Articles for Investcorp Credit Management BDC

The final BDC to report earnings and hold a conference call was Investcorp Credit Management BDC. We annotate the transcript and discuss the outlook for the dividend; investment write-downs and high leverage – amongst other subjects.

We annotate the latest Investcorp Credit Management conference call transcript and ask the $64,000 question: can current earnings and distribution be sustained much longer ?

All the indices were in the black and were joined by the BDC sector, which continues to trade towards a record level. Two very different BDCs reported results and a conference call was held. All in all, BDC earnings season grinds on with very little in the way of unpleasant surprises.

The major indices were “mixed” at best, but the BDC sector forged on. A tiny BDC reported apparently good results, a large BDC prepared to raise additional equity and a new BDC with a unique strategy was launched.

The major indices – and the BDC sector – continue to slump in price. News-wise, nothing to flag but there was an important recapitalization of a company financed by two BDCs.

Another day of mixed prices for the major indices and the BDC sector. Otherwise, plenty of debt refinancing activity going on at three different BDCs.

The markets move up for a second cday, with the BDC sector following some way behind. We review several BDC news items – none very important – and have a mouthful to say about the credit outlook for the lower middle market.

All the major indices were in the red, including the BDC sector – just less so. At long last, a smaller BDC published its 10-K, officially ending BDC earnings season. Also one large cap BDC added new lenders and another made a presentation at a (virtual) conference.

The first day of the business week did not go well for the BDC sector. We discuss the details. Also, we review new investments by a popular BDC; new unsecured debt planned by a venture-debt behemoth and new equity raised by a pint sized player.

August ended with a whimper where the major indices, and the BDC sector, were concerned. We run the numbers and discuss a just redeemed Baby Bond and a major corporate bankruptcy affecting two large cap BDCs.

The upsurge in market – and BDC – prices hits a pause. Also a smaller player sees its stock drop and a large cap BDC wants to buy back its own debt yet again.

The rally in everything – including BDC prices – marches on. Also, two BDCs report results, including NAV Per Share trends headed in different directions and another unsecured debt offering gets closed.