BDC equity raises are rare these days. Trinity Capital, which went public recently, has just priced a secondary stock offering. We discuss the newer BDC’s growth, earnings and dividend outlook and wonder if a new BDC outperformer has arrived on the scene ?
SLR Investment Corp – days after acquiring its sister BDC – has announced a distribution for April. We use the opportunity to discuss whether the BDC can “cover” its payout going forward and how the stock has performed in recent years and might perform in the future.
Newtek Business Services has quietly refinanced years in advance its most expensive unsecured note. We review the earnings impact and what further steps investors might expect as Newtek changes its status.
We use the example of BDC portfolio company California Pizza Kitchen to discuss the broader subject of restructured investments and the challenge posed to investors by the uncertainty and time frames involved.
Cion Investment has expanded its main secured debt facility. We discuss how this fits into the BDC’s expansion plans and what challenges still lie ahead that could impact earnings for years to come.
The BDC Reporter looks ahead to Apollo Investment’s IQ 2022 earnings release and explains why investors should be paying close attention to multiple factors that could help or hinder the stock price.
We republish a BDC Credit Reporter article about the successful sale of a long standing Crescent Capital portfolio company. We use the opportunity to review the BDC’s credit performance of late compared to before the pandemic and at its height.
SLR Investment Corp will be swallowing up sister SLR Senior Investment Corp in a few days after receiving shareholder permissions all around. We discuss what to expect from the new super-sized BDC.
From the BDC Credit Reporter: a review of Logan Ridge Finance’s credit status as of IVQ 2021 and our projection for 2022.
Logan Ridge Finance is making progress on turning round the former Capitala Finance, but very slowly. Will the new advisor to the BDC be able to pull off a spectacular turnaround that might greatly boost the stock price ? We get some ideas from the IVQ 2021 conference call transcript.
At long last, the Fed has begun raising rates and promises many more. The major indices were excited about what they heard, BDC investors less so. Otherwise, there was little else in the way of BDC news except Logan Ridge Finance’s conference call and a proxy from BlackRock Capital.
The major indices shot up in unison on Tuesday, but the BDC sector barely edged forward. We discuss why that might be the case. Also reviewed are 3 new BDC developments of modest importance and an update to the BDC NAV Change Table, with eye opening data.
A good start to the day could not be sustained as the major indices faltered at the close, as did the BDC sector.We also review Logan Ridge Finance’s latest results and worry about the future.
First Eagle amends a couple of financing facilities and offers a fee waiver – all of which should support the maintenance of the current dividend level.
First Eagle Alternative Credit had “a productive ” quarter and year. The BDC’s conference call – which we’ve annotated – discusses the details and looks forward. Will there be a return to the halcyon days ?
The markets continue to bounce around- dropping again on Thursday and bringing the BDC sector along. Two BDCs reported results and provided updated credit metrics. BDC earnings season is all but over.
Records were broken amongst the major indices on Wednesday, but not for the BDC sector. Also, a venture-debt BDC issued new stock in a contrarian move.
We undertake a deep dive into Capital Southwest’s investment portfolio, with a focus both on the underperformers and the upside opportunities to realistically assess what net book value will look like over time.
The markets remained jittery about the impact of higher oil but the BDC sector settled down into a wait-and-see stance. Otherwise, a BDC just upped its dividend forecast by 15%.
Monday was a tough day for investors and the BDC sector was not spared this time. We review what happened to the sector and individual stocks. Looking forward, we admit to a change in sentiment.
