The major indices slumped just before the close but the BDC sector stood steady. The BDC Reporter kept busy with the review of a new financing facility for a large cap BDC and further credit updates. Plus, we updated the BDC Fixed Income Table.
The markets were mixed but the BDC sector was up – slightly. In the tumult of IIIQ 2021 earnings we discuss the differing stories of three players seeking to “cover” their distribution with earnings.
The BDC Reporter annotates Bain Capital’s third quarter conference call and is impressed by how far the BDC has come in terms of real dividend coverage. Future progress, though, is another matter.
The major indices were all in the black on Tuesday, and the BDC sector largely followed along. There was big news in the form of a BDC going public; outstanding earnings from an existing mid-sized player and yet another low yielding issuance of unsecured debt.
The BDC Reporter uses Bain Capital’s IIQ 2021 conference call transcript to point out the challenges facing the BDC, heavily subsidized by its investment advisor.
Bain Capital Specialty Finance raises new unsecured debt at a favorable rate. We briefly explain the importance of the new note issuance to the BDC.
The BDC Reporter summarizes the Bain Capital Specialty Finance IVQ 2020 results.
Bain Capital Specialty Finance announces preliminary IVQ 2020 results and a new joint venture. We discuss the positives and negatives of both.
The BDC Reporter offers up plenty of commentary about Bain Capital Specialty Finance’s IIQ 2020 conference call transcript and summarizes our assessment of liquidity, credit and the long term outlook for the BDC.
The BDC Reporter was in two minds about how to rate Bain Capital Specialty Finance’s IIQ 2020 financial performance. We explain the decision made in the context of the information available in the press release and investor presentation, both attached.
As expected a Bain Capital Specialty Finance portfolio company in the restaurant field has filed for Chapter 11. The damage to the BDC will be minimal but there are still lessons to be learned from this setback.