ9.Ab8c0J5N0sRJd7k4krmGcgjDVFJX5_7GGIIMZw6oCiI&all_sections=true> List-Unsubscribe-Post: List-Unsubscribe=One-Click X-Mailgun-Variables: {"category": "post", "email_generated_at": "1769177613327", "is_freemail": "true", "post_audience": "only_free", "post_id": "184426977", "post_type": "newsletter", "pub_community_enabled": "true", "publication_id": "6658155", "subdomain": "getdividends", "user_id": "396579590"} X-Spam-Status: No, score=3.1 X-Spam-Score: 31 X-Spam-Bar: +++ X-Ham-Report: Spam detection software, running on the system "myaccount8.wpcpanel.com", has NOT identified this incoming email as spam. The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: View this post on the web at https://getdividends.net/p/why-i-added-this-bdc-to-the-portfolio Hi, I want to walk you through an actual investment case from the Get Dividends research. This shows exactly what Premium members get access to—and why it matters. The Setup: A Business Developme [...] Content analysis details: (3.1 points, 4.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.8 BAYES_50 BODY: Bayes spam probability is 40 to 60% [score: 0.5000] 0.0 RCVD_IN_VALIDITY_CERTIFIED_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. See https://knowledge.validity.com/hc/en-us/articles/20961730681243 for more information. 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[159.112.244.21 listed in bl.score.senderscore.com] 0.0 HTML_MESSAGE BODY: HTML included in message 0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls -0.1 DKIM_VALID Message has at least one valid DKIM or DK signature 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid 0.9 RAZOR2_CHECK Listed in Razor2 (http://razor.sf.net/) 1.9 RAZOR2_CF_RANGE_51_100 Razor2 gives confidence level above 50% [cf: 100] 0.0 T_KAM_HTML_FONT_INVALID Test for Invalidly Named or Formatted Colors in HTML -1.0 MAILING_LIST_MULTI Multiple indicators imply a widely-seen list manager X-Spam-Flag: NO --37a35d521d4f88ba7c53e6116347481185b88d690bcf742974ea010e4e58 Content-Type: text/plain; charset="utf-8" Content-Transfer-Encoding: quoted-printable View this post on the web at https://getdividends.net/p/why-i-added-this-bd= c-to-the-portfolio Hi, I want to walk you through an actual investment case from the Get Dividends= research. This shows exactly what Premium members get access to=E2=80=94and why it ma= tters.=E2=80=8B The Setup: A Business Development Company (BDC) is yielding 7.2%. On the surface, it l= ooks decent. But here=E2=80=99s what most investors stop at. Premium analysis goes deeper: Step 1: Business Model Check=E2=80=8B =E2=9C=85 What does this BDC do? Loans to middle-market companies (less ris= ky than early-stage venture) =E2=9C=85 Fee structure: 1.5% management fee (reasonable compared to 2-2.5%= peers) =E2=9C=85 Debt level: 0.9x leverage (safe, below 1.5x comfort zone)=E2=80= =8B Verdict: Business model is sound. Step 2: Dividend Safety Analysisinvestopedia+1=E2=80=8B =E2=9C=85 Payout coverage: 1.15x (they earn =E2=82=AC1.15 for every =E2=82= =AC1 paid out=E2=80=94safe zone) =E2=9C=85 Debt maturity: Well-laddered, no refinancing cliff in 2-3 years =E2=9C=85 Historical dividend: Maintained through 2020 downturn (proof of r= esilience) Verdict: Dividend is safe, even in mild recession. Step 3: Valuation Assessment=E2=80=8B =E2=9C=85 Trading at: 0.92x book value (below par=E2=80=94opportunity) =E2=9C=85 Fair value: 1.05x book value (reasonable target) =E2=9C=85 Upside: 13% from current price + 7.2% yield =3D 20% total return = potential Verdict: Good risk/reward. Entry point is attractive. Step 4: Risk Mapping What could go wrong: Recession: Mid-market loan defaults rise, dividend stressed Rate drop: Repricing could hurt reinvestment yields Refinancing: Need to refinance debt at higher rates Mitigation: Debt is laddered (no cliff) Can cut dividend and maintain capital (they did in 2008, recovered quickly) Yield is high enough to absorb some pressure=E2=80=8B My rating: BUY below 0.95x book value, HOLD above it, SELL above 1.10x This is one investment case.=E2=80=8B Premium members get 20+ cases like this in the Database, covering: Individual dividend stocks BDCs (with comparative analysis) REITs (sector-by-sector) Covered Call ETFs (performance analysis) Each one takes 4-5 hours of research to complete properly.