We re-publish a post from our BDC Best Ideas Newsletter about KCAP Financial, following the IVQ 2018 results release.
Now that KCAP Financial has become externally managed, we analyze what earnings might look like on a pro-forma basis to determine if the current dividend is sustainable.
KCAP Financial and its would-be new external manager discuss the proposed “externalization” transaction and the accompanying shareholder presentation. The BDC Reporter annotates the full transcript with all sorts of facts, comments and opinions.
Surprise ! KCAP Financial is proposing to take on a new external manager. Or is it two ? We’ve got more questions than the BDC has answers, but it’s a first cut after learning of the proposed change.
Nine BDCs have reported earnings through the close on August 2, 2018. We’ve got the highlights, the lowlights and an early idea of where the BDC sector is headed.
A quiet week, both in terms of price changes and news developments, in BDC Fixed Income. Looking around the corner, we speculate as to whether the universe of publicly traded unsecured BDC debt gets bigger or smaller.
On the cusp of the most interesting Earnings Season in years, BDC stocks remained in a narrow range. We look forward to the debate about extra leverage but also beyond…
Like in “Jaws’, the surface of BDC Fixed Income market seems calm. Underneath the surface, though, new dangers lurk. Some Note Holders might be wishing they had brought a bigger boat.
S&P speaks up about the new BDC leverage rules, expressing concern. Will the credit raters keep BDCs from borrowing to the hilt. If not the rating groups, then who ? We discuss the options and look into a glass. Darkly.
BDC Fixed Income dips in a week with monumental rules changes. We take a look and speculate about what the future might hold.
Another quiet week of BDC Fixed Income prices. However, legislation percolating in Congress could change everything.