Gladstone Capital is the first well performing BDC to pre-emptively cut its regular distribution in the anticipation of lower earnings due to interest rate cuts. We analyze what two different interest rate scenarios might do to the BDC’s profitability but we also quantify other factors that could help or hinder this previously high flying BDC.
Ahead of every other BDC Palmer Square Capital BDC has reported its net asset value per share at the end of September 2025. The metric is below the level at the end of June and we believe we mostly know why.
On paper – going by the BDC’s own pro-forma projections – Saratoga Investment’s earnings could drop substantially should interest rates continue to decline. However, the BDC’s manager has multiple options to protect its profitability.
Fidus Investment has joined the long line of BDCs raising new unsecured debt to replace maturing issues. We have another look at this sector-wide phenomenon and evaluate whether swapping out debt will have a material effect on the BDC’s profitability.
Main Street Capital – like many other BDCs – has been busy of late issuing and repaying debt. We have a look at the BDC’s latest refinancing, what is coming down the road and the implications for the balance sheet and profitability of this ever popular player.
BDC prices are taking a beating. In the past few weeks the sector is substantially down and the number of individual stocks at a new 52 week low this week is reaching record levels. We take a look at all the new 52 week lows to determine what can be learned from the identities of the BDCs reaching their nadirs.
On hearing of Palmer Square Capital’s latest dividend, we were inspired to calculate how much the BDC’s earnings and dividend might change if we really get the big drop in short term rates that so many investors are counting on. This takes us all the way out to 2027 and all calculations are very hypothetical.
There have been too many BDC junior debt issues of late to discuss individually. Instead, we compiled a table of all the debt raised in the IIIQ 2025 and discussed some of the trends which show up. We come away pretty encouraged.
One of the largest public BDC has set a new 52 week price low. FS KKR Capital may be the first of many to reach new depths as the BDC market has suddenly turned antsy.
For the past few days Gladstone Capital has been announcing significant changes to its debt facilities. This week, the BDC filled in the picture further, which has allowed us to quantify what the impact on its balance sheet and income statement will look like for the next year and a half.
Once again, one of the newest public BDCs – MSC Income Fund – has reached a new price low. Is this the bottom ? We have an opinion.
Gladstone Capital has tapped the Convertible market to raise funds to meet upcoming debt obligations. This has caused a big drop in the BDC’s stock price but the BDC Reporter believes this was an appropriate action which the BDC’s shareholders may learn to appreciate.
A month ago Kayne Anderson BDC promised a refinancing of its own debt stack was in the offing. Now that a private placement has occurred, we can begin to evaluate its impact on the BDC’s borrowings costs, earnings and balance sheet. We don’t have all the answers, but it seems like the BDC’s interest expense will be coming down, but there’s much else to consider.
Prospect Capital has promised to focus only on investing in “sponsor backed” middle market companies going forward. We have a look at whether this just announced transaction fits the bill.
Everywhere all at once BDCs seems to be raising unsecured debt in one form or another and on good terms. Goldman Sachs BDC is doing so as well. Unfortunately, in the short term, the BDC’s interest bill will continue to grow…
Very unexpectedly, we learn that Horizon Technology Finance is issuing a new Convertible loam, custom made for an institutional investor. This is just one of many moving parts where the BDC, and its shareholders, are concerned.
Great Elm Capital is redeeming one of its many Baby Bonds outstanding three years early. We discuss the motivation behind the move and the complex, two stage nature of the redemption.
All of a sudden we hear that PennantPark Floating Rate has struck a deal which will materially boost the size of its portfolio. We review the details and what we know and what we were not told.
In a just published SEC filing Ares Capital discloses recent investment commitments exited, including a huge “net realized gain”.
In a longer than we planned article, the BDC Reporter reviews how Crescent Capital’s stock price and fundamentals have deteriorated of late. We take a hard, long look at the most recent results to ascertain if credit performance has improved and whether to be optimistic about what might lie ahead.
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