We are using the announcement of a new Gladstone Investment transaction to delve into the different strategic approaches being employed by BDCs in the lower middle market, and how that’s paid off for shareholders over the long term.
We undertake a deep-dive into both Gladstone Capital and Gladstone Investment’s latest dividend announcements, their payout trends and the factors which affect them.
Notwithstanding the gloomy market conditions, the parade of BDCs announcing higher distributions of late continues with Gladstone Investment.
All the indices were in the black and were joined by the BDC sector, which continues to trade towards a record level. Two very different BDCs reported results and a conference call was held. All in all, BDC earnings season grinds on with very little in the way of unpleasant surprises.
BDC sector prices break out to a new 52 week high as a rally gains steam. Plus, two BDCs announce distributions and two others divulge new investments and a troubled company gets acquired.
Whereas the major indices dropped, the BDC sector increased in price on Tuesday. Also, two BDCs announced distributions: one increased and one unchanged, and a large cap player pays off expensive debt.
As the major indices zagged upwards, the BDC sector zigged down on Thursday. Also, a well respected CFO leaves a mid-sized BDC and another BDC swaps out one long standing secured lender for another.
BDC sector prices came roaring back after Thursday’s sharp drop. Otherwise, though, there was little news except that credit conditions continue to improve.
For a second day, both the major indices and BDC sector prices pull back. Also a larger BDC issues new debt at a very low yield while a peer redeems its Term Preferred, plus another BDC discloses insider ownership
BDC prices move up for a third day; close on the heels of the major indices. Also we discuss Crescent Capital’s earnings challenge and two developments at Gladstone Investment.
The broad indices and BDC sector prices were relatively muted on Wednesday. However, there were two important moves in the BDC fixed income arena getting underway.
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.
BDC prices were down on Tuesday, after being up on Monday. We also discuss two related BDCs which have just announced new distributions and review their valuations and outlook.
BDC prices barely budged after the holiday. However, there was a spate of important and not-so-important news items which the BDC Reporter has noted and analyzed.
