The major indices dropped again. This time the BDC sector followed, but remains close to its highest levels. Outside of Main Street’s IVQ 2021 update – covered in a separate article – there were two credit developments worth knowing about.
New Mountain Finance announces an extension of its share repurchase program. The BDc Reporter uses the opportunity to review the BDC’s history and approach to buying back its own stock.
Fitch Ratings updates its view on New Mountain Finance. The BDC Reporter analyzes the rating group’s press release and offers its own – very similar – evaluation. This includes initiating our own unsecured debt rating for the BDC’s only Baby Bond.
One of the larger New Mountain Finance portfolio companies that was performing normally as recently as year end has filed for Chapter 11. We bring readers up to date with an article re-published from the BDC Credit Reporter written just hours after the filing.
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.
We re-publish a BDC Credit Reporter about yet another BDC portfolio company bankruptcy. First, though, we pen a bromide about the “fair market” valuation system and how investors can be misled by the methodology employed.
For the last time – given that BDC earnings season launches this week – the BDC Reporter updates its compendium of all BDC developments since the Covid-19 crisis began. Plenty of items to review, but less than we expected.
New Mountain Finance joins the long list of BDCs providing updates to its “stakeholders”. The BDC Reporter annotates the letter.
The BDC sector dropped back again last week after a head fake the week before. We review the numbers and evaluate what we’ve been learning from the BDCs themselves all week and what remains unknown.
Yet another development at a troubled BDC-financed company that the BDC Reporter has been writing about for a year now. Given that four BDCS – including three public players – have sizeable exposure, we have chosen to republish an article from the BDC Credit Reporter, and provide a preamble explaining why this is a company worth following the progress of.