BDC MARKET UPDATE: It's only Wednesday and already two new BDCs have reached new 52 week lows: $GECC yesterday and investor favorite $GBDC today. The sector - as measured by $BIZD - is down (10%), despite a recent mini-recovery.

BDC MARKET UPDATE: Despite an up market, BDC prices continue to be under pressure. On Wednesday morning so far two BDCs have reached new 52 week lows: $FCRD and $ICMB. These are both smaller players which have seen NAV Per Share drop since the pandemic.

BDC CREDIT REPORTER: We've just updated the Avanti Communications story, which has seen $130mn invested in the satellite operator by two public BDCs- $GECC & $TCPC written down by 99%, and all debt outstanding placed on non accrual. Not a pretty sight. bit.ly/39ba8TK

BDC MARKET UPDATE: By the close on Monday, 6 BDCs reached new 52 week lows during the day. By contrast, there were only 5 in that category in all of last week. There are now 20 BDCs out of 45 within 5% of their 52 week lows.

BDC CREDIT REPORTER ADDS: We checked Advantage Data's records and found no BDC exposure to Armstrong Flooring. That's good but we worry that a company whose markets were moving in a favorable direction should have filed Chapter 11. twitter.com/business/statu…

BDC CREDIT REPORTER NOTES: Fascinating backward looking data on default rate in larger loan group. This must be the bottom of this credit cycle and future months will surely show an uptick. Very unclear, though, is whether any flood of new non accruals is on its way. twitter.com/lcdnews/status…

BDC MARKET UPDATE: Last week, the BDC Reporter counted 5 BDCs out of 45 reaching new 52 week lows. Today, within 1 hour of the open, there are already 3 - $FCRD, $ORCC and $SLRC. Even worse: 20 BDCs are trading within 5% of their 52 week lows.

BDC REPORTER ARTICLE: We've taken a deep dive into BlackRock Capital's $BKCC $0.5bn, 93 company portfolio & found great improvements from a credit standpoint, reflecting management's success in "repositioning". Could prove valuable if we have a recession..bit.ly/3LIlTPY

BDC CREDIT NEWS: WhiteHorse Finance $WHF has provided preliminary IQ 2022 results and mentioned a loss taken on long troubled Puerto Rican hospital chain Grupo Hima San Pablo, also held by 3 other BDCs. The BDC Credit Reporter has the details bit.ly/3F7GJpD

BDC NEWS: Intriguingly, we learned from $OXSQ's very brief IQ 2022 conference call that interest rates in the CLO market are already above the low "floors" set for the borrowers in those vehicles. See the Q&A. bit.ly/38yAy1n

"The 12-month trailing default rate for the S&P/LSTA leveraged loan index remained at a 10-year low of 0.19% by principal amount at the end of the quarter..The distress ratio ended the quarter at approximately 1.55% compared to 0.99% at the end of December 2021". From $OXSQ CC

BDC CREDIT NEWS: Uh oh. A leading paper company is facing financial difficulties and has already received a forbearance after missing an interest payment. Now second lien lenders - which include 3 BDCs - are seeking a sale of the company. See bit.ly/BDCCreditRepor…