As the BDC market moves downward into new lows, the BDC Reporter provides a quick update on the fly and makes a pitch.
One of Monroe Capital’s largest investments is liquidating. We review the timeline and the implications for the BDC’s reputation, stock price and future outlook.
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.
Hercules Capital calls a Baby Bond in nearly 6 years early. We discuss the details in the context of the BDC’s liability management and project what HTGC might do next.
With no earnings on the docket and the FS Investment-Corporate Capital Trust merger completed and the markets hyper-ventilating, the BDC Preview focuses mostly on what we’ll be watching rather than doing in the week ahead.
The risk free rate falls out of bed. BDC Fixed Income prices stabilize and the BDC Reporter projects the total return for 2018.
Not as bad a week for the BDC sector as other investors experienced, but the trends remain to the downside. We look to 2019, and name the BDCs that might have credit struggles, but remain optimistic slumping markets notwithstanding.
The BDC Reporter annotates the Oaktree Strategic Income Conference Call transcript in our unique feature. We have a large number of comments, rhetorical questions and asides.
The BDC Reporter annotates the Medley Capital FY 2018 Conference Call transcript and discusses multiple items discussed and some of those omitted.
The FS Investment-Corporate Capital Trust merger has gone through as expected. Looking forward, we review the biggest challenge facing the newly enlarged and renamed BDC.
Another week, another BDC Preview. We discuss the market; the latest and last BDC to report earnings; the merger of the year and two BDCs surprisingly trading down.
The BDC Fixed Income mini slump pauses for the week. We also discuss at length a new and unusual Prospect Capital BaBy Bond and its implications for the sector as a whole.
The week after Thanksgiving was a positive one for BDC common stocks. We also discuss how the sector has performed over a 1 year and 5 year time frame to keep returns in perspective. Glass half full or half empty ?
After reading the transcript of Golub Capital’s Conference Call which discussed its higher leverage plan, we’ve returned to the drawing board/word processor and updated our earlier numbers and conclusions.
Golub Capital – amidst a flurry of major changes – adopts the higher leverage allowed by the Small Business Credit Availability Act. We estimate what the pro-forma numbers will look like and discuss liquidity and risk management.
New Mountain Finance is moving quickly to re-make its balance sheet to take advantage of the Small Business Credit Availability Act. The methods adopted and the pending results will be illuminating for all BDC investors.
FYI: Two BDC asset manager parent organizations are changing their legal status.
The BDC sector fared better than expected in Thanksgiving week but will that continue if the major markets continue into bear territory ? Whatever happens to sector prices, it’s going to be a pretty busy week with three BDC earnings releases to look out for, including the status of an ongoing turnaround and a major shareholder vote just round the corner.
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