=E2=80=8B Most investors never do this work. They just buy =E2=80=9Chigh yield=E2=80= =9D and hope. Premium members know what they own and why.=E2=80=8B Kestutis Unsubscribe https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9nZXRkaXZpZGV= uZHMubmV0L2FjdGlvbi9kaXNhYmxlX2VtYWlsP3Rva2VuPWV5SjFjMlZ5WDJsa0lqb3pPVFkxTn= prMU9UQXNJbkJ2YzNSZmFXUWlPakU0TkRReU5qazNOeXdpYVdGMElqb3hOelk1TVRjM05qRXlMQ= 0psZUhBaU9qRTRNREEzTVRNMk1USXNJbWx6Y3lJNkluQjFZaTAyTmpVNE1UVTFJaXdpYzNWaUlq= b2laR2x6WVdKc1pWOWxiV0ZwYkNKOS5BYjhjMEo1TjBzUkpkN2s0a3JtR2NnakRWRkpYNV83R0d= JSU1adzZvQ2lJIiwicCI6MTg0NDI2OTc3LCJzIjo2NjU4MTU1LCJmIjp0cnVlLCJ1IjozOTY1Nz= k1OTAsImlhdCI6MTc2OTE3NzYxMiwiZXhwIjoyMDg0NzUzNjEyLCJpc3MiOiJwdWItMCIsInN1Y= iI6ImxpbmstcmVkaXJlY3QifQ.-AULQJ-H_9ftDletJn2C1TBMpl_7I1UDGdfgBlHbyi4? --37a35d521d4f88ba7c53e6116347481185b88d690bcf742974ea010e4e58 Content-Type: text/html; charset="utf-8" Content-Transfer-Encoding: quoted-printable <html style=3D"scrollbar-width: thin;scrollbar-color: rgb(219,219,219)rgb(2= 55,255,255);"><head><meta charset=3D"utf-8"><title>Why I added this BDC to = the portfolio (full 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.audio-player-progress .audio-p= layer-progress-bar .audio-player-progress-bar-popup { top: -54px; } } @media (min-width: 250px) { .audio-player-wrapper-fancy .audio-player { padding: 32px; } .audio-player-wrapper-fancy .audio-player .btn-group { display: flex; } .audio-player-wrapper-fancy .audio-player .btn-group .button:last-of-type= { display: block; } } @media (min-width: 300px) { .audio-player-wrapper-fancy .audio-player .btn-group { display: block; } .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ= e { display: block; } } @media (min-width: 350px) { .audio-player-wrapper-fancy .audio-player .audio-player-substack-logo { display: block; } .audio-player-wrapper-fancy .audio-player .audio-player-title { margin-top: 16px; } .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai= ner { padding-top: 15%; width: 15%; display: block; } .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ= e { display: block; } .audio-player-wrapper-fancy .audio-player .audio-player-substack-logo { display: block; } } @media (min-width: 350px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai= ner { padding-top: 25%; width: 25%; display: block; } .audio-player-wrapper-fancy .audio-player .btn-group { display: flex; } .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ= e { display: block; } } @media (min-width: 400px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai= ner { padding-top: 40%; width: 40%; } } @media (max-width: 400px) { .audio-player-wrapper-fancy .audio-player .btn-group { margin-top: 12px; } .audio-player-wrapper-fancy .audio-player .btn-group .button { font-size: 13px; padding: 6px 12px; height: auto; margin-top: 10px; } } @media (min-width: 600px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai= ner { padding-top: 55%; width: 55%; } } @media (max-width: 650px) { .poll-editor-modal { min-width: calc(100% - 20px); } } @media (max-width: 750px) { .poll-embed .poll-anchor-target .poll-anchor-copy-button { left: 8px; top: 45px; } }</style></head><body class=3D"email-body" style=3D"font-kerning: auto;--im= age-offset-margin: -120px;"><img src=3D"https://eotrx.substackcdn.com/open?= token=3DeyJtIjoiPDIwMjYwMTIzMTQxMjI5LjMuZTc2YzUwYmZkYjNhNTJkN0BtZzIuc3Vic3R= hY2suY29tPiIsInUiOjM5NjU3OTU5MCwiciI6ImRzQGUyNC5jb20uYXUiLCJkIjoibWcyLnN1Yn= N0YWNrLmNvbSIsInAiOjE4NDQyNjk3NywidCI6Im5ld3NsZXR0ZXIiLCJhIjoib25seV9mcmVlI= iwicyI6NjY1ODE1NSwiYyI6InBvc3QiLCJmIjp0cnVlLCJwb3NpdGlvbiI6InRvcCIsImlhdCI6= MTc2OTE3NzYxMywiZXhwIjoxNzcxNzY5NjEzLCJpc3MiOiJwdWItMCIsInN1YiI6ImVvIn0.ikm= DEpypiEm0D6ASOOQ5THXeAgVoNG4QL3tO79SHvQ8" alt=3D"" width=3D"1" height=3D"1"= border=3D"0" style=3D"height:1px !important;width:1px !important;border-wi= dth:0 !important;margin-top:0 !important;margin-bottom:0 !important;margin-= right:0 !important;margin-left:0 !important;padding-top:0 !important;paddin= g-bottom:0 !important;padding-right:0 !important;padding-left:0 !important;= "/><div