We annotate Stellus Capital’s conference call transcript after a relatively positive second quarter. However, liquidity remains constrained and investors appear undecided as to what to believe.
The BDC Reporter annotates Stellus Capital’s IIQ 2020 conference call transcript and finds many positive developments as well as some things to worry about.
Stellus Capital provides some early disclosure about its non performing loans. The BDC Reporter adds some numbers to the mix and places these credit hotspots in context. We also mention what other companies are on our watchlist.
The BDC Reporter has been evaluating every public BDC’s liquidity position since the beginning of the crisis. Stellus Capital has just announced changes in its banking arrangements that should be beneficial. We discuss the details and SCM’s overall liquidity status.
BDC Fixed Income prices seemed to be headed in one direction just a fortnight ago, but now are moving in unexpected ways. We discuss both sector trends and the path of individual issues and what the future might hold, which is likely to be very different from the past.
With BDC earnings season around the corner, the sector’s prices stabilized but individual BDCs remained highly volatile both up and down. The BDC Reporter discusses the upcoming earnings and portfolio releases and their importance in the short and longer term in what looks like a critical year in the history of the sector.
After the worst week for BDC prices in nearly ten years, the BDC Reporter summarizes what happened and what might be coming next. Not for the faint of heart but necessary reading.
A strange week for the broad markets, which filtered through to the BDC sector. We discuss short and longer term price trends; developments out of the SBA that could have major sector ramifications and note early signs of weakness in the credit markets that might make headline status in the weeks ahead.
The broad market indices bobbed around in the week and the BDC sector followed suit. We discuss two BDCs that did well, and four that did not and project out how the rest of the year is likely to play out.
A short, but positive week for BDC common stocks. Looking forward to earnings season, the BDC Reporter sees more daylight ahead.
S&P downgrades two BDCs and gets kicked to the curb. We revisit the changing risk profile of the BDC sector through the prism of yet another fund that has adopted the new higher leverage rules. Worrying but important reading.
Mixed messages about the short term direction of the BDC Sector. The BDC Reporter, though, quantifies how drastically the shape of the sector will change in the next 2 years and which could yet cause BDC prices to shift.