The BDC Reporter tackles a difficult and sensitive subject where Prospect Capital is concerned: the viability of its portfolio investment valuations.
We assess the likely realized losses to be booked by two BDCs in the wake of a debt-to-equity restructuring of an engineering company.
We annotate Prospect Capital’s IIQ 2022 earnings conference call transcript and find ourselves needing to butt in regularly to set the record straight or to provide more context than management of the BDC discloses.
All the indices were in the black and were joined by the BDC sector, which continues to trade towards a record level. Two very different BDCs reported results and a conference call was held. All in all, BDC earnings season grinds on with very little in the way of unpleasant surprises.
For a second day, the markets were all over the place but the BDC sector moved up in price. We discuss how BDCs have performed so far in this mini-crisis. Otherwise, we learn more about a new portfolio company at Horizon Capital and a troubled borrower causing worries for two public BDCs.
In December, BDC Fixed Income prices rose even as the number of public issues dropped. We review the latest data and how this segment of the debt market has evolved since 2012 and what is likely to lie ahead.
The major indices slumped just before the close but the BDC sector stood steady. The BDC Reporter kept busy with the review of a new financing facility for a large cap BDC and further credit updates. Plus, we updated the BDC Fixed Income Table.
The markets – including the BDC sector – stopped worrying about omicron – at least for a day. Prices jumped. In the news, a mid-sized BDC raised new capital for the third time in weeks and a large cap BDC continued to double down on real estate investing.
Finally, the BDC sector breaks a 52 week price record. There’s plenty of other news including two earnings releases, an unexpected dividend increase and a planned new public debt issuance.
Most indices – and the BDC sector – moved up marginally in price on Monday. Elsewhere, a BDC tried and failed – again – to buy back its expensive debt. Also, we share two new troubled companies written about in the BDC Credit Reporter.
The markets move up for a second cday, with the BDC sector following some way behind. We review several BDC news items – none very important – and have a mouthful to say about the credit outlook for the lower middle market.
All the major indices were in the red, including the BDC sector – just less so. At long last, a smaller BDC published its 10-K, officially ending BDC earnings season. Also one large cap BDC added new lenders and another made a presentation at a (virtual) conference.