class=3D"preview" style=3D"display:none;font-size:1px;color:#333333= ;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;">T= his is the depth of analysis Premium includes</div><div class=3D"preview" s= tyle=3D"display:none;font-size:1px;color:#333333;line-height:1px;max-height= :0px;max-width:0px;opacity:0;overflow:hidden;">͏   ­= ͏   ­͏   ­͏ ̳= 9; ­͏   ­͏   ­͏ &nb= sp;   ­͏   ­͏   ­&= #847;   ­͏   ­͏  = ; ­͏   ­͏   ­͏ &nbs= p;   ­͏   ­͏   ­&#= 847;   ­͏   ­͏  = ­͏   ­͏   ­͏  = ;   ­͏   ­͏   ­= 47;   ­͏   ­͏   = ­͏   ­͏   ­͏ =   ­͏   ­͏   ­T= 7;   ­͏   ­͏   &= #173;͏   ­͏   ­͏ =   ­͏   ­͏   ­͏= ;   ­͏   ­͏   &#= 173;͏   ­͏   ­͏ &= #8199; ­͏   ­͏   ­͏=   ­͏   ­͏   = 73;͏   ­͏   ­͏ &#= 8199; ­͏   ­͏   ­͏ =   ­͏   ­͏   = 3;͏   ­͏   ­͏ = 199; ­͏   ­͏   ­͏ &= nbsp;   ­͏   ­͏   ­= ;͏   ­͏   ­͏ Q= 99; ­͏   ­͏   ­͏ &n= bsp;   ­͏   ­͏   ­= ͏   ­͏   ­͏ ̳= 9; ­͏   ­͏   ­͏ &nb= sp;   ­͏   ­͏   ­&= #847;   ­͏   ­͏  = ; ­͏   ­͏   ­͏ &nbs= p;   ­͏   ­͏   ­&#= 847;   ­͏   ­͏  = ­͏   ­͏   ­͏  = ;   ­͏   ­͏   ­= 47;   ­͏   ­͏   = ­͏   ­͏   ­͏ =   ­͏   ­͏   ­T= 7;   ­͏   ­͏   &= #173;͏   ­͏   ­͏ =   ­͏   ­͏   ­͏= ;   ­͏   ­͏   &#= 173;͏   ­͏   ­͏ &= #8199; ­͏   ­͏   ­͏=   ­͏   ­͏   = 73;͏   ­͏   ­͏ &#= 8199; ­͏   ­͏   ­͏ =   ­͏   ­͏   = 3;͏   ­͏   ­͏ = 199; ­͏   ­͏   ­͏ &= nbsp;   ­͏   ­͏   ­= ;͏   ­͏   ­͏ Q= 99; ­͏   ­͏   ­͏ &n= bsp;   ­͏   ­͏   ­= ͏   ­͏   ­͏ ̳= 9; ­͏   ­͏   ­͏ &nb= sp;   ­͏   ­͏   ­&= #847;   ­͏   ­͏  = ; ­͏   ­͏   ­͏ &nbs= p;   ­͏   ­͏   ­&#= 847;   ­͏   ­͏  = ­͏   ­͏   ­͏  = ;   ­͏   ­͏   ­= 47;   ­͏   ­͏   = ­͏   ­͏   ­͏ =   ­͏   ­͏   ­T= 7;   ­͏   ­͏   &= #173;͏   ­͏   ­͏ =   ­͏   ­͏   ­͏= ;   ­͏   ­͏   &#= 173;͏   ­͏   ­͏ &= #8199; ­͏   ­͏   ­͏=   ­</div><table class=3D"email-body-container" role=3D"p= resentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0= "><tbody><tr><td></td><td class=3D"content" width=3D"550"></td><td></td></t= r><tr><td></td><td class=3D"content" width=3D"550" align=3D"left"><div styl= e=3D"font-size: 16px;line-height: 26px;max-width: 550px;width: 100%;margin:= 0 auto;overflow-wrap: break-word;"><table role=3D"presentation" width=3D"1= 00%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td align= =3D"right" style=3D"height:20px;"><table role=3D"presentation" width=3D"aut= o" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td style=3D= "vertical-align:middle;"><span class=3D"pencraft pc-reset reset-IxiVJZ tw-f= ont-body tw-text-ssm tw-text-substack-secondary" style=3D"font-family: SF P= ro Text, -apple-system, system-ui, BlinkMacSystemFont, Inter, Segoe UI, Rob= oto, Helvetica, Arial, sans-serif, Apple Color Emoji, Segoe UI Emoji, Segoe= UI Symbol;font-size: 13px;color: unset;list-style: none;text-decoration: u= nset;margin: 0;"><div class=3D"pencraft pc-reset align-right-VJbKw5 size-12= -mmZ61m reset-IxiVJZ" style=3D"list-style: none;color: unset;text-align: ri= 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height=3D"110" src=3D"https://substackcdn.com/image/fetch/$s_!ncyQ!,w_1100= ,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-pos= t-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff4cc339e-7527-4d0b-97e1-5dc3d6= 3a13d0_1100x220.png" style=3D"border: none !important;vertical-align: middl= e;max-width: 550px;display: block;margin: 0 auto;height: auto;width: 100%;"= ></a></td></tr></tbody></table><div class=3D"post typography" dir=3D"auto" = style=3D"--image-offset-margin: -120px;padding: 32px 0 0 0;font-size: 16px;= line-height: 26px;"><div class=3D"post-header" role=3D"region" aria-label= =3D"Post header" style=3D"font-size: 16px;line-height: 26px;"><h1 class=3D"= post-title published title-X77sOw" dir=3D"auto" style=3D"direction: auto;te= xt-align: start;unicode-bidi: isolate;color: rgb(54,55,55);font-family: 'SF= Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystem= Font,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Sego= e UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: ant= ialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizel= egibility;-moz-appearance: optimizelegibility;appearance: optimizelegibilit= y;margin: 0;line-height: 36px;font-size: 32px;"><a href=3D"https://substack= =2Ecom/app-link/post?publication_id=3D6= 