The holiday shortened Christmas week was also the last full week of the year for the BDC sector. We recap where prices went in the few days the market was open and look back over the year as a whole. Yes, 2019 was a very good year overall for the BDC sector, but there’s more than that to consider, and we do.
The late-in-the-year BDC sector rally continues judging by most of the numbers, but the BDC Reporter remains skeptical of investor enthusiasm. Unavoidably with only two weeks to go, we begin to look ahead to price, dividend and leverage levels in the year ahead.
The BDC Fixed Income market zigged as the risk free rate zagged; a Term Preferred was redeemed and we discuss who will be next and how all that capital going out the door might return later.
We extract the key elements from the text of Gladstone Investment’s transcript of its annual shareholder meeting for shareholders interested in keeping up with the latest developments.
Gladstone Investment announces another special payout to shareholders. The BDC Reporter takes the opportunity to review the overall dividend outlook for the next 12 months and comes up with a re-rating.
Two BDCs hit 52 week highs. We review the price action, the underlying causes and assess the longer term outlook.
The week ahead promises to be jam packed, with the challenge to the Medley merger center stage. But not let’s forget the flurry of earnings releases from ten BDCs and week seven of the market rally.
Gladstone Investment sells another portfolio company. We review the details, the impact and the recent transaction activity at this busy lower middle market BDC.
The second week of BDC earnings season did not go as well as the first week. Several BDCs reported disturbing developments worth looking into, which we do.
In a press release, Gladstone Investment announces a loan repayment and equity gain. We provide a host of additional details about the transaction and it’s likely impact and review longer term trends at the BDC.
Gladstone Investment amends its Revolver, as part of a campaign to grow the BDC’s portfolio. The BDC Reporter questions whether the plans are either practical or advisable, and throws around a lot of numbers to make its point.
Gladstone Investment issues a new Term Preferred to redeem two existing issues. We provide details, analysis and a couple of predictions.
Nine BDCs have reported earnings through the close on August 2, 2018. We’ve got the highlights, the lowlights and an early idea of where the BDC sector is headed.
A bounce back in BDC Fixed Income prices during a short week. Otherwise, we learn what we can from Prospect Capital’s latest debt offerings and review likely early debt redemptions. (This is the full version of the article. An earlier version was truncated by pixies for reasons unknown).
Contradictory data about the direction of the BDC common sector, but the trend seems more to the downside than the upside.
