Here is what the BDC Reporter is working on for Friday August 25, 2017. We prepare an update on Harvest Capital’s Baby Bonds for BDC News Of The Day and briefly discuss minor items – unless you don’t like BDCs selling stock below book- at Gladstone Investment and Triangle Capital. We discuss the stocks we are tracking and alight on Prospect Capital – just before its much ballyhooed earnings release.
Here is what the BDC Reporter is working on for Thursday August 24, 2017. We prepare to write for the BDC Daily News about Goldman Sachs BDC; continue to watch several stocks and explain why and discuss our in-depth review of Monroe Capital.
MVC Capital’s stock buy-back reviewed.
The news for the week begins with an increased distribution from Newtek Business Services. We provide details, and analysis of the newer, idiosyncratic BDC’s dividend history. We follow up with a discussion of dividend policy strategies in the BDC sector and point out some of the trade-offs involved in each approach, and where Newtek sits.
The BDC Reporter takes a break from dissecting the daily news and takes a look back at the latest BDC earnings season – which is mostly complete bar a few stragglers – and comes up with a few Big Picture observations. We’re not pulling any punches and pointing out a few hard truths which readers may find enlightening or maddening, or both.
We review Medley Capital’s IIQ 2017 results.
The BDC Reporter discusses 3 BDC stocks “on the move” and uses the opportunity to describe our own investment approach and current rationales about each name in turn.
Continuing a recent trend another BDC refinances its existing Baby Bond with…another Baby Bond. But cheaper. Stellus Capital has come to market with a new bond issue. We review the key details and analyze the implications for common stock shareholders and note holders alike.
The BDC Credit Reporter notes a development in a long standing lawsuit between two prison telephony operators. BDC exposure to the two companies is in excess of $170mn.
The BDC Credit Reporter notes that a troubled security company in which 7 different BDCs have exposure has been sold to a familiar name. Good news, but more needs to be learned. BDC Exposure: $168mn.
The BDC Reporter takes a “deep dive” into Fifth Street Finance’s financial performance and outlook to determine if the recent run-up in the stock price on the back of Oaktree Capital’s impending arrival as Investment Advisor is justified by the fundamentals.
BDC Exposure: $37mn.
The BDC Reporter is skeptical that the increase in Fifth Street Senior Floating Rate’s stock price is sustainable, despite a big run-up in recent days and an apparent long way to go before getting back to book. We give 5 reasons why we doubt that the BDC’s stock price can remain at the current level for too much longer.
BDC portfolio company in the education field makes an acquisition. We discuss which BDC is involved
BDC Exposure: $137mn
We highlight some of the top stories that occurred in the BDC sector and on the pages of the BDC Reporter in the month of June for readers who like a useful summary. We also disclose our own investment choices and discuss the changes at the BDC Reporter in the past 3 weeks.
BDC Exposure: $18mn
BDC Credit Reporter discusses which of 2 BDCs with debt to Company may be at greatest risk.
BDC Exposure: $15mn.
BDC Credit Reporter discusses impact on only BDC lender: Great Elm Corporation.
BDC Exposure: $23mn
BDC Exposure: $67mn
