Commentary

• Thu, May 9, 2013Uncertainty about SBIC Subsidiary Impacting OFS Capital
• Mon, May 6, 2013NGP Capital’s New Loan Announcement Dissected
• Mon, April 22, 2013NGP Capital : Troubles Ahead ?
• Wed, October 31, 2012American Capital launches a new initiative
• Wed, October 24, 2012BDC Reporter’s Two Cents On A Credit Suisse BDC Sector Call
• Tue, October 23, 2012Text Of Fifth Street Finance Newsletter And A Few Comments
• Fri, October 5, 2012Maxim Group Has Multiple Buy Initiations For Several BDCs. Read All About It !
• Thu, October 4, 2012Details of the Ares Capital Convertible Senior Notes
• Wed, October 3, 2012Why We Worry About Ares Capital…
• Mon, October 1, 2012Just the Facts About the Apollo Note Issue
• Mon, October 1, 2012Gladstone Investment To Raise Additional Equity. We Tell You Why We’re Impressed
• Fri, September 28, 2012Hercules Technology Raises New Equity Capital. Good Buy ? We Argue Both Ways…
• Thu, September 27, 2012Surprise ! Hercules Technology Raising New Equity
• Thu, September 27, 2012Prospect Capital Adds New Lender
• Tue, September 25, 2012Two BDCs Selling Equity For Different Reasons
• Mon, September 24, 2012Deconstructing the Fifth Street Finance Newsletter
• Wed, July 18, 2012Horizon Technology Finance Raises New Equity
• Mon, July 2, 2012Hercules Technology Senior Secured Notes Worth A Look
• Mon, June 18, 2012Full Circle Financial Review
• Thu, May 24, 2012Apollo Investment: Is the Picture Clearing Following FY 2012 Results ?
• Thu, May 24, 2012Fifth Street Finance To Buy-Back Stock
• Mon, April 2, 2012Apollo Investment Raises $50mn From Parent. We Are Not Excited.
• Mon, March 19, 2012Business Development Companies Raising Debt In the Public Market: Who Should Be Cheering ?
• Tue, January 24, 2012Fifth Street Finance Raises New Equity
• Wed, October 26, 2011Venture Capital Investing Up In IIIQ. Impact On BDC Players.
• Thu, October 20, 2011Introducing TICC Capital’s New Ground Breaking CLO Report
• Wed, October 19, 2011Kayne Anderson Energy Reports Earnings Through August 2011
• Wed, October 19, 2011Main Street Capital Raises New Equity
• Tue, October 18, 2011Compass Diversified Sells Staffmark Holdings. We Evaluate the Impact.
• Mon, October 17, 2011Ares Capital Plans To Raise More Equity. Targeting Portfolio Acquisition ?
• Wed, October 12, 2011EARNINGS: Saratoga Investment Reports Earnings For Period Ended August
• Mon, October 10, 2011DIVIDEND: Compass Diversified Announces Dividend Unchanged At $0.36
• Mon, October 10, 2011CORRECTED VERSION: BDC ETFs Report Dividends And Juicy Yields
• Mon, October 10, 2011ANALYSIS: BDC Earnings Season Round The Corner. What We Expect In Broad Brush Terms.
• Sun, October 9, 2011DIVIDEND: Kayne Anderson Energy Announces Unchanged Dividend
• Thu, October 6, 2011Excerpt of Interview With BDC Super Analyst Vernon Plack.
• Thu, October 6, 2011Zacks Neutral On American Capital.
• Thu, October 6, 2011American Capital Books New Business. Baby Steps ?
• Wed, October 5, 2011PennantPark Floating Rate Capital Announces Monthly Dividend. Increased Pay-Outs Ahead ?
• Wed, October 5, 2011Horizon Technology’s Third Quarter Portfolio Update. We Don’t Learn Much.
• Wed, October 5, 2011Apollo Investments Adds New Medium Term Debt. Good News/Bad News.
• Wed, October 5, 2011Hercules Technology Continues To Expand. Opens Office In Virginia, Hires New MD.
• Tue, October 4, 2011MCGC Capital Gets Told No By the SBIC. Deja Vu All Over Again.
