One rating group downgrades Hercules Capital from investment grade, another moves in. Another example of the changing dynamics of BDC debt credit ratings.
BDC Fixed Income prices did not do much this week, but there were other notable developments which augur busy times ahead for chief financial officers at funds across the sector.
A pull-back in the BDC sector in this holiday shortened week, and a couple of unexpected developments. To the BDC Reporter,though, the outlook remains the same.
The smallest BDC extends its Revolver for another year, but still leaves the big questions unanswered.
Barings BDC completes its modified “Dutch Auction”. Both the BDC and shareholders will be looking down the road.
Monroe Capital issues its first Baby Bond. We review how this first step towards leveraging up the BDC’s portfolio might impact shareholder risk and return.
Hercules Capital adopts the new asset coverage rules and asks shareholders for their blessing. This is Big News in more ways than one, and we discuss the implications for the BDC and the sector generally.
WhiteHorse Finance comments on a major insider block sale. The BDC Reporter offers analysis of who owns what and its own two cents.
The summer ends well for BDC Fixed Income prices even as several issues are retired. In the fall and winter ahead, we expect a heightened level of activity and much in the way of surprises as BDCs find their way through the new leverage rules.
No summertime blues for the BDC sector, which closed out the summer still in rally mode. We review the metrics and the outlook as investors return from the beach.
In a newer feature at the BDC Reporter we review – with shareholders upmost in our minds – CM Finance’s preliminary Proxy and the two items that are up for a vote.
We make a correction to an article we wrote about how WhiteHorse Finance is tackling manager compensation following shareholder approval of higher statutory leverage.
Prospect Capital’s earnings and stock price are up. Both an analyst and the BDC Reporter – for similar but still different reasons – are not convinced.
The BDC Reporter de-constructs the pro and cons of TPG Specialty’s shareholder vote on higher leverage.
A quiet August week for BDC Fixed Income prices but fundamental changes to the size of the market are beginning to show up, promising a different landscape for investors in the next couple of years.
This was a quintessentially quiet week for the BDC common stock sector, with a few exceptions which we discuss, including a couple of contrarian calls. As we approach Labor Day, which way will market sentiment go ? We have a view.
Only one news development and one dividend announcement on another quiet day that ended a quiet week for the BDC Sector.
Gladstone Investment amends its Revolver, as part of a campaign to grow the BDC’s portfolio. The BDC Reporter questions whether the plans are either practical or advisable, and throws around a lot of numbers to make its point.
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.