658155&post_id=3D184426977&utm_source= =3Dpost-email-title&utm_campaign=3Demail-post-title&isFreemail=3Dtrue&r=3D6= k42rq&token=3DeyJ1c2VyX2lkIjozOTY1Nzk1OTAsInBvc3RfaWQiOjE4NDQyNjk3NywiaWF0I= joxNzY5MTc3NjEyLCJleHAiOjE3NzE3Njk2MTIsImlzcyI6InB1Yi02NjU4MTU1Iiwic3ViIjoi= cG9zdC1yZWFjdGlvbiJ9.h49WB4rJy2ZLGzgDlepBFXr2ZxSWhQKbzEpcI3eFIWg" style=3D"= color: rgb(54,55,55);text-decoration: none;">Why I added this BDC to the po= rtfolio (full breakdown)</a></h1><h3 class=3D"subtitle subtitle-HEEcLo" dir= =3D"auto" style=3D"direction: auto;text-align: start;unicode-bidi: isolate;= font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-syste= m,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Co= lor Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: normal;-webkit-f= ont-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-app= earance: optimizelegibility;-moz-appearance: optimizelegibility;appearance:= optimizelegibility;margin: 4px 0 0;color: #777777;line-height: 24px;font-s= ize: 18px;margin-top: 12px;">This is the depth of analysis Premium includes= </h3><table class=3D"post-meta" role=3D"presentation" width=3D"100%" border= =3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"margin: 1em 0;height: 2= 0px;align-items: center;"><tbody><tr><td><table role=3D"presentation" width= =3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td><= table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" c= ellpadding=3D"0"><tbody><tr><td style=3D"vertical-align:middle;"><div class= =3D"pencraft pc-reset color-primary-zABazT line-height-20-t4M0El font-meta-= MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset= -IxiVJZ meta-EgzBVA custom-css-email-post-author" style=3D"list-style: none= ;font-size: 11px;line-height: 20px;text-decoration: unset;color: rgb(54,55,= 55);margin: 0;font-family: 'SF Compact',-apple-system,system-ui,-apple-syst= em,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple C= olor Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;text-transf= orm: uppercase;letter-spacing: .2px;"><a class=3D"pencraft pc-reset color-p= rimary-zABazT line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-= medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA" style=3D= "list-style: none;color: rgb(54,55,55);margin: 0;font-size: 11px;line-heigh= t: 20px;font-family: 'SF Compact',-apple-system,system-ui,-apple-system,Bli= nkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color E= moji','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;text-transform: u= ppercase;letter-spacing: .2px;text-decoration: none" href=3D"https://substa= ck.com/@getdividends">Get Dividends</a></div></td></tr></tbody></table></td= ></tr><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cell= spacing=3D"0" cellpadding=3D"0"><tbody><tr><td style=3D"vertical-align:midd= le;"><div class=3D"pencraft pc-reset color-secondary-ls1g8s line-height-20-= t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-upper= case-yKDgcq reset-IxiVJZ meta-EgzBVA" style=3D"list-style: none;font-size: = 11px;line-height: 20px;text-decoration: unset;color: rgb(119,119,119);margi= n: 0;font-family: 'SF Compact',-apple-system,system-ui,-apple-system,BlinkM= acSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoj= i','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;text-transform: uppe= rcase;letter-spacing: .2px;"><time datetime=3D"2026-01-23T14:12:32.367Z">Ja= n 23</time></div></td></tr></tbody></table></td></tr></tbody></table></td><= td align=3D"right"><table role=3D"presentation" width=3D"auto" border=3D"0"= cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td style=3D"vertical-align= :middle;"><a href=3D"https://substack.com/@getdividends"><img class=3D"cust= om-css-email-avatar avatar-QIQ5yR" src=3D"https://substackcdn.com/image/fet= ch/$s_!WD94!