• Thu, September 29, 2011UPDATE: Saratoga Shareholders Approve Stock Sale Below NAV
• Mon, September 26, 2011Saratoga Investment Wants To Raise Equity Below Net Asset Value. We Tell You Why.
• Tue, September 20, 2011Link And Comments To Article in “Pensions & Investments” about BDC Industry
• Sun, September 18, 2011Horizon Technology Gets Told No by the SBIC
• Fri, September 16, 2011American Capital Changes Course, Announces Big Buy-Back
• Mon, August 22, 2011Apollo Investment Trades Below Book. Opportunity Or Trap ?
• Mon, August 1, 2011Solar Senior Capital – No coverage yet.
• Mon, August 1, 2011New Mountain Finance Corp. – No coverage yet.
• Mon, August 1, 2011Full Circle Capital – No coverage yet.
• Mon, August 1, 2011Golub Capital Adds Additional Financing
• Mon, August 1, 2011Medallion Financial Exits TARP
• Mon, June 27, 2011Main Street Announces New Investment, Rapid Expansion Of Balance Sheet.
• Mon, June 20, 2011NEW ANALYSIS ! Impact Of A Potential Recession On the BDC Industry.
• Mon, June 20, 2011Horizon Technology Finance Arranges New Financing. Another Brick In The Wall.
• Tue, May 31, 2011UBS Launches The First Leveraged Exchange Traded Instrument. We Poke Around And Comment.
• Wed, May 25, 2011New BDC Company Launched. BDC Industry Ranks Growing Fast.
• Fri, May 20, 2011Impact of Loan Refinancings on Upper Middle Market BDCs
• Tue, May 3, 2011Overview Article on Investopedia About BDC Industry
• Sun, May 1, 2011Market Vectors About To Launch First ETF Of BDC (And Finance) Companies
• Tue, April 26, 2011Implications for Biggest BDCs If Earnings Disappoint
• Wed, April 20, 2011Wells Fargo Launches BDC Index. We Deconstruct And Comment.
• Thu, April 14, 2011A One Year Anniversary Review of THL Credit
• Wed, April 13, 2011Golub Capital Announces New Loan Activity. We Review Earnings Estimates.
• Wed, April 13, 2011Portfolio Company of Compass Diversified To Go Public. Big News ?
• Mon, April 11, 2011Hercules Technology Prices Its Convertible Note. Two Thumbs Up.
• Fri, April 8, 2011Benefits And Disadvantages of Fifth Street Finance’s New Convertible Debt.
• Thu, March 31, 2011Golub Capital Raises Additional Equity. We Look Forward.
• Thu, March 31, 2011Kohlberg Capital Wants To Sell Stock Below NAV. We’re Not Excited.
• Wed, March 30, 2011Hercules Technology Renews Credit Facility
• Wed, March 30, 2011Fifth Street Locks In SBIC Funding at Low Rate
• Fri, March 25, 2011Mulling The Rumour of an American Capital Sale or Restructuring.
• Thu, March 10, 2011What’s Happening At Blackrock Kelso. A Few Ideas And Some Calculations.
• Thu, March 3, 2011Hercules Technology IVQ 2010 Results At First Blush
• Tue, March 1, 2011Ares Capital Reports IVQ 2010 Results. Our Initial Reaction.
• Mon, February 28, 2011Hercules Technology Expands Investment Staff. Balance Sheet To Follow ?
• Fri, February 25, 2011Ares Capital Redeem Its Unsecured Notes As Part Of Reducing Risk And Lowering Cost Of Capital
• Fri, February 18, 2011THL Credit Continues To Increase Loan Portfolio At a Rapid Clip
• Fri, February 18, 2011Temporary Departure of Joe Massoud Hammers Compass Diversified’s Stock Price
• Thu, February 3, 2011What the Private Equity Index Means To the BDC Industry
• Thu, February 3, 2011PennantPark Investment Announces Record Earnings for the Quarter
• Thu, February 3, 2011NEWS: PennantPark Investment Increases Its Dividend By 1 Cent A Quarter
• Wed, February 2, 2011New Feature on the BDC Reporter: Your Comments. Learn More Here.
