In a major move BlackRock,Inc. acquires the manager of TCP Capital. Nothing is going to change for the BDC’s shareholders say the two firms involved. Not so fast says the BDC Reporter.
A ho hum week for BDC Fixed Income prices but the new BDC leverage rules might ultimately put an end to the price stability in the sector that just added a new issue,
The mini-surge in BDC common stock prices reversed this week. Are we headed back down or just taking a break ? Longer term, much may depend on how BDCs tackle the new leverage rules, as we explain.
The BDC Reporter analyzes Horizon Technology Finance’s IQ 2018 portfolio preview and comes away with a SELL rating on the stock and maintains an AT RISK view about dividend sustainability.
After the BDC Reporter and S&P had their say about the new BDC rules, Fitch Ratings gave their two cents about the risk of doubling BDC leverage. This was no Thermopylae.
OFS raises its first Baby Bond. We look at the economics both from a shareholder and debt holder perspective and find the numbers don’t add up for either.
Golub Capital announces a shrinking JV. We speculate if there’s something afoot.
Like in “Jaws’, the surface of BDC Fixed Income market seems calm. Underneath the surface, though, new dangers lurk. Some Note Holders might be wishing they had brought a bigger boat.
In a week with much back and forth about BDC leverage stock prices head modestly higher. We discuss trends, highlight an unexpected Biggest Loser and discuss the impact of the new law.
S&P pushes back on Apollo Investment’s decision to leverage up. The BDC Reporter looks at the numbers to determine if shareholders will benefit from the new capital.
National Securities was shocked and so are we by one aspect of Triangle Capital’s just announced two way sale.
S&P speaks up about the new BDC leverage rules, expressing concern. Will the credit raters keep BDCs from borrowing to the hilt. If not the rating groups, then who ? We discuss the options and look into a glass. Darkly.
Our first thoughts about the just announced two step sale of Triangle Capital and some lessons learned.
FS Investment has thrown its hat into the ring to use 150% asset coverage as per the new BDC rules. The BDC Reporter crunches the numbers on what this might mean for shareholders. Agree or disagree it’s an eye opening exercise.
Rates go down, BDC Fixed Income goes nowhere. However, the new leverage rules already have two prospective issuer candidates, which raises questions about what happens next.
The BDC Sector had a decent week and good month, especially when compared with the major indices. Are BDC stocks headed for a rally after a year in the doldrums ?
Goldman Sachs BDC is at a 52 Week low. We discuss why investors might be pulling away from a BDC favorite.
The BDC Reporter’s Editor is quoted in an article in Bloomberg about the potential impact of the new BDC regulations. Judging by market reaction, the jury’s still out even as analysts give the thumbs up to the legislation. We are taking a longer view.
We have an updated look at what’s happening at Avanti Communications and worry all the more about the potential negative impact on Great Elm Corporation and – to a much lesser degree – TCP Capital.
WhiteHorse Finance is poised to recover from a former bad loan. The BDC Reporter takes the opportunity to review the BDC’s credit risk and earnings outlook.