We’re re-publishing an article from our sister publication – the BDC Credit Reporter – about Bain Capital’s most recent credit performance, which includes a list of its most troubled borrowers.
BDC sector prices have not moved much in 2024 – as we show – but that does not mean 2024 might not be a good year for investors. We also pencil out how matters might get much better for BDC investors before the year is out.
We’re posting with a little delay – which we explain in the Foreword. The week ended May 17, 2024 saw BDC stocks falling behind the major indices but is this the pause that refreshes or a turning point?
The BDC sector – and most of its constituent stocks – are in rally mode, along with the major indices – breaking all sorts of records. We provide much color on who is up and who is left out and then tackle the increasingly thorny issue of where the market goes from here. Get this wrong and there’s a lot to lose.
The major indices moved up sharply this week but the BDC sector not so much. Nonetheless, there was plenty of good news for individual BDC stocks despite a lackluster start to earnings season.
Both the major indices and the BDC sector are moving along strongly. We review the overall metrics and individual BDCs. We also list out some of the players that might disappoint once IQ 2024 earnings season begins shortly.
The major indices are slumping just as the BDC sector – and most BDC prices – are headed higher. We delve into this unusual phenomenon and discuss – amongst other things – what could trigger further BDC price gains.
The BDC sector had a mediocre week price-wise but not as bad as the major indices. With little breaking news to report, we review in detail 2024’s performance to date and identify the winners and losers.
Both the major indices and the BDC sector had a loss-making week but the damage to both was only modest whatever the headline writers suggest. Also, the macro environment might provide BDC prices with a boost if new credit difficulties don’t spoil things.
The week, March and the first quarter of 2024 end on a stronger note but well behind the broader market. We review who has prospered and who has been left behind this week and this quarter and evaluate how much room is left for further price growth.
The BDC sector is up slightly on the week and for the year. However, the BDC Reporter points out underlying weaknesses just below the surface and speculates as to the reasons.
BlackRock TCP Capital has acquired its sister BDC BlackRock Capital Investment and updated its net book value per share as of March 15, 2024. The news is not good.
Oxford Square Capital is the before-last BDC to publish its 2023 results. Our credit review finds deterioration across several different metrics, raising our level of concern about the ability of the BDC to perform normally where credit is concerned.
The BDC sector is flat in the week but look a little closer and you’ll find there’s plenty to be worried about.
BDC sector prices outperformed the major indices this week but the BDC Reporter is worrying about what might be coming next as BDC earnings season has not met our expectations.
We’ve undertaken a “deep dive” into FS-KKR Capital’s credit performance following a disappointing IVQ 2023 which has caused the BDC’s stock price to drop sharply.
The BDC Reporter has thoughts about the sudden – and unexplained – changing of the guard at Carlyle Secured Lending.
BDC prices are not keeping up with the red hot rally going on in the major indices and around the world. We hypothesise as to why and discuss BDC fundamentals following the release of ever more IVQ 2023 results.
The holiday shortened week saw the BDC sector move up along with the main markets. We discuss the week’s biggest price winner and price loser and offer up our preliminary thoughts on what 2024 fundamentals might look like.
