The week ended May 26, 2023 had all sorts of developments, including the last BDC to report IQ 2023 earnings; details on a new Baby Bond; a dividend increase and much more. There are also multiple credit headlines from BDC Credit Reporter.
Horizon Technology Finance has managed to undertake an accretive equity capital raise at a difficult time for venture-debt BDCs. We crunch the numbers and consider the implications.
Using an article in the FT about a rise in corporate bankruptcies as a starting point, the BDC Reporter offers our view as to whether we are headed into a credit crisis.
The markets were not deterred by gridlock in Washington about the debt ceiling. The BDC sector came to the end of first quarter earnings season relatively optimistic on the back of record earnings, with more growth to come. Is a return to rally mode next?
Oxford Square has just launched a transferable subscription rights offering in a bid to raise new equity. The BDC Reporter discusses the high stakes involved.
Horizon Technology Finance is expanding its Revolver. We review where the BDC’s leverage and liquidity stands and the opportunity ahead for all venture-debt BDCs like Horizon.
We are using the announcement of a new Gladstone Investment transaction to delve into the different strategic approaches being employed by BDCs in the lower middle market, and how that’s paid off for shareholders over the long term.
After 3 weeks of data mining, the BDC Credit Table is up-to-date and almost complete, with only one BDC having not yet reported its IQ 2023 results. We discuss the credit highlights from what turned out to be a surprisingly uneventful 3 months.
With the macro picture still bleak, BDC prices nevertheless moved up this week. Whether this is a flash-in-the-pan or the beginning of a rally is not yet clear, but long term the outlook – in the eyes of the BDC Reporter – is clear-cut.
Re-published from the BDC Credit Reporter is a IQ 2023 credit review for the largest BDC out there – Ares Capital. The data and commentary are almost completely drawn from the BDC itself and is part of a series Credit Reporter is undertaking.
We use the opportunity of an article in Bloomberg about a spate of recent bankruptcies to cool the rhetoric about what is happening in credit – especially where public BDCs are concerned.
Despite a robust earnings season, BDC sector prices continue to disappoint – a phenomenon now over a year old. To provide perspective we review how BDC prices have fared in the historical short, medium and long term and peer – as best we can – into what lies ahead.
The BDC Reporter provides key highlights from WhiteHorse Finance’s IQ 2023 earnings conference call and offers some concluding thoughts.
Sixth Street Specialty raises new equity capital. We review the numbers and the likely impact on the BDC. We also place this development in a broader BDC context and what it might mean for the future of the sector.
Smack in the middle of earnings season, Oxford Square has announced a rights offering. As we discuss, this seems like an essential move to shore up the BDC’s much deteriorated capital base but also raises important questions that shareholders will grapple with in the weeks ahead as final details are announced.
A Middle Eastern investment firm has just acquired a major stake in the largest venture-debt BDC. We offer up what we know.
BDC investors – after a fortnight of indecision – voted with their feet, causing a broad-based drop in prices. We review the numbers and offer a dark guess at what comes next.
We describe how Prospect Capital reached a record low price on May 2 and speculate as to the reasons why. This previously popular BDC has fallen drastically out of favor.
Oxford Square reports unchanged earnings and distributions and even an increase in net book value. Is everything tickety-boo at the BDC? The BDC Reporter has thoughts.
We review all the key aspects of BlackRock Capital’s IQ 2023 performance and seek to understand why the BDC fails to get attraction with investors.
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