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack= -post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa5e87027-b003-4c6f-8a80-cd= 2e33250054_352x352.png" style=3D"box-sizing: border-box;max-width: 550px;bo= rder: none;vertical-align: middle;width: 40px;height: 40px;min-width: 40px;= min-height: 40px;object-fit: cover;margin: 0px;display: inline;border-radiu= s: 50%" width=3D"40" height=3D"40"></a></td></tr></tbody></table></td></tr>= </tbody></table><table class=3D"email-ufi-2-top" role=3D"presentation" widt= h=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"border= 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sentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0">= <tbody><tr><td style=3D"vertical-align:middle;"><table role=3D"presentation= " width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><t= r><td align=3D"center"><a class=3D"email-button-outline" href=3D"https://op= en.substack.com/pub/getdividends/p/why-i-added-this-bdc-to-the-portfolio?ut= m_source=3Demail&redirect=3Dapp-store&utm_campaign=3Demail-read-in-app" sty= le=3D"font-family: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Ro= boto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe= UI Symbol';display: inline-block;font-weight: 500;border: 1px solid rgb(0,= 0,0,.1);border-radius: 9999px;text-transform: uppercase;font-size: 12px;lin= e-height: 12px;padding: 9px 14px;text-decoration: none;color: rgb(119,119,1= 19);"><div class=3D"email-button-spacer" style=3D"font-size: 16px;line-heig= ht: 26px;display: inline-block;vertical-align: middle;max-width: 0;min-heig= ht: 18px;"></div><span class=3D"email-button-text" style=3D"vertical-align:= middle;margin-right: 4px">READ IN APP</span><img class=3D"icon text-icon" = src=3D"https://substackcdn.com/image/fetch/$s_!ET-_!,w_36,c_scale,f_png,q_a= uto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideArr= owUpRight%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26stro= keWidth%3D2" width=3D"18" height=3D"18" style=3D"min-width: 18px;min-height= : 18px;border: none;vertical-align: middle;margin-right: 0;margin-left: 0;m= ax-width: 18px" alt=3D""></a></td></tr></tbody></table></td></tr></tbody></= table></td></tr></tbody></table></td></tr><tr height=3D"16"><td height=3D"1= 6" style=3D"font-size:0px;line-height:0;"> </td></tr></tbody></table><= /div></div><div class=3D"post typography" dir=3D"auto" style=3D"--image-off= set-margin: -120px;padding: 32px 0 0 0;font-size: 16px;line-height: 26px;">= <div class=3D"body markup" dir=3D"auto" style=3D"text-align: initial;font-s= ize: 16px;line-height: 26px;width: 100%;word-break: break-word;margin-botto= m: 16px;"><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: = 26px;font-size: 16px;margin-top: 0;">Hi,</p><p style=3D"margin: 0 0 20px 0;= color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>I want to wa= lk you through an </span><strong>actual investment case</strong><span> from= the Get Dividends research.</span></p><p style=3D"margin: 0 0 20px 0;color= : rgb(54,55,55);line-height: 26px;font-size: 16px;">This shows exactly what= Premium members get access to—and why it matters.​</p><div sty= le=3D"font-size: 16px;line-height: 26px;"><hr style=3D"margin: 32px 0;paddi= ng: 0;height: 1px;background: rgb(0,0,0,.1);border: none;"></div><p style= =3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16= px;"><strong>The Setup:</strong></p><p style=3D"margin: 0 0 20px 0;color: r= gb(54,55,55);line-height: 26px;font-size: 16px;">A Business Development Com= pany (BDC) is yielding 7.2%. On the surface, it looks decent. But here̵= 7;s what most investors stop at.</p><p style=3D"margin: 0 0 20px 0;color: r= gb(54,55,55);line-height: 26px;font-size: 16px;">Premium analysis goes deep= er:</p><div style=3D"font-size: 16px;line-height: 26px;"><hr style=3D"margi= n: 32px 0;padding: 0;height: 1px;background: rgb(0,0,0,.1);border: none;"><= /div><h2 class=3D"header-anchor-post" style=3D"position: relative;font-fami= ly: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMa= cSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji= ','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothi= ng: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: op= timizelegibility;-moz-appearance: optimizelegibility;appearance: optimizele= gibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;f= ont-size: 1.625em;"><strong>Step 1: Business Model Check</strong><span>R= 03;</span></h2><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-hei= ght: 26px;font-size: 16px;"><span>✅ </span><strong>What does this BDC= do?