• Tue, February 1, 2011Kohlberg Capital Pays Off Its Debt. What’s Next ?
• Tue, January 25, 2011Newest BDC Medley Capital
• Thu, January 20, 2011The BDC Industry’s Changing Approach To Balance Sheet Risk Following the Great Recession. Part I of II.
• Sat, January 15, 2011Another two new Business Development Companies in formation
• Wed, January 5, 2011Compass Diversified Announces 4th Quarter 2010 Dividend
• Tue, January 4, 2011Prospect Capital Earnings and Dividend Outlook
• Tue, November 23, 2010Highlights from Fifth Street Finance’s November Newsletter.
• Mon, November 22, 2010Solar Capital Raises Equity, Repays Debt. Makes Sense To Us.
• Mon, November 15, 2010Saratoga Investment Announces Stock Dividend.
• Tue, November 9, 2010Ares Capital And Hercules Technology Raise More Equity. We Muse About What It All Means.
• Tue, November 2, 2010MCG Capital Reports Mixed Results for IIIQ. Read All About It.
• Mon, November 1, 2010Gladstone Investment Books A New Investment. We Comment.
• Wed, October 27, 2010Stifel Nicolaus Lower Golub Capital To Hold. Just Passing On The News.
• Mon, October 25, 2010Preview: Apollo Investment’s Earnings
• Tue, October 19, 2010Highlights from the Saratoga Investment Corp Conference Call. We Learned Very Little.
• Mon, October 18, 2010UPDATED ! Blackrock Kelso Raises Equity. Again.
• Fri, October 15, 2010UPDATE ! Ares Capital Raises $200mn of 30 Year Notes. Good Insurance ?
• Fri, October 15, 2010Deconstructing Fifth Street Finance’s Investor Newsletter. We Come Away With Mixed Feelings.
• Thu, October 14, 2010Ares Capital About To Raise 30 Year Money. Our Initial Analysis.
• Wed, October 13, 2010Fifth Street’s Tannenbaum On Bloomberg. We Summarize.
• Tue, October 12, 2010Fifth Street Finance Fixes Very Low SBIC Borrowing. We Consider Implications For BDC Industry.
• Wed, October 6, 2010Apollo Investment Raises Medium Term Debt. Two Cheers From the BDC Reporter.
• Wed, September 1, 2010Triangle Capital: Dividend Outlook [NEW FEATURE !]
• Wed, August 18, 2010Pennant Park Raises New Equity. Dividend Seems Secure.
• Fri, July 23, 2010New Article From Investopedia On Solar Capital
• Thu, July 22, 2010MVC Capital Announces A 12 Cent Dividend–Again
• Thu, July 22, 2010Proxy Firms Recommend Yes Vote on Saratoga Recap of GSC Investment
• Thu, July 22, 2010Solar Capital Adds New Loan To Portfolio
• Wed, July 7, 2010Investor’s Business Daily Article About the BDC Sector.
• Thu, July 1, 2010Kayne Anderson Energy Ceases To Be A Business Development Company. No Great Change Expected Going Forward.
• Wed, June 30, 2010Gladstone Investment Sells Portfolio Company For Big Gain.
• Thu, June 24, 2010THL Credit Adds Second Investment Since IPO. We Dig A Little Deeper.
• Mon, June 21, 2010Prospect Capital Cuts Its Dividend, As Expected. We Speculate On What Recurring Earnings Might Be.
• Thu, June 17, 2010BlackRock Kelso Prices New Equity Offering. We Wonder If Company Will Stay Conservative Or Lever Up.
• Tue, June 15, 2010Fifth Street Finance Raises New Equity Again. Balance Sheet Very Strong.
• Tue, June 15, 2010Main Street Capital Continues To Add Investments
• Mon, June 14, 2010Prospect Capital Increases Revolver, Improves Pricing.
• Thu, June 10, 2010American Capital Changes Restructuring Offer
• Mon, June 7, 2010Ares Capital Adds Three New Loans.
• Thu, June 3, 2010Prospect Capital Continues To Add Assets. We Review The Gap Between Earnings And Dividends.
