We use the opportunity of two recent BDC announcements to analyze what might be coming in 2023 and beyond in terms of the form and level of payouts to BDC shareholders. How this plays out could impact BDC stock prices and shareholder returns for years.
We analyze the preliminary IVQ 2022 results published by PennantPark Floating Rate in the context of the BDC’s current secondary stock offering.
We re-publish an article from the BDC Credit Reporter about the sorry state of a BDC portfolio company held by half a dozen players.
The major indices all moved up on Wednesday but the BDC sector slipped for reasons unclear. Besides Ares Capital, the two PennantPark BDCs reported strong results and a dividend increase to boot.
An up day for the major indices, flat for the BDC sector. Plenty of news including an earnings release; a dividend and some big equity gains getting harvested.
BDC sector prices rose sharply on day two of 2022. One BDC announced a new investment but few details and another amended – in its favor – 4 debt facilities.
All the markets, including the BDC sector, bounced back after two days of red ink. In the news, we discuss two BDCs dividend announcements and continue to review the merger of the two SLR BDCs.
BDC prices inch up slightly but remain in a narrow range. We discuss why one BDC’s NAV and stock price dropped and two important unsecured debt offerings.
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 BDC sector was barely impacted by the “carnage” in the broader markets on Monday. On the news front, a very large BDC raised new debt on attractive terms and a smaller BDC maintained a long standing record of unchanged distributions.
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.
BDC investors are an indecisive bunch, pushing up prices sharply after last week’s decline. We discuss the principal winners on the day. Also on the docket: a new CFO for two BDCs and the post-facto capital structure at Great Elm Capital after a Baby Bond offering.
Yet another BDC price record; three dividend announcements and some credit news and company updates.
The BDC Reporter offers up a long list of BDC developments in the past 24 hours, all annotated. We also discuss the new BDC sector price record.
Corrected: PennantPark Floating Rate issues new unsecured notes. The BDC Reporter analyzes the pro-forma impact on the balance sheet and earnings.