</strong><span> Loans to middle-market companies (less risky than early= -stage venture)</span><br><span>✅ </span><strong>Fee structure:</stro= ng><span> 1.5% management fee (reasonable compared to 2-2.5% peers)</span><= br><span>✅ </span><strong>Debt level:</strong><span> 0.9x leverage (s= afe, below 1.5x comfort zone)​</span></p><p style=3D"margin: 0 0 20px= 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Verdict= :</strong><span> Business model is sound.</span></p><div style=3D"font-size= : 16px;line-height: 26px;"><hr style=3D"margin: 32px 0;padding: 0;height: 1= px;background: rgb(0,0,0,.1);border: none;"></div><h2 class=3D"header-ancho= r-post" style=3D"position: relative;font-family: 'SF Pro Display',-apple-sy= stem-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,= Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI S= ymbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-= smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearan= ce: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em= 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;"><strong>St= ep 2: Dividend Safety Analysis</strong><span>investopedia+1​</span></= h2><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;fo= nt-size: 16px;"><span>✅ </span><strong>Payout coverage:</strong><span= > 1.15x (they earn €1.15 for every €1 paid out—safe zone)= </span><br><span>✅ </span><strong>Debt maturity:</strong><span> Well-= laddered, no refinancing cliff in 2-3 years</span><br><span>✅ </span>= <strong>Historical dividend:</strong><span> Maintained through 2020 downtur= n (proof of resilience)</span></p><p style=3D"margin: 0 0 20px 0;color: rgb= (54,55,55);line-height: 26px;font-size: 16px;"><strong>Verdict:</strong><sp= an> Dividend is safe, even in mild recession.</span></p><div style=3D"font-= size: 16px;line-height: 26px;"><hr style=3D"margin: 32px 0;padding: 0;heigh= t: 1px;background: rgb(0,0,0,.1);border: none;"></div><h2 class=3D"header-a= nchor-post" style=3D"position: relative;font-family: 'SF Pro Display',-appl= e-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Rob= oto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe = UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-f= ont-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appe= arance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.6= 25em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;"><stron= g>Step 3: Valuation Assessment</strong><span>​</span></h2><p style=3D= "margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;= "><span>✅ </span><strong>Trading at:</strong><span> 0.92x book value = (below par—opportunity)</span><br><span>✅ </span><strong>Fair v= alue:</strong><span> 1.05x book value (reasonable target)</span><br><span>&= #9989; </span><strong>Upside:</strong><span> 13% from current price + 7.2% = yield =3D </span><strong>20% total return potential</strong></p><p style=3D= "margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;= "><strong>Verdict:</strong><span> Good risk/reward. Entry point is attracti= ve.</span></p><div style=3D"font-size: 16px;line-height: 26px;"><hr style= =3D"margin: 32px 0;padding: 0;height: 1px;background: rgb(0,0,0,.1);border:= none;"></div><h2 class=3D"header-anchor-post" style=3D"position: relative;= font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-syste= m,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Co= lor Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-fon= t-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appea= rance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: o= ptimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height:= 1.16em;font-size: 1.625em;"><strong>Step 4: Risk Mapping</strong></h2><p s= tyle=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size= : 16px;"><strong>What could go wrong:</strong></p><ul style=3D"margin-top: = 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet= ;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-= sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Re= cession:</strong><span> Mid-market loan defaults rise, dividend