In the middle of a run-of-the-mill BDC earnings season, Capitala Finance trips up on the credit front. We take some time to delve into the Q and the portfolio to identify the problems, the slivers of good news and share our outlook.
A quick look at Alcentra Capital after its IIQ 2017 results. Pretty much what the BDC Reporter expected to happen did so, and we explain how.
The BDC Market Recap sees common stocks zigging and Baby Bonds…not doing much of anything. The BDC Reporter continues its regular review and asks and answers the question: is a drop in BDC securities prices presaged by this week’s results ?
Another BDC – following Triangle Capital discussed in an earlier post -seems fated to cut its distribution in the year ahead. We have a look at Horizon Technology Finance.
Hercules Capital reported earnings as expected. However, there’s a big uncertainty associated with the technology lender which was revived on the quarterly Conference Call. We discuss and assess what still could be the BDC Story Of The Year.
First casualty of BDC earnings season is Triangle Capital. We discuss the reasons why, speculate on the way forward and discuss our own investments in its stock and Baby Bonds.
BDC earnings season begins with a review of Gladstone Investment’s latest results. Summed up as follows: one step forward and one and a half steps back…
The BDC Reporter – in the absence of much news in the hours before the onslaught of earnings season – previews issues to consider when Apollo Investment reports. The BDC will be looking forward, but investors may want to look both ways.
We preview the challenges facing Garrison Capital (GARS) in advance of second quarter earnings; including credit problems; a potential dividend cut and maintaining shareholder confidence.
Not much to report from a big picture standpoint where BDC common stocks or Baby Bonds are concerned. However, the BDC Reporter notes some individual price changes worth keeping track of.
A public portfolio company of Hercules Capital files a 10-Q and provides the BDC Reporter some insight into potential credit issues down the road.
The BDC Reporter first noted that a change in the Board at Medallion Financial had occurred, which was intriguing. We’ve since updated the post with news of the just filed stock ownership by the new Board member. Is something happening here ?
Fifth Street Asset Management publishes its pro-Forma earnings and balance sheet following its CLO business sale. We review the implications for the shareholders of the two BDCs which FSAM still manages.
BDC News Of The Day reviews Fifth Street Finance’s Proxy and the new compensation arrangement with Oaktree Capital. Sure to get approved but ….[This is a former Premium article now available to all readers].
The BDC Reporter continues its weekly diary of what is happening to BDC common stock and Baby Bond prices and trends. The former is kept on its toes by a few surprise news items in an otherwise highly stable market. The latter is barely moving at all – whether up or down – but we speculate as to how many securities might get called sooner rather than later.
KCAP Financial files its new JV Agreement and amends its shelf filing. The BDC News Of The Day reviews and analyzes the potential impact on the BDC’s balance sheet, earnings, stock price and the status of its Baby Bonds.
MVC Capital surprises by launching a modified Dutch Auction to buy back its stock. We review the details and the mechanism of the buy-back and briefly comment on the impact on the BDC’s stock and Baby Bond with the ticker MVCB.
The BDC Credit Reporter notes that a troubled security company in which 7 different BDCs have exposure has been sold to a familiar name. Good news, but more needs to be learned. BDC Exposure: $168mn.
KCAP Financial announces a radical sale of assets to a new JV and a drastic remaking of its balance sheet. The BDC News Of The Day provides details, analysis and a viewpoint within an hour of hearing the Breaking News involved.
The BDC Reporter takes a “deep dive” into Fifth Street Finance’s financial performance and outlook to determine if the recent run-up in the stock price on the back of Oaktree Capital’s impending arrival as Investment Advisor is justified by the fundamentals.