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.
For the last time – given that BDC earnings season launches this week – the BDC Reporter updates its compendium of all BDC developments since the Covid-19 crisis began. Plenty of items to review, but less than we expected.
Gladstone Investment provided a brief update as to its intentions regarding raising new equity capital (no) and paying its regular distributions (yes). The BDC Reporter seeks to guesstimate how the BDC’s liquidity and credit performance might look like going forward based on the little we know.
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.
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.