stressed</s= pan></p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"= ><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-si= zing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Rate= drop:</strong><span> Repricing could hurt reinvestment yields</span></p></= li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style= =3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: bor= der-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Refinancing:<= /strong><span> Need to refinance debt at higher rates</span></p></li></ul><= p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-s= ize: 16px;"><strong>Mitigation:</strong></p><ul style=3D"margin-top: 0;padd= ing: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p = style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing= : border-box;padding-left: 4px;font-size: 16px;margin: 0;">Debt is laddered= (no cliff)</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: b= ullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0= ;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Can c= ut dividend and maintain capital (they did in 2008, recovered quickly)</p><= /li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style= =3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: bor= der-box;padding-left: 4px;font-size: 16px;margin: 0;">Yield is high enough = to absorb some pressure​</p></li></ul><p style=3D"margin: 0 0 20px 0;= color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>My rating:= </strong><span> BUY below 0.95x book value, HOLD above it, SELL above 1.10x= </span></p><div style=3D"font-size: 16px;line-height: 26px;"><hr style=3D"m= argin: 32px 0;padding: 0;height: 1px;background: rgb(0,0,0,.1);border: none= ;"></div><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 2= 6px;font-size: 16px;"><strong>This is one investment case.</strong><span>&#= 8203;</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-he= ight: 26px;font-size: 16px;"><span>Premium members get </span><strong>20+ c= ases like this</strong><span> in the Database, covering:</span></p><ul styl= e=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-speci= al-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;marg= in-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margi= n: 0;">Individual dividend stocks</p></li><li style=3D"margin: 8px 0 0 32px= ;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height:= 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: = 16px;margin: 0;">BDCs (with comparative analysis)</p></li><li style=3D"marg= in: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,= 55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left:= 4px;font-size: 16px;margin: 0;">REITs (sector-by-sector)</p></li><li style= =3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rg= b(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;paddi= ng-left: 4px;font-size: 16px;margin: 0;">Covered Call ETFs (performance ana= lysis)</p></li></ul><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);lin= e-height: 26px;font-size: 16px;"><span>Each one takes </span><strong>4-5 ho= urs of research</strong><span> to complete properly.​</span></p><p st= yle=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size:= 16px;">Most investors never do this work. They just buy “high yield&= #8221; and hope.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);lin= e-height: 26px;font-size: 16px;"><span>Premium members </span><em>know</em>= <span> what they own and why.​</span></p><p class=3D"button-wrapper" = data-attrs=3D"{"url":"https://getdividends.net/subscribe&quo= t;,"text":"See all Investment Cases","action"= :null,"class":null}" data-component-name=3D"ButtonCreateButton" s= tyle=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size= : 16px;text-align: center;cursor: pointer;border-radius: 4px;"><a class=3D"= button primary" href=3D"https://substack.com/redirect/2a845661-099c-4b45-a6= 86-ba086f9cecb3?j=3DeyJ1IjoiNms0MnJxIn0.eSEBM4t8vpgmQWaFc6_BiC7I0YPmZYRMlUb= Ju36w_fI" rel=3D"" style=3D"font-family: system-ui,-apple-system,BlinkMacSy= stemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','= Segoe UI Emoji','Segoe UI Symbol';display: inline-block;box-sizing: border-= box;cursor: pointer;border: 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