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.
Another week of BDC Earnings Season and another week of a sector-wide price rally. We review the highlights of both, and add some context about longer term trends underway.
We review how BDC Fixed Income prices reacted to the latest “black swan” event, and how ever lower yields on new issues is bifurcating the debt market, with long term consequences for issuers and investors alike.
The stock markets may have pulled back on coronavirus fears but BDC Fixed Income prices did not flinch. Also notable during the week was an unexpected change of heart by a rating group and also one new debt issue and one debt redemption. Looking down the road, we also question how the public BDC debt space might change in the months ahead.
The BDC rally hit an unexpected pothole this week, putting any further price expansion on hold. In terms of news, there was little to report except a setback for a long standing BDC lobbying campaign, but there’s hope yet.
The BDC sector follows the major indices higher in the week ended January 17. We discuss some of the winners in price terms for the week and one notable loser and speculate where BDC prices might go once earnings season begins shortly.