• Thu, June 3, 2010UPDATED: Stifel Nicolaus Predicts American Capital Bankruptcy. Advises Sell. Market Response Suggests Maybe Not.
• Wed, June 2, 2010American Capital Extends Restructuring Deadline.
• Tue, June 1, 2010BDC INDUSTRY ANALYSIS: Possible Double Dip Recession Impact
• Fri, May 28, 2010Apollo Investment Earnings Weak. Plenty Of Capital But Earnings Outlook Poor. Dividend Safe ?
• Thu, May 27, 2010Prospect Capital Provides $15 Million in Acquisition Financing for SkillSoft
• Thu, May 27, 2010Fifth Street Finance Increases Line of Credit. We’re Impressed With The Terms.
• Wed, May 26, 2010Prospect Capital Announces Share Buy-Back Plan
• Wed, May 26, 2010MCGC Wins One, Loses One. We Speculate On What Happens Next.
• Wed, May 26, 2010Kohlberg Capital One Step From Being Delisted From NASDAQ. Appealing Decision. Embarassing.
• Wed, May 26, 2010Gladstone Investment Reports Quarterly Results. Balance Sheet Rock Solid. Needs To Book New Deals.
• Mon, May 24, 2010Fifth Street Finance Corp. Announces New Deals. Earnings Poised To Catch Up With The Dividend ?
• Mon, May 17, 2010Solar Capital Ltd. Increases Its Credit Facility to $320 Million
• Mon, May 17, 2010MCGC Urges Shareholders To Reject Western Investment’s Director Nominees
• Fri, May 14, 2010Hercules Technology To Raise More Equity ?
• Thu, May 13, 2010Solar Capital To Sell Existing Shareholders Stock. Stock Price Drops. We’re Not Worried.
• Thu, May 13, 2010GSC Investment Spells Out Saratoga Offer and Entire Sales Process
• Tue, May 11, 2010Triangle Capital Receives Second SBIC License
• Mon, May 10, 2010Highlights From The Ares Capital IQ 2010 Conference Call. Fundamentals Improving, Earnings In Flux And Outlook Rosy.
• Mon, May 10, 2010Ares Capital Reports OK IQ Earnings, Maintains Dividend at $0.35. Stabilized Earnings Unclear. Becomes Largest BDC.
• Mon, May 10, 2010Compass Diversified Reports Higher Cash Available For Distribution for IQ 2010
• Thu, May 6, 2010Gladstone Capital Earnings Reported. We’re Impressed With Liquidity. Not So Much On Earnings Outlook.
• Wed, May 5, 2010Solar Capital Reports IQ 2010 Earnings. We Give You The Highlights.
• Tue, May 4, 2010Fifth Street Finance Ups Its Dividend
• Tue, May 4, 2010MCG Capital Renews Dividend Payments. We Anticipate A Higher Dividend Ahead. Muse About The Remaking Of the BDC Industry.
• Fri, April 30, 2010MCG Capital Proxy Battle Underway. We Provide An Overview Of The Issues And The Outlook.
• Thu, April 29, 2010merican Capital Scores In Europe
• Wed, April 28, 2010FOLLOW-UP: Apollo Prices New Stock Offering At $12.4
• Tue, April 27, 2010MVC Announces $5MN Stock Repurchase Program
• Tue, April 27, 2010Apollo Investment Raises More Equity. Impact On Earnings And Dividend ?
• Mon, April 26, 2010UPDATED: BlackRock Kelso Capital Extends Credit Facility. We Worry About Lender Defections.
• Thu, April 22, 2010NEWS BRIEF: Triangle Capital Invests $12MN. We Comment On When Earnings Per Share Might Catch Up With The Dividend
• Wed, April 21, 2010MCG Capital Buys Back Debt At Discount. We Ask Why ?
• Wed, April 21, 2010THL Credit Prices Initial Public Offering of Common Stock
• Tue, April 20, 2010Major Investment Of Apollo Investment May File For Bankruptcy-CORRECTION
• Tue, April 20, 2010American Capital Raises New Equity. We’re Unclear On What Happens Next.
