The new month/week began with a modest BDC price rise. However, there was shocking news from one of the most popular – and idiosyncratic BDCs – out there just as earnings season shifted into high gear.
The BDC sector price dropped on the day, but possibly for a technical reason that we discuss. Also, the leading venture debt lender announced enviable results and another BDC dishes about a new add-ion investment.
The median price of public BDC debt moved down on the week, but not far. We also discuss what we learned from BDC conference calls about the outlook for multiple debt issues.
The BDC Reporter tries something new: annotating and commenting on the sections of BDC conference call transcripts that deal with credit matters. First up: Gladstone Investment.
Gladstone Investment announces unchanged IVQ 2020 distributions. The BDC Reporter discusses whether the BDC can continue to maintain an undisturbed payout in 2021.
After disappointing second quarter 2020 results, the BDC Reporter annotates the Gladstone Investment conference call transcript.
The BDC Reporter listened to the Gladstone Investment Conference Call and what was said about the BDC’s dividend which some investors fear may be cut as recurring earnings dropped sharply.
From the BDC News Feed: A first look at Gladstone Investment’s underwhelming results for the quarter ended June 2020.
BDC Fixed Income prices moved up sharply on the week and the sector reached a favorable milestone. However, there are still several BDCs whose future is far from assured. We name names and get into the weeds to discuss them and their specific debt issues.
Gladstone Investment returns to issuing more shares of an existing Term Preferred to boost liquidity. We discuss the possible impact on the BDC of this move and speculate as to management’s motives.