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We introduce a new regular feature: a comprehensive review of every BDC development during the week just ended, each annotated by the BDC Reporter.

Individual stock price volatility continues to be high in the BDC common stock sector. Several BDCs offered up partial updates and with varying impact. We look ahead to what the BDC Reporter is billing as the most important earnings season in memory.

A brief follow-up on the BDC Reporter’s prior article about Ares Capital’s newest unsecured debt raise. We discuss the maturity and pricing of the debt and what those tell us about Ares and the BDC market.

We re-publish a BDC Credit Reporter update about a portfolio company with exposure from three public BDCs which has just been downgraded by Moody’s. The amounts of capital and income involved are material and worth being aware of.

Nominally, this is a re-published BDC Credit Reporter about a drop in the value of bankrupt portfolio company Bluestem Brands, in which three public BDCs are involved. It’s actually an opportunity for the BDC Reporter to discuss a worrisome trend: a decline in recoveries on troubled investments. The implications for the BDC sector could run into the billions of dollars.

We’re experimenting with bringing the BDC News Feed from Twitter directly onto the BDC Reporter’s website. This format allows us to offer more commentary and analysis per post and an easy to follow and read flow of all BDC news in reverse chronological order.

Saratoga Investment issues a new publicly traded Baby Bond – first since the current crisis. We analyze the impact on the BDC’s balance sheet; earnings and liquidity as well as what this might mean for BDC debt issuance in the weeks ahead.

Read the transcript or listen to the recording of the Active Investment Company Alliance webinar about IQ 29020 BDC earnings season, including the contribution to the dialogue by the BDC Reporter. Recorded June 11.

The BDC Reporter welcomes the most recent addition to the public BDC sector : FS KKR Capital II. We discuss how the BDC just switched from non-listed to listed and review the history; balance sheet; dividend and credit quality of the new player. We also place this expansion of the size of the public BDC sector in a broader context and ask some hard questions.

This is nominally an article about an underperforming Great Elm portfolio company, but mostly a dissertation on how BDC credit defaults might divide into three distinct waves in the months ahead. Here we mostly review the “second wave” but keep an eye out for what might be following behind.

The BDC Reporter will be a featured speaker on a panel when the Active Investment Company Alliance reviews IQ 2020 BDC earnings results on Thursday at 2:00 p.m EST. We provide all the details for this free event and a link to the registration form for anyone interested.

Another BDC-portfolio company inches closer to default. We use the opportunity for a broader discussion about sector-wide credit risks going forward and why we’re skeptical that the Fed – successful intervening elsewhere – will succeed to help the thousands of non-investment grade companies getting into credit trouble.

A leading bakery supplies company is in deep financial trouble and four BDCs are at risk of facing a default on their debt.

A compendium of BDC-related credit developments for June 4, 2020. No huge headlines but there’s news out of two famous bankruptcies in which BDCs remain involved.

A compendium of BDC-related credit developments for June 3, 2020. Two more BDC-financed companies file for bankruptcy protection this month, bringing total to 3.

A compendium of BDC-related credit developments for June 2, 2020. Includes the results from our credit review of Capital Southwest, following the BDC’s IQ 2020 earnings release.

A compendium of BDC-related credit developments for June 1, 2020.