• Mon, April 19, 2010GSC Investment Enters Into Recapitalization Plan. Glass Half Full ?
• Mon, April 19, 2010MCG Capital Sells Portfolio Company. We Assess Impact on Future Earnings
• Fri, April 16, 2010Main Street Capital Announces New Portfolio Activity
• Fri, April 16, 2010Prospect Capital Makes Secured Debt Loan
• Fri, April 16, 2010Compass Diversified Makes Acquisitions. To Raise New Equity?
• Fri, April 16, 2010Allied Capital Acquired by Ares Capital
• Thu, April 15, 2010Hercules Technology On An Investment Spree
• Thu, April 15, 2010Gladstone Invesment Renews Line of Credit. We Discuss The Possible Bottom Line Impact.
• Wed, April 14, 2010GSC Investments Announces Recapitalization
• Thu, April 8, 2010Kayne Anderson Energy Development Company Announces Results for the Fiscal Year Ended November 30, 2009
• Fri, March 19, 2010TICC Capital: Taking A Second Look
• Tue, March 16, 2010NGP Capital: Cut And Run In Face of Reporting Delays ?
• Wed, March 10, 2010Hercules Technology Commits $25 Million to Velocity Technology Solutions
• Wed, March 10, 2010Three Dividend Stories: Main Street, Hercules and Medallion Financial
• Wed, March 3, 2010Ares Capital Blinks: Offers 20 Cent Dividend For Merger Vote
• Tue, March 2, 2010PennantPark: New Equity Offering
• Fri, February 26, 2010Ares Capital: Fourth Quarter 2009 Results Spot On
• Wed, February 24, 2010Allied Capital: Unhappy Shareholder Seeking Last Minute Better Offer
• Wed, February 24, 2010Allied Capital: Showing The Strain
• Sat, February 13, 2010HTGC: Down But Not Out
• Thu, February 11, 2010Allied Capital Rejects Prospect Capital’s Offer
• Wed, February 10, 2010Fifth Street Finance: On Track
• Tue, February 9, 2010Apollo Investment Announces Quarterly Financial Results
• Sat, February 6, 2010Pennant Park: The Good, the Bad And The Unanswered
• Thu, February 4, 2010PennantPark Investment: Results for the Quarter Ended December 31, 2009
• Wed, February 3, 2010Allied Capital: Responds to Prospect Capital Letter
• Mon, February 1, 2010Prospect Capital: Files Preliminary Proxy To Fight ARCC Acquisition of ALD
• Mon, February 1, 2010American Capital: Amends Agreement With Lenders
• Sat, January 30, 2010Wall Street Journal Article on Apollo And the BDC Industry
• Wed, January 27, 2010Kayne Anderson Energy: Announces Its NAV and Provides Guidance for Fiscal 2010
• Tue, January 26, 2010Prospect Capital: Raises Bid for Allied Capital
• Thu, January 21, 2010Fifth Street Finance Previews Results And Raises New Equity
• Thu, January 21, 2010Blackstone buys CLO of Allied Capital
• Tue, January 19, 2010Allied Capital Rejects Prospect Capital Offer
• Tue, January 19, 2010American Capital: Extends Debt Restructuring 15 Days
• Thu, January 14, 2010Hercules Technology Growth: Names New COO
• Wed, January 13, 2010American Capital Subsidiary Receives Proceeds of euro 66.8 Million from Three Exits
• Wed, January 13, 2010BDC Companies: Candidates For Distribution Reduction
• Tue, January 12, 2010Gladstone Investment: Announces Monthly Cash Distributions for January, February and March
• Mon, January 11, 2010Compass Diversified Holdings Declares Fourth Quarter 2009 Distribution of $0.34 Per Share
• Fri, January 8, 2010Main Street Capital Completes Exchange Offer for Affiliate
• Fri, January 8, 2010Kayne Anderson Energy Announces Distribution of $0.30 per Share for Q4 2009
• Thu, January 7, 2010Kohlberg Capital Charged With Securities Fraud
• Thu, January 7, 2010Ares Capital Closes Three New Loans
