Gladstone Investment’s business strategy is different than most other BDCs and requires a different analytical approach. The bottom line, though, is that the BDC appears to be performing as one would have expected.
We’re re-launching our weekly Credit Recap feature as a monthly – rather than a weekly. January 2024 has begun with three bankruptcies of BDC-financed companies and two exits.
We annotate where we can a very brief Oxford Square IIIQ 2022 earnings conference call.
Notwithstanding the gloomy market conditions, the parade of BDCs announcing higher distributions of late continues with Gladstone Investment.
We annotate WhiteHorse Finance’s IIQ 2022 earnings conference call. Results were stable both for profits and net book value but is a big change coming ?
The holiday-shortened week saw new records broken for BDC Fixed Income prices and much investor enthusiasm for the more troubled issuers. Plus, we discuss two business developments affecting BDC unsecured debt in a slow week for breaking news.
As expected, the two FS KKR public BDC funds are planning to merge. However, there’s an unexpected change in compensation that will leaves shareholders of the super-sized BDC much poorer.
Medley Capital divests itself of its largest single investment. We review the details and the implications for stock and debt holders.
Main Street Capital – a little late in the day – gets round to updating shareholders about the impact of the Covid-19 crisis on its balance sheet, earnings and dividends. We analyze what we’ve learned to estimate liquidity; leverage and the likely payouts to expect from this much-beloved BDC.
BDC sector prices rolled along in much the same way as in recent weeks. However, there were other multiple developments including blow-out results from one BDC and an unexpected equity raise from another.
BDC sector prices break a 2019 record on the way up. We wonder, though, where’s the usual enthusiasm associated with stock rallies, which is not showing up in much of the data. What’s more, how do high prices mesh with growing credit concerns at borrowers ?
On one hand, BDC index prices moved up again. On the other hand, other data we use to measure investor enthusiasm for the BDC sector was unmoved. We seek to reconcile this contradictory picture, while looking forward.
We review an under-performing company in FS-KKR Capital’s portfolio and segue into a broader discussion of portfolio credit risk at this very large BDC, partly managed by KKR.
We annotate Apollo Invèstment’s first quarter 2019 Conference Call transcript, with a multitude of comments.
KCAP Financial’s Board changes some of its by-laws. We review what has been altered and the impact on the BDC’s corporate governance as part of our Shareholder series.
A dissident shareholder of Medley Capital steps up late in the day. We annotate their open letter to MCC shareholders with analysis and to the point commentary.
FS Investment – just weeks away from a major merger – hits a 52 week low in price. We provide some context; throw around a few possible explanations and speculate what the BDC’s famed Investment Advisor might do in response.
TPG Specialty shareholders have voted on whether to adopt the new BDC asset coverage rules. In a follow-up article to our initial discussion of the Proxy in August, we sum up the results and pros and cons of the decision made.
The BDC Fixed Income segment is in the midst of a major change, just as prices begin to soften.
Medley Capital shuts down its Revolver. The BDC Reporter does not like how this looks before a key shareholder vote.
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