Author: Nicholas Marshi

We preview Oxford Square Capital’s IIQ 2020 credit status by use of the BDC Credit Reporter’s database of underperforming portfolio companies. We also publish the database itself for readers to delve into as they see fit.

A famous milk producer is being acquired out of bankruptcy by a group that includes two existing BDC lenders: FS KKR Capital and FS KKR Capital II. We explain why this is important for the BDCs shareholders involved and for BDC investors generally.

We use the closing of THL Credit’s modified” Dutch Auction” to review where the BDC seems to stand where liquidity, earnings, dividend and credit quality are concerned.

An oil services company financed by three public BDCs unexpectedly files Chapter 11. We re-publish an article from the BDC Reporter and review which BDCs are involved and for how much.

Owl Rock Capital prices a new unsecured note offering. The BDC Reporter closes the circle with a follow-up article about the debt raise to accompany what we wrote July 13. However, there’s an unexpected development: the proposed use of the funds.

One of Ares Capital’s largest portfolio companies has been downgraded by the BDC Credit Reporter following a worrying report by Moody’s. Given the size of the investment and the large amount of income at risk, we’re republishing the article by BDC Credit Reporter.

Oaktree Strategic Income arrives at a temporary understanding with one of its secured lenders. The BDC Reporter, though, details what could go wrong and what the fallout might be if things don’t go as planned for the BDC.

Golub Capital releases some preliminary IIQ 2020 results. The BDC Reporter compares these numbers against the BDC’s prior performance. We also seek to suss out what the outlook might be for Golub’s future earnings and dividend.

A new non-traded BDC is being launched by Barings, which already manages publicly traded Barings BDC. We review the key details and what the implications might be for the public shareholders and for the sector more generally.

Owl Rock Capital previews some key IIQ 2020 metrics, but leaves plenty unsaid. The BDC Reporter analyzes what we’ve learned and highlights what we don’t know.

Owl Rock Capital is preparing to pitch a new unsecured debt offering, according to a filing. The BDC Reporter reviews the BDC’s current debt level and liquidity and guesses what the amount to be raised and pricing might look like. Finally, we place this putative issue in the broader context of BDC access to the debt markets in the post-Covid period.

The downward direction of BDC sector prices – after a brief rebound – continued in the week. We discuss why that might be happening and what to expect as BDC earnings season gets ever closer.

Stellus Capital provides some early disclosure about its non performing loans. The BDC Reporter adds some numbers to the mix and places these credit hotspots in context. We also mention what other companies are on our watchlist.

Ares Capital prepares to issue new unsecured notes and files a Prospectus. The BDC Reporter uses the opportunity to study the most recent developments disclosed to get a preview of how the BDC performed in the second quarter.