CM Finance issues its first Baby Bond in preparation for amping up portfolio size and leverage next year thanks to the Small Business Credit Availability Act. We delve into the economics both for CMFN and what this might mean for the sector as a whole. Warning: Many numbers ahead and an unsettling conclusion.
Nothing much happening in the foreground where BDC Fixed Income is concerned. In the background, though, the scene is being set for a huge expansion of the sector.
Contradictory data about the direction of the BDC common sector, but the trend seems more to the downside than the upside.
Just a routine story about Goldman Sachs BDC receiving an investment grade rating from Fitch, or a seminal moment in risk rating following the passage of the Small Business Credit Availability Act ?
Once again, the BDC Reporter’s Dividend Outlook projection pans out. In this case, Newtek Business Services retains membership in an exclusive BDC club.
Nothing to report on the BDC Fixed Income price front and only two minor debt raising developments. The big changes in this market remain in the (not so distant) feature.
Nothing lasts forever, specially BDC common stocks upward momentum. This week, the sector dropped back. Harbinger or brief pause ?
The shareholders of Goldman Sachs BDC say yes to both higher leverage and a lower Management Fee. Historic turning point for BDC compensation or outlier ?
New Mountain Finance joins TCG BDC in gaining shareholder approval for higher leverage but only makes the BDC Reporter and investors uncomfortable.
Capital Southwest makes a point about its Supplemental Dividend, which only confirms the BDC Reporter’s Dividend Outlook.
Saratoga Investment reaches new highs.
Capital Southwest is seeking to raise more unsecured debt shortly after embracing a revised version of the new leverage rules. Is this the beginning of a trend in BDC Fixed Income ? We have a view.
How long till the next recession ?
A very quiet week for BDC Fixed Income prices but two BDCs surprise with debt buybacks. In the future, though, the BDC Reporter expects much more issuance and redemption activity.
Another good week for the BDC Sector and most of its constituents, as the rally marches on. We discuss myriad metrics and look at the length of the runway.
Capital Southwest changes its dividend policy, requiring the BDC Reporter to take a fresh look at the BDC’s Dividend Outlook for the next 12 months.
TCG BDC is first to receive shareholder approval to leverage up. The BDC Reporter is first to dive into the numbers and calculate what will be the impact on both Investment Advisor and shareholders over time. Get a stiff drink and settle in.
Prospect Capital is buying back its debt. The BDC Reporter has a look at the move in light of the BDC’s broader liability management challenges and with both debt and common stock investors in mind.
Medley Capital reaches a new All Time Low. The BDC Reporter briefly reviews the situation as part of our Stock Watch feature.
Just a few months after becoming the first BDC to issue Baby Bonds in Israel, Medley Capital seeks to buy (some) back.