• Thu, January 7, 2010Gladstone Capital Seeks Approval To Sell Shares Below NAV-RED FLAG WARNING
• Thu, January 7, 2010Ares Capital’s Increases Investment In Its Asset Manager
• Wed, January 6, 2010Prospect Capital Announces Corporate Investment Grade Rating And Other News
• Mon, January 4, 2010Fifth Street Finance Corp. Announces the Structuring of $208.8 Million of Senior Secured Debt Financings
• Thu, December 17, 2009Hercules Technology: Realizes Gain From Sale Of Portfolio Company Gomez
• Wed, December 16, 2009Hercules Technology: Announces a Special Fifth Dividend of $0.04 per Share
• Tue, December 15, 2009Kohlberg Capital Declares Fourth Quarter 2009 Dividend
• Fri, December 11, 2009Hercules Technology: Portfolio Company Files Chapter 11
• Wed, December 9, 2009Fifth Street Finance Signs $195.3 Million in Term Sheets
• Wed, December 9, 2009Apollo Investment: Raising More Equity
• Wed, December 9, 2009Apollo Investment Announces Lenders’ Commitments to Extend Credit Facility
• Wed, December 9, 2009Main Street Capital Announces Monthly Dividends Through March 2010
• Wed, December 9, 2009Triangle Capital: Another Offering of Common Stock
• Thu, December 3, 2009Hercules Technology Portfolio Company InfoLogix On Rebound
• Thu, December 3, 2009Prospect Capital Closes Acquisition of Patriot Capital
• Tue, December 1, 2009Medallion Financial: Extends/Reduces Credit Facility
• Tue, December 1, 2009Triangle Capital: New Investment
• Tue, December 1, 2009Triangle Capital Declares Cash Dividend of $0.41 Per Share
• Tue, December 1, 2009Main Street Capital: A First Step On Way To Doubling Assets
• Wed, November 25, 2009Gladstone Capital Conference Call: Reasons To Worry
• Wed, November 25, 2009Main Street Capital: Still Buying Out Sister Company
• Wed, November 25, 2009MCG Capital President: Selling Stock Is OK With Us
• Thu, November 19, 2009Triangle Capital Corporation: New Investment Is Good Sign
• Wed, November 18, 2009PennantPark Investment: Earnings for Quarter and Year Ended September 30, 2009
• Wed, November 18, 2009PennantPark Investment Corporation Announces an Increase of Its Quarterly Distribution to $0.25 Per Share
• Wed, November 18, 2009Patriot Capital Shareholders Approve Merger With Prospect Capital. Who’s Next ?
• Tue, November 17, 2009Fifth Street Finance: New Revolver Means Higher Earnings
• Tue, November 17, 2009Fifth Street Finance: Insight into the Lower Middle Market
• Fri, November 13, 2009Fifth Street Finance Corp. Increases Its 2010 Dividend
• Fri, November 13, 2009GSC Investment Corp. Declares $1.825 Dividend Per Share
• Wed, November 11, 2009HTGC: Working Out InfoLogix In Public
• Tue, November 10, 2009PSEC: One Step Back, Two Steps Forward ?
• Mon, November 9, 2009KCAP: 10-Q Delayed And Earnings Highlights
• Mon, November 9, 2009PSEC: Selling More Stock
• Mon, November 9, 2009CODI: Earnings for IIIQ 2009
• Mon, November 9, 2009HTGC: New Investment
• Thu, November 5, 2009Medallion Financial: IIIQ 2009 Earnings
• Thu, November 5, 2009Apollo Investment:IIIQ 2009 Earnings-FLASH
• Thu, November 5, 2009Ares Capital Corporation: IIIQ 2009 Eearnings
• Thu, November 5, 2009TICC Earnings For IIIQ 2009
• Sat, October 31, 2009Ares Capital: Preview of Bad Debt Outlook
• Tue, October 27, 2009Ares Capital: To Buy Allied Capital
• Wed, October 21, 2009Hercules Technology: Good News for Portfolio Companies
• Wed, October 21, 2009Fifth Street Finance Releases Its October 2009 Newsletter
• Sat, October 17, 2009American Capital: $66mn from Sale of Imperial Supplies