PhenixFin’s IVQ 2020 results are obscured by one huge dividend received. On a pro-forma basis, though, the BDC’s performance continues to decline and many questions remain about what comes next.
A portfolio company of Medley Capital is involved in Operation Warp Speed. We discuss the possible implications for the BDC’s shareholders.
The Medley story adds another twist, with an unexpected switch to internal management beginning in the new year. We offer some analysis but no definitive answers.
Medley Capital divests itself of its largest single investment. We review the details and the implications for stock and debt holders.
A third week of dropping BDC sector prices as market confidence falters. We review the three biggest losers and one of the few weekly winners and also discuss an update from New Mountain Finance and a buyback at THL Credit. We end with the inevitable review of BDC credit trends.
The median price of the BDC Fixed Income issues we track dropped for a second week in a row. Nonetheless, other data suggests the public BDC debt sector is headed for expansion and higher prices.
“What goes up will come down” as BDC sector prices proved this week as volatility resumed. Also there were other notable developments including equity capital raised; a surprise dividend and important shareholder approvals. We also discuss the surprising change the size of the BDC sector is likely to take in the days and months ahead.