The BDC Reporter continues its quixotic campaign to annotate every public BDC’s IQ 2020 conference call, armed with all the various quarterly disclosures that we’ve reviewed. With Bain Capital Specialty Finance – as elsewhere – liquidity, leverage and the outlook for credit are the most important items.
With BDC IQ 2020 earnings season at an end, is the sector oversold after dropping twice as much as the S&P 500 ? The BDC Reporter discusses in detail why that might not be the case.
The BDC sector dropped back again last week after a head fake the week before. We review the numbers and evaluate what we’ve been learning from the BDCs themselves all week and what remains unknown.
The BDC Reporter begins with the latest 8-K from Bain Capital Specialty Finance about an aspect of its financing to review what we know and can surmise about its liquidity, and its future prospects. The challenges the huge BDC faces are not unique and are instructive for anybody involved in the sector at this difficult time.
Bain Capital Specialty Finance – one of the most leveraged public BDCs -is preparing to undertake a Rights Offering – a capital raising technique not used since the Great Recession. We share the few details available before the market open and discuss the potential implications for the BDC, its shareholders and for the BDC sector generally. All written in a hurry before the open, so treat with caution.
Bain Capital Specialty Finance’s IVQ 2019 results were MIXED overall. We also update how the stock price fared from the earnings release through March 6, 2020.
After the worst week for BDC prices in nearly ten years, the BDC Reporter summarizes what happened and what might be coming next. Not for the faint of heart but necessary reading.
A mid-sized portfolio company of Bain Capital Specialty Finance is tottering on the edge of bankruptcy, after a multi-quarter downward slide. We review the details and the likely impact on the BDC’s earnings and book value.
Two weeks into February and there are 4 new loans in default amongst some of the largest non-investment grade leveraged borrowers, according to S&P Global Market Intelligence. We review which BDCs are involved; to what degree and what this tells us about the private credit industry.
The BDC Reporter re-publishes an article from Leveraged Commentary & Data about third quarter 2019 trends and uses the opportunity to discuss some of the fundamental changes going on before our eyes in how the sector does business.
The BDC Reporter summarizes the IIIQ 2019 results of Bain Capital Specialty Finance and comes to a different conclusion than the quarter before on only slightly different results.
We annotate with analysis and commentary the conference call transcript of one of the newest public BDCs – and also one of the most leveraged: Bain Capital Specialty Finance