Another week where the broader U.S. bankruptcy data was not reflected in the credit performance of the BDC sector – an encouraging phenomenon for BDC investors.
Several BDC-financed companies with hundreds of millions of dollars of invested in them filed for bankruptcy this week. We cover the highlights and address – at a very high level – our expectations for the future of credit.
Using an article in the FT about a rise in corporate bankruptcies as a starting point, the BDC Reporter offers our view as to whether we are headed into a credit crisis.
At the close on March 13, 2023 5 BDCs reached new 52-week highs. We discuss why we believe this is “Breaking News” for BDC investors.
Given the gushing of red ink on Thursday September 22 for both BDC common stocks and bonds, we’re re-publishing what we wrote about the day’s market performance as a stand alone article. Hopefully, this will be a rare occurrence.
At long last, the Fed has begun raising rates and promises many more. The major indices were excited about what they heard, BDC investors less so. Otherwise, there was little else in the way of BDC news except Logan Ridge Finance’s conference call and a proxy from BlackRock Capital.
The major indices shot up in unison on Tuesday, but the BDC sector barely edged forward. We discuss why that might be the case. Also reviewed are 3 new BDC developments of modest importance and an update to the BDC NAV Change Table, with eye opening data.
A good start to the day could not be sustained as the major indices faltered at the close, as did the BDC sector.We also review Logan Ridge Finance’s latest results and worry about the future.
The markets continue to bounce around- dropping again on Thursday and bringing the BDC sector along. Two BDCs reported results and provided updated credit metrics. BDC earnings season is all but over.
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.
The markets remained jittery about the impact of higher oil but the BDC sector settled down into a wait-and-see stance. Otherwise, a BDC just upped its dividend forecast by 15%.
Monday was a tough day for investors and the BDC sector was not spared this time. We review what happened to the sector and individual stocks. Looking forward, we admit to a change in sentiment.
The major indices fell back on Ukraine concerns, but the BDC sector held strong. We update earnings, NAV Per Share and credit results from two BDCs reporting IVQ 2021 results.
After dropping sharply on Tuesday, the major indices – and the BDC sector – moved up sharply on Wednesday. Many BDCs reported a raft of results, which the BDCs Reporter has been inputting into our proprietary data tables.
The markets – and the BDC sector – remained unsettled by the conflict in Ukraine. Also, 3 BDCs reported results. We provide some highlights and look at what we learned about their credit status. One BDC in particular requires further credit investigation.
The markets remain unsure what to do in the current climate but the BDC sector moved upward. Three BDCs reported results and announced distributions; a major merger was consummated and new unsecured debt raised on a busy day.
War in Eastern Europe is now certain and the markets are worried, including the BDC sector. We take a snapshot of where the sector stands. Still, BDC earnings season marches on regardless.
The crisis in Ukraine impacted all the major indices and the BDC sector on Tuesday. Also, two BDCs reported strong results and changes in their distributions. Plus, an underperforming BDC portfolio company is back in the news.
The BDC Reporter has been on a plane so we’re updating two days in one post. The markets – and the BDC sector – went up only to come back down on war fears. Two BDCs reported distributions, which we review in detail.
Both the BDC sector and the major indices were in the black after several days for both in the red, but uncertainty remains. We also report on a prospective new cannabis-related public BDC.
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