The external manager of Horizon Technology Finance is getting acquired by a larger group. We review the details and see how the BDC’s shareholders will fare. Spoiler Alert: Keep your expectations low.
A venture debt famous for maintaining a very stable dividend level for years has just announced a big increase for 2023. There may be even more to come.
Horizon Technology Finance is back in what has been a moribund public market for unsecured medium term debt. We discuss the likely reasoning for the move and the implications for the sector as a whole.
The BDC Reporter annotates the IQ 2022 conference call of the fast growing venture debt lender Horizon Technology Finance. Recent performance has been laudable but – with a recession in the offing – the BDC faces a number of challenges which could make for a bumpy ride.
Records were broken amongst the major indices on Wednesday, but not for the BDC sector. Also, a venture-debt BDC issued new stock in a contrarian move.
For a second day, the markets were all over the place but the BDC sector moved up in price. We discuss how BDCs have performed so far in this mini-crisis. Otherwise, we learn more about a new portfolio company at Horizon Capital and a troubled borrower causing worries for two public BDCs.
The BDC rally rolls on, breaking new records. In major news, the leading BDC is selling new stock and a venture debt BDC provides a preview of some key data.
We annotate Horizon Technology’s IIIQ 2021 conference call transcript, offering analysis, context and a warning.
For a second day in a row, the BDC sector failed to follow the major indices upward. Also, BDC earnings season begins with high expectations and three BDCs do not disappoint. There’s other news besides on a busy day for BDCs.
Another up day for BDC stock prices, and for most of the indices. News-wise, a venture debt BDC recaps the quarter’s activity; an unchanged distribution is announced and yet another player returns to the unsecured debt issuance well on favorable terms.
The major indices were mixed and the BDC sector was flat on the opening day of the last week of September. The only news came out of two well regarded venture lending BDCs.
BDC prices – but not the major indices – hit an air pocket. We speculate as to the reasons and explain why we’re not sweating – yet. We also mention some miscellaneous BDC news.
On day two of BDC earnings season, the market leader offered up the biggest headlines. However, there was also some smaller BDC stories worth noting.
BDC prices slumped slightly on the day. BDC earnings season began with one disappointing result and one as expected. Also, we were surprised by a very inexpensive unsecured debt offering by a well regarded BDC.
Over the past two days BDC sector prices have dropped, but not very far. Also one BDC has reported earnings and two others provided previews of second quarter activity.
