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5-21-2016:  We've just updated our file on AAR Intermediate Holdings, a privately-held oil services company owned by multiple Business Development Companies (including Medley Capital and CM Finance) and which is on non-accrual. Not much has happened this quarter from a valuation perspective. Nonetheless, we expect the $4mn in equity exposure by the BDCs to be written off, and 50%-100% of…


5-19-2016: Sports retailer Dick's Sporting Goods reported weaker than expected sales in the first quarter of 2016, despite weaker competition from several bankrupt competitors. Key metrics from the BDC Credit Reporter's standpoint:  "Same-store sales are expected to decline 4% to 1%...[Actual] Same-store sales edged up 0.5%... Same-store sales for Dick's Sporting Goods increased 0.4%, while Golf Galaxy rose 1.7%." This…


The BDC Credit Reporter undertakes an in-depth review of Fifth Street Senior Floating Rate's (FSFR) investment portfolio following the release of the first quarter 2016 10-Q filing, and using additional information from Advantage Data. We look at realized credit losses and potential write-downs in the quarter and over time. Required reading (if we do say so ourselves) for any investor in FSFR.