On August 21, 2017 Harvest Capital (HCAP) issued and priced a new Baby Bond. We provide key details and analyze the impact on the BDC’s income statement and balance sheet. Then the BDC Reporter’s adds some value with its assessment of the risks and opportunities involved with both HCAP’s common stock and unsecured Notes. We conclude with a frank admission of how we are likely to invest going forward. We may surprise you …

This is our regular BDC Market Recap where the BDC Reporter reviews trends in the sector’s common stocks and bonds. We’ve been writing this update for ages, but for the first time in a long time, the BDC Reporter is getting nervous about BDC common stocks. Very nervous, in fact. Baby Bonds, though, are another story. This an expanded and Must Read BDC Market Recap and one of the benefits of our subscription service.

The BDC News O The Day reviews Great Elm Corporation’s IIQ 2017 results. Besides analyzing the latest data, the BDC Reporter discusses the promise of a new Baby Bond and discusses our past, current and future investment strategy in the BDC’s stock and bonds.

KCAP Financial is re-making itself. After announcing the spin off of most of its assets into a new JV, the BDC is raising new unsecured debt. We review both the details of the new Baby Bonds as well as how this capital fits into the changing picture at this under-performing BDC which has been stuck in the sector’s basement for years. Both common stock and Baby Bond investors will want to take a new look, but definitive answers are hard to come by.

BDC News Of The Day reports on OHA Investment’s latest results and lowest ever stock price after reviewing the earnings release, presentation, Conference Call transcript and 10-Q. Not a pretty picture for any of the parties involved and little apparent investment opportunity, even for investors who like to close their eyes and jump.

A not-very-good week for BDC common stocks as a group, but there does appear to be a rational underpinning which we discuss along with numerous specific names. Things are different in Baby Bonds, but there was a dramatic new development during the week which we touch on.

As promised, the BDC Reporter reviews Apollo Investment’s latest results and explains why we believe the market may be over-valuing the BDC, in the middle of a much vaunted turnaround.

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.

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 ?

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.