In Week 5 of 2023, BDC credit conditions remained stable but there were plenty of bankruptcies of non-BDC financed companies.
We begin a series updating the BDC Credit Table as IVQ 2022 data rolls in as part of BDC earnings season. First BDCs to report: Saratoga investment and Capital Southwest.
It was a very good year for Fidus Investment. Now the BDC has decided how to pay out its earnings and shareholders will need to pay attention.
BDC-financed companies faced few credit challenges in the first three weeks of 2023 but in Week 4 conditions sharply deteriorated.
We analyze the preliminary IVQ 2022 results published by PennantPark Floating Rate in the context of the BDC’s current secondary stock offering.
We review the highlights of the merger of Oaktree Specialty Lending with a sister, non-traded BDC and explain how shareholders benefit and don’t.
Bankruptcies and troubled companies are becoming ever more common including where public BDCs are concerned but the level remains “normal”.
Main Street Capital has announced preliminary metrics for the IVQ 2022 and they’re spectacular by BDC standards.
We analyze Ares Capital’s latest secondary stock offering now that the new stock has been priced. We also doff our hat to the BDC and explain why.
We review Saratoga Investment from all sides now following the BDC’s release of its quarterly results through November 2022. This is a chance to determine if the lower middle market focused BDC is worth its ever increasing stock price.
Golub Capital continues a long standing tradition of disclosing its recent level of net investment activity. We use the opportunity to analyze what this might mean for the BDC, and the BDC sector more generally.
In our second article in a series about the 2023 outlook for the BDC sector we look at everyone’s favorite topic: earnings.
First in a series of articles where the BDC Reporter offers up projections for what is going to happen to the BDC sector in 2023. We begin with the outlook for the sector’s size. After years of portfolio growth, will the sector shrink ?
Main Street raises new unsecured debt capital. A small step for the BDC but a big signal for the broader BDC sector at a time when uncertainty is rising.
Part II of our review of where Trinity Capital stands, centered around a re-publication of a BDC Credit Reporter’s in-depth credit review. We conclude by describing the stark choice facing investors going forward.
First in a two part series reviewing how Trinity Capital managed to both pay out record distributions and see its stock price fall out of bed.
Cion Investment – as long promised – announced a special year-end distribution.We discuss BDC dividend policy; this year’s payout over last year’s and the muted outlook for 2023, as well as review how the stock price has fared this year.
Trinity Capital announces its final distributions for 2022. We review how the BDC sector has performed in this challenging year where payouts are concerned and review how Trinity’s popularity amongst investors has shifted.
A portfolio company of Great Elm Capital gets reviewed by a ratings group. We discuss the implications for the BDC.
Barings BDC is a lender to a famous mattress manufacturer in serious financial trouble. We discuss in great detail the likely impact on the BDC’s earnings and income.
