AICA’s timely Sector Webinar. Covering the Business Development Companies (BDCs).
Recorded on June 11th, 2020.
The webinar session covered the past 1Q20 earnings quarter and fundamental update from the listed BDC Universe of funds.
We covered the impact on nest asset value, (NAV) and net investment income (NII) as well as trends in loans on non-accrual and the fair market value of BDC loans. We looked at how different funds addressed the current challenges from COVID-19 and what trends we expect to see in the 2Q20 earnings season later this summer. Everyone gave their favorite current BDC and a piece of advice for the independent board members of the 49 listed BDCs.
We had about 25 minutes of prepared questions and commentary and then opened it up to pre-submitted and live Q&A.
CIO @ CEF Advisors and Founder/Exec. Chairman @ AICA
BDCs were created by Congress in 1980 to provide an opportunity for individual non-accredited investors to participate in private investment. Listed BDCs are publicly traded closed-end funds that provide small, growing companies access to capital. They are domestically focused and required to offer portfolio companies ‘managerial assistance’.