Encouragingly for many BDCs the market for raising unsecured debt from institutional investors has re-opened of late. We review New Mountain Finance’s recent note issuance, but explain that this is a marathon not a sprint.
With a recession promised, we’re reviewing existing BDC portfolios from a credit standpoint all the more carefully. There have been recent developments at Apollo Investment – not all of them favorable – but the BDC Reporter comes away relatively optimistic from our credit deep dive.
We continue to expand and improve the BDC Fixed Income Table in light of changes in the debt market and the likelihood that publicly traded unsecured BDC debt will be with us for many years to come and may yet grow back in importance.
Not for the first time Great Elm Capital has raised additional equity in a Rights Offering. We analyze what the BDC’s metrics look like post-raise and what could happen to the dividend and asset coverage.
Horizon Technology Finance is back in what has been a moribund public market for unsecured medium term debt. We discuss the likely reasoning for the move and the implications for the sector as a whole.
The BDC Reporter annotates FS KKR Capital’s IQ 2022 earnings conference call, as the BDC announces ever higher earnings and distributions. We discuss what could go right and wrong, especially if we face a recession before long.
The BDC Reporter provides an update of what is happening in the public market for unsecured BDC debt. We discuss the mini rally underway and many other subjects as we update the BDC Fixed Income Table.
We undertake a deep/ dive into First Eagle Alternative Credit’s credit status as of IQ 2022 and find a number of weaknesses in a otherwise low-risk portfolio. Part of the BDC Reporter’s Credit Table.
The BDC Reporter is interviewed about the recent earnings season and what that might tell us about the future performance of the sector if a recession comes along.
First Eagle Alternative Credit had a so-so IQ 2022. This raised – once again – questions as to the future of this smaller BDC with a troubled past which has been working feverishly to set matters right.
The BDC Reporter has just updated the BDC Fixed Income Table with the departure of two public issues. We analyze how BDC public Baby Bonds have performed in 2022 to date and take a stab at what the rest of th year might bring.
As summer 2022 officially gets going, the BDC Reporter has a sector wide look at how well the BDC sector is doing where distributions to shareholders are concerned. We offer up our proprietary data aggregation and much in the way of individual BDC color.
We annotate Crescent Capital’s IQ 2022 earnings conference call, both with an eye on recent performance and the outlook for the BDC should we have a recession before long.
Capital Southwest reports its IQ 2022 and fiscal full year results, closing out BDC earnings season. With a potential recession on everyone’s mind, the BDC’s performance was encouraging.
Apollo Investment has reported calendar first quarter and fiscal full year results and there’s a good deal to unpack. The BDC is making some important strategic moves that could drastically change its future narrative.
The BDC Reporter annotates the IQ 2022 conference call of the fast growing venture debt lender Horizon Technology Finance. Recent performance has been laudable but – with a recession in the offing – the BDC faces a number of challenges which could make for a bumpy ride.
With BDC earnings season almost over, we’ve switched back to analyzing BDC credit performance as part of the BDC Reporter’s Credit Table. We take a look at BlackRock TCP Capital.
Logan Ridge Finance has restructured its financing to repay its public notes which are close to maturity. We discuss how the BDC’s note and common stock holders have fared, and what’s the outlook going forward.
Goldman Sachs BDC posts a relatively straightforward – almost dull – IQ 2022 performance. We also discuss the outlook for the rest of 2022 in light of changing rate and economic conditions.
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