After reading the transcript of Golub Capital’s Conference Call which discussed its higher leverage plan, we’ve returned to the drawing board/word processor and updated our earlier numbers and conclusions.
Golub Capital – amidst a flurry of major changes – adopts the higher leverage allowed by the Small Business Credit Availability Act. We estimate what the pro-forma numbers will look like and discuss liquidity and risk management.
Golub Capital receives a much-requested letter from the SEC which will assist in keeping borrowing costs low. Also, an opportunity for the BDC Reporter to discuss little understood funding risks.
Golub Capital continues to rework its borrowings. The BDC Reporter provides an update and discusses the broader picture of BDC liability management – and what that might mean for shareholder risk and return – in a new age.
Golub Capital reports that its Joint Venture shrunk in size. Again. We review the numbers; the possible impact on earnings and speculate as to why.
Golub Capital is redeeming one of its two on balance sheet CLOs. We discuss why and the possible impact on the BDC’s liability management and its earnings.
Another good week for the BDC Sector and most of its constituents, as the rally marches on. We discuss myriad metrics and look at the length of the runway.
Prospect Capital is buying back its debt. The BDC Reporter has a look at the move in light of the BDC’s broader liability management challenges and with both debt and common stock investors in mind.
Golub Capital announces a shrinking JV. We speculate if there’s something afoot.
A Wild Week for both the markets and the BDC Sector. Maybe we reached a turning point in BDC history with the new looser leverage rules. Many asset managers think so and some analysts but the BDC Reporter has doubts.
Up, down and all around the BDC Sector moves in this past week. However, the Ides of March still point mostly to Down, as we illustrate.
No news to speak of, but much going on in the markets for BDC stocks and many earnings releases to come. One BDC falls a little further down a steep slope.
BDC common stocks step away from the precipice, but only a couple of steps…
A weird week where BDC common stocks are concerned. Two major developments in Fixed Income.
The new year begins modestly for BDC common stocks, but there are winners and losers worth mentioning. Fixed Income issues are stable – as always – but face an existential dilemma.
