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What’s New: January 2 – January 4, 2018

BDCs:
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What’s New: January 2 – January 4, 2018

In the three days since the working New Year Year began, the BDC Reporter has been busy, both because the news flow has been heavy right away and as we update our different data features:

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BDC News Of The Day

We’ve already added thirteen items to the Daily News Table, which can be found on the front page and in the Tools Section where our Seeking Alpha subscribers are concerned.

Here are the tickers involved: CPTA, FDUS, HTGC, HRZN, NMFC, CPTA, GSBD, MAIN and TCPC.

As we have for months: we list every BDC headline, highlight the key points, provide our view and the link to the source material, as well as disclose whether we’ve taken any investment action as a result of the development.

We also mention which tool we used to identify the news item involved and whether the BDC Reporter is the only source covering the development or there are other financial news sources.

Readers who scroll down the hundreds of chronologically organized items we’ve collected will find the BDC Reporter is often the only financial publication covering the developments, and almost always the only one providing almost immediate commentary.

On January 3, we published an in-depth look at Capitala Finance’s (CPTA) Dividend Outlook for 2018, with reams of original research into the BDC’s troubled loan portfolio.

On January 4, we published “BDC News Update: Who’s Doing What ? “, which mentioned important new developments at 5 different BDCs that we “curated” from the Daily News Table.

Fixed Income Table

On January 4, we updated the Fixed Income Table with more up to date prices for all 34 issues we track. Unfortunately, we have to undertake these updates manually.

We also updated for every Fixed Income issue that is already redeemable at will or will become so in 2018, our latest estimate of which Baby Bonds are most likely to be paid off before their nominal maturity in the year ahead.

With 18 issues potentially eligible for being called in during 2018 – more than half the total – this will be a key issue all year.

For every issue, the BDC Reporter estimates if the chances of redemption are HIGH, MEDIUM or LOW.

We’ll continue to update the Fixed Income Table through the year and the redemption estimate whenever new developments cause a change.

BDC Dividend Outlook

Our newest feature is the BDC Dividend Outlook, where we provide the BDC Reporter’s assessment of the sustainability of all 46 public BDCs distributions for the next 12 months.

On January 4, following our review of prior day review of CPTA, we made a change in our rating for the BDC.

We also updated -based on the current yields of every BDC – what the market appears to be saying about each BDC’s dividend sustainability.

In aggregate, the BDC Reporter rates 19 BDCs AT RISK or DECREASE.

Surprisingly, we find ourselves less skeptical than the market which has 22 BDCs in those two weaker categories.

ALL SUBSCRIBERS

Investment Disclosure

The BDC Reporter’s principals disclose all BDC common stock and fixed income positions held, updated for any new activity.

In addition, we provide the date and ticker symbol for all purchases and sales, whether initiating a new position or adding-on.

On January 4, 208 we updated the Investment Disclosure Table.

BDC Earnings Table

As a handy tool for readers, the BDC Reporter records all announced BDC earnings release dates, and the ensuing Conference Call.

The details can be found in the BDC Earnings Table, which is updated as announcements are made.

(We previously also listed the announcement in the News Of The Day Table but have decided to avoid the redundancy).

On January 3, added Apollo Investment (AINV) -which with Saratoga Investment (SAR) – are the only scheduled releases so far.

TERMINATED

The BDC Reporter had been providing a Watch List Table of its three main investment strategies for every BDC we track.

The so called BDC Investment Watch Lists has been discontinued because the amount of time involved updating the database whenever our views changed was prohibitive.

However, we will continue to include our own investment approach towards an individual BDC – both common stock and fixed income – in our feature articles for Premium Subscribers.

Furthermore, readers interested in knowing what we have or have not invested in can still check the Investment Disclosure Table mentioned above.

FINAL WORD

Six months after we introduced an initial registration for BDC Reporter readers, we continue to add subscribers every day.

We remind both new and existing free subscribers who would like to “test out” our Premium content that a 14 Day Free Trial is permanently on offer.

Just click on the Upgrade To Premium link at the top of the page or click here to sign up for the Premium Subscription.

Any time during the first 14 days after you sign up, if you want to cancel and ensure that you’re not charged from day 15, just click on your Profile page and unsubscribe.

If you have any problems or questions, write to our Membership Manager Alex at support@bdcreporter.com.

Even if the 14 Days have passed and you’ve not been using the BDC Reporter, let Alex know and we’ll refund you anyway.

Another way to check out much of what we have on offer (but not the Daily News Table, Fixed Income Table and Dividend Outlook Table) is to simply move back a page or two.

We make available to all our readers a huge trove of prior Premium articles one month after initial publication.

Readings any number of these articles is a useful way to sample what a premium subscription  involves, albeit in time delay.

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