Fifth Street Floating Rate (FSFR) has just been informed that one of its shareholders is not happy and wants to have two of its principals elected to the Board and get shareholders to fire the company's existing investment adviser, a subsidiary of Fifth Street Asset Management (FSAM). Mr Market cheers, but the BDC Reporter is not yet convinced, and...
ISS-an independent proxy firm-flip flopped and recommended TICC Capital (TICC) shareholders vote FOR making Benefit Street Partners the new Investment Adviser. We provide details of the change of heart, and handicap the outcome of the Special Shareholder's vote on December 22.
We have to suspend sending out our Daily Newsletter to BDC Reporter's many subscribers. We might send out a Weekly Summary in 2016. We remind readers of the various sites on which we are active, and offer up email contact information. We wish everyone Season's Greetings.
As you may have heard, the Federal Reserve raised short term rates on Wednesday. Here is a brief review of the impact on the Business Development Company sector, and similar companies, two days in. There are winners and losers early on. Longer term determining who will gain and who will lose is much more complex.
The BDC Reporter takes a snapshot of the BDC sector just before the Fed announcement, and two years into its price meltdown. We discuss both some long term trends and illustrate with a few individual case studies. We end with a few not very startling conclusions and a prediction. We also let readers know how we are deploying capital...
After sparring with a Federal judge and contender NexPoint Advisors, TICC Capital (TICC) is back and has re-scheduled the Special Shareholder's meeting that will decide if Benefit Street Partners (BSP) will be handed the investment advisory keys, and the current manager a big-if still undisclosed- cheque. We bring the narrative at TICC up to date. First of a two...
Link to a new article we published on Seeking Alpha which digs deep into Fifth Street Finance's (FSC) 10-K for the year ended September 30, 2015. The focus of this first article is on financial issues such as income, earnings, leverage and asset valuation.
American Capital (ACAS) announces a "strategic review" even as the company prepares to spin off the bulk of its assets into a new Business Development Company in a nod to pressure from its major shareholder, activist hedge fund Elliott Management. Will this "unlock shareholder value" or go nowhere ?
A reader of the BDC Reporter is an investor in BDC Baby Bonds, and had some questions about our view of their creditworthiness, especially in the light of new BDC legislation wending through Congress. A back and forth Q&A ensued which we are tidying and republishing for our readers.
Under-performing KCAP Financial (KCAP) was approached by its 3rd largest shareholder in October, requesting a stock buy-back or a sale of the Company to restore shareholder value. We review the activist shareholder's views, and provide an update on what has happened to date. Part of a series.