The BDC fixed income sector continues to reach new price heights, but the future for BDC public debt is in doubt.
BDC earnings season begins with strong results from three very different BDCs as the sector remains at new price highs. We also share two important credit developments that affect multiple BDCs, drawn from the BDC Credit Reporter.
A previously troubled portfolio company of both Portman Ridge Finance and Saratoga investment is on the road to recovery.
Saratoga Investment issues new unsecured debt. The BDC Reporter untangles what has become a complex debt structure for a smaller BDC.
Nearly thirteen years after investing in a foundry company, Saratoga Investment gets paid out. We briefly review the history of this long held debt and equity investment and its apparent resolution.
Saratoga Investment is the first BDC to report fourth quarter 2020 results – albeit through November. The BDC Reporter reviews the latest performance and what we might learn more generally about the state of the BDC sector.
In advance of Saratoga Investment’s upcoming earnings release, the BDC Reporter surveys the risks and opportunities of investing. We even offer up a 5 year price target for anyone interested in long term projections.
The BDC Reporter has a first look at Saratoga Investment’s just-announced quarterly results, as well as the 10-Q and Investor Presentation.
The BDC Reporter provides some color on what to look out for when Saratoga Investment reports quarterly results shortly.
The median price of the BDC Fixed Income issues we track dropped for a second week in a row. Nonetheless, other data suggests the public BDC debt sector is headed for expansion and higher prices.
Saratoga Investment issues a new publicly traded Baby Bond – first since the current crisis. We analyze the impact on the BDC’s balance sheet; earnings and liquidity as well as what this might mean for BDC debt issuance in the weeks ahead.
The BDC Reporter annotates a very long Saratoga Investment IQ 2020 conference call transcript, and weighs in on the controversy about the BDC’s dividend suspension. Plus, we offer new analysis about liquidity; the BDC’s CLO and much more.
The BDC sector did not move much overall from a price standpoint for a third week in a row and despite the beginning of earnings season. Big uncertainties,though, remain which the BDC Reporter discusses.