The CEO of Golub Capital had a lot to say during the BDC’s most recent conference call about his views on the credit cycle. We cover what Mr Golub had to say and offer a few supportive thoughts of our own.
Almost out of the blue we learn of a proposed merger of two under-performing BDCs who have a common external manager. We review the terms of the proposed deal; briefly look at recent financial results and express some concern about this grand plan.
Sixth Street Specialty – after absorbing a major realized loss this quarter – is in very good shape where credit matters are concerned. We review the latest conference call, 10-Q and use our BDC Credit Reporter resources to assess where the BDC stands on matters credit-related.
Ares Capital (ARCC) has kicked off IIQ 2025 BDC earnings season when almost everyone is at the beach – including the BDC Reporter. Nonetheless, we’ve reviewed the earnings press release, the 10-Q, the Investor Presentation and the conference call transcript. We won’t rehash all the numbers here that are available on all the financial platforms and – often – neatly summarised by AI to boot. Instead – and going forward – we’ll focus on offering insights from our research that might not be covered elsewhere. As you’ll find, we have a few interesting nuggets of information drawn from the research that might surprise as might some of our conclusions as well.
WhiteHorse Finance will be reporting its IIQ 2025 results and holding an earnings conference call on August 7th. Here are some key questions investors should be asking of management following several years of under-performance.
Main Street Capital has published a preview of key IIQ 2025 metrics. We offer a table of comparable numbers for the prior quarter and a year ago and juxtapose that with MAIN’s stock price change.
OFS has issued a new Baby Bond but neither for the tenor nor the amount we might have expected. The BDC Reporter remains worried.
OFS Capital has published a preview of certain IIQ 2025 metrics ahead of its formal earnings release. We discuss the implications for book value, earnings and the dividend – both for 2025 and 2026.
We have undertaken a full review of Saratoga Investment’s latest results through May 2025.
The much anticipated beginning of BDC earnings season began with Saratoga Investment’s quarterly results through May. Except for recurring earnings, everything was much like the quarter before.
Main Street Capital is lending out a lot of money to a portfolio company of long standing for a “minority recapitalization”. We speculate as to where all the new debt is headed.
Coming up shortly is the beginning of the IIQ 2025 BDC earnings season, led by Saratoga Investment. Here’s what to look out for.
Prospect Capital has acquired a publicly-traded consumer finance company without offering much in way of explanation. We fill in some of the blanks and offer up our unvarnished views.
Trinity Capital is tapping the institutional market for fixed income debt. We assess the bottom line impact on the BDC and what this means for the fixed income market more generally.
In the face of fast declining BDC prices, the BDC Reporter takes a look back at what has happened before for guidance as to how to navigate this episode.
Incredibly, the 2025 BDC earnings season is just round the corner.We review what to expect from the first BDC to set a date for reporting its IQ 2025 results: Sixth Street Specialty Lending.
As promised – albeit a little delayed – we publish an in-depth credit review of BlackRock TCP. Unfortunately, the data is not encouraging, nor are our conclusions about the BDC’s outlook.
At long last, the IVQ 2024 BDC earnings season is over and the BDC Reporter has been able to completely update the BDC NAV Change Table. We discuss some of our findings about BDC performance – short and long term – drawn from the data.
A portfolio company of three public BDCs is set to be sold but only one of the BDC will be booking a realized gain should the deal be consummated.
We’ve taken a “deep dive” into WhiteHorse Finance’s portfolio and credit performance in 2024 to determine – as best one can – what 2025 might bring.
