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.
There are 4 news item on the agenda from the BDC sector on Thursday April 15, 2021 and the completion of a two part credit review of the largest BDC player.
Gladstone Investment had two big successes in the IVQ 2020 which boosted its results. However, the BDC Reporter takes a nuanced view after looking through the 10-Q.
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.
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.
