The first week of BDC earnings season maintains the BDC rally. The BDC Reporter looks both at the sector’s short and long term prospects, while offering up all sorts of numbers you won’t find anywhere else.
Nine BDCs have reported earnings through the close on August 2, 2018. We’ve got the highlights, the lowlights and an early idea of where the BDC sector is headed.
Oxford Square reports higher earnings than last quarter. The stock price drops. We offer an explanation why and share a theory.
For the second time in a 6 week period Newtek Business increases its projected 2018 distribution, as anticipated in the BDC Reporter’s Dividend Outlook. We discuss our new dividend rating for NEWT.
Alcentra Capital hits a new low. We discuss the metrics, suggest the reasons why and point out what investors might want to look out for.
A quiet week, both in terms of price changes and news developments, in BDC Fixed Income. Looking around the corner, we speculate as to whether the universe of publicly traded unsecured BDC debt gets bigger or smaller.
A mixed week in the BDC sector but the trend is still to the upside. The BDC Reporter also discusses the monumental changes underway amongst the bigger BDCs and what that might mean for the future.
We put our BDC Credit Reporter hat on to preview the credit picture for the 50 companies in Gladstone Capital’s portfolio, with second quarter results shortly to be released.
Golub Capital continues to rework its borrowings. The BDC Reporter provides an update and discusses the broader picture of BDC liability management – and what that might mean for shareholder risk and return – in a new age.
In an expected but still major development, Corporate Capital Trust merges into FS Investment and the second largest public BDC is about to be born. We discuss the terms, the uncertainties and the investing opportunity involved.
The famously stable BDC Fixed Income market seems a little anemic. However, that’s nothing compared to what may happen as BDCs position themselves around the Small Business Credit Availability Act.
The BDC sector has a very good week almost across the board, despite few developments as investors jockey for position before earnings season. We discuss at length one factor that could prolong the rally and briefly (teasingly ?) mention another.
Why we invested in Capitala Finance as part of our Special Situations strategy.
Goldman Sachs BDC shareholders fail to play ball for a second time. We discuss the pros and cons of issuing shares below book and project what might happen next. We also discuss the touchy subject of compensation…
WhiteHorse Finance begins the journey towards higher leverage with a new institutionally placed unsecured note. The BDC Reporter spells out what might happen in near to medium term to earnings, risk and management compensation.
The BDC Reporter begins by reviewing a tiny unsecured debt offering by Prospect Capital, which segues into a much wider review of the BDC’s liability management and the hidden risks that both debt holders and common shareholders face.
The BDC Reporter is optimistic about Stellus Capital’s credit quality but will the distribution be raised ?
The BDC Fixed Income market was softer on the week, but that may be a short term phenomenon. More importantly, a BDC raised new unsecured debt in a manner that may be very instructive for the future of the sector.
The BDC mini rally hangs in there for another week. We discuss who was up and who was down and the lessons learned. Plus, we provide our best guess as to the short term outlook.
Our view following Saratoga Investment’s secondary stock offering.