BDC sector prices increased for a record 4th week in a row. We assess where the sector has landed price-wise and what the short term and long term might bring. Unusually, the BDC Reporter has more confidence in its view of the latter than the former.
The BDC Reporter undertakes a great deal of commentary and analysis while annotating Barings BDC’s IIQ 2022 conference call. We cover issues both relevant to Barings BDC itself and the BDC sector more generally. Settle in for a long read or focus on the highlights at the top.
Updated August 11,2022
A couple more BDCs reported IIQ 2022 results including Cion Investment and Blackstone Secured Lending. The BDC Reporter updated the BDC NAV Change Table and Credit Table, wrote a full fledged annotation of Cion’s earnings call and summarized what happened in the BDC market in the penultimate day of what has been a uber-busy week.
Newly public Cion Investment – whose stock has tanked in recent months – has reported IIQ 2022 results which include a sharp increase in its dividend. We annotate the BDC’s conference call transcript.
First Eagle Alternative Credit may have increased its dividend but its NAV Per Share dropped sharply, raising many questions which the BDC Reporter reviews in the BDC’s earnings conference call transcript for the IIQ 2022.
The BDC Reporter annotate an unusually optimistic conference call from Carlyle Secured Lending Fund, and provides the key highlights.
We annotate and provide highlights from OFS Capital’s IIQ 2022 earnings conference call.
The BDC Reporter annotates the earnings conference call of investor favorite Main Street Capital and reviews such topics as the outlook for earnings and distributions, credit quality and more.
The BDC stock price rally rolls on and we have the numbers to prove the point. We also review what we’ve learned more than halfway through earnings season ands what might lie ahead for the BDC sector.
The BDC Reporter annotates – and provides highlights – of TriplePoint Venture Growth’s second quarter 2022 earnings conference call and finds the venture-BDC remarkably bullish.
The BDC Reporter annotates BlackRock Capital’s IIQ 2022 earnings conference call and wonders how long shareholders will have to wait for the BDC to catch up with the rest of its peers.
The BDC Reporter annotates Owl Rock Capital’s IIQ 2022 earnings conference call transcript and summarizes the key take-aways.
The BDC Reporter annotates Horizon Technology’s IIQ 2022 earnings conference call transcript and offers highlights for readers in a hurry.
Apollo Investment is going to change its name and ticker symbol and much more besides. The BDC Reporter analyzes whether the BDC’s proposed transformation will be truly “transformative”.
The BDC Reporter updates the Fixed Income Table and shows how Baby Bond prices have been changing recently, YTD and over the long term. We also get out of the business of projecting early Baby Bond redemptions.
We annotate Ares Capital’s IIQ 2022 earnings conference call with analysis and commentary.
The BDC rally continues for yet another week, boosted by sentiment across all markets and higher earnings from rate increases. We review the data and discuss the alternative scenarios going forward over various time frames.
We re-publish an article from the BDC Credit Reporter about a non performing portfolio company of both Ares Capital and SLR Investment. We focus mostly on the possible impact of the company’s valuation on SLR Investment, which has not yet reported IIQ 2022 results.
After hours on Thursday, Ares Capital announces its intention to raise additional equity capital. The BDC Reporter evaluates the new initiative on the fly and before the pricing is even set.
Investors are in an optimistic mood, as reflected in all markets – including the BDC sector – this week. We review the numbers and go on to warn that ups and downs of 2022 may last for a long time yet. The upcoming IIQ 2022 BDC earnings season may prove more confusing than illuminating.
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