The holiday-shortened week saw new records broken for BDC Fixed Income prices and much investor enthusiasm for the more troubled issuers. Plus, we discuss two business developments affecting BDC unsecured debt in a slow week for breaking news.
As expected, the two FS KKR public BDC funds are planning to merge. However, there’s an unexpected change in compensation that will leaves shareholders of the super-sized BDC much poorer.
Medley Capital divests itself of its largest single investment. We review the details and the implications for stock and debt holders.
Main Street Capital – a little late in the day – gets round to updating shareholders about the impact of the Covid-19 crisis on its balance sheet, earnings and dividends. We analyze what we’ve learned to estimate liquidity; leverage and the likely payouts to expect from this much-beloved BDC.
BDC sector prices rolled along in much the same way as in recent weeks. However, there were other multiple developments including blow-out results from one BDC and an unexpected equity raise from another.
BDC sector prices break a 2019 record on the way up. We wonder, though, where’s the usual enthusiasm associated with stock rallies, which is not showing up in much of the data. What’s more, how do high prices mesh with growing credit concerns at borrowers ?
On one hand, BDC index prices moved up again. On the other hand, other data we use to measure investor enthusiasm for the BDC sector was unmoved. We seek to reconcile this contradictory picture, while looking forward.
We review an under-performing company in FS-KKR Capital’s portfolio and segue into a broader discussion of portfolio credit risk at this very large BDC, partly managed by KKR.
We annotate Apollo Invèstment’s first quarter 2019 Conference Call transcript, with a multitude of comments.
A dissident shareholder of Medley Capital steps up late in the day. We annotate their open letter to MCC shareholders with analysis and to the point commentary.
FS Investment – just weeks away from a major merger – hits a 52 week low in price. We provide some context; throw around a few possible explanations and speculate what the BDC’s famed Investment Advisor might do in response.
TPG Specialty shareholders have voted on whether to adopt the new BDC asset coverage rules. In a follow-up article to our initial discussion of the Proxy in August, we sum up the results and pros and cons of the decision made.
The BDC Fixed Income segment is in the midst of a major change, just as prices begin to soften.
In one of the BDC Reporter’s periodic articles for all readers, we review the latest Proxy from MVC Capital and discuss the state of corporate governance prior to an October shareholder vote on two items.
We make a correction to an article we wrote about how WhiteHorse Finance is tackling manager compensation following shareholder approval of higher statutory leverage.
The BDC Reporter de-constructs the pro and cons of TPG Specialty’s shareholder vote on higher leverage.
The BDC Reporter offers one of its Best Ideas for long term income investors with a potential double digit annual return, while highlighting the risks involved and the importance of timing the purchase right.
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