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.
BDC News Of The Day breaks with its regular procedures and provides details about two upcoming earnings releases: Fifth Street Finance and Fifth Street Senior Floating Rate. We explain why investors may want to mark the event in their calendars.
BDC Exposure: $37mn.
Fifth Street Finance and Fifth Street Senior Floating Rate have both received waivers and amendments from their lenders as part of the transition to a new Investment Advisor and a revised strategy and business model under Oaktree Capital. We discuss the details and discuss how to invest in this fast evolving situation.
Medallion Financial and the lender to one of its subsidiaries come to terms, as we’d been watching for. The BDC Reporter places the resulting 8-K filing in the bigger context of the re-making of the medallion lending industry.
The BDC Reporter is skeptical that the increase in Fifth Street Senior Floating Rate’s stock price is sustainable, despite a big run-up in recent days and an apparent long way to go before getting back to book. We give 5 reasons why we doubt that the BDC’s stock price can remain at the current level for too much longer.
Shortly after agreeing on a sale of its management contracts to Oaktree Capital, Fifth Street Asset Management has caused Fifth Street Senior Floating to issue a preliminary Proxy to get shareholder approval. The BDC News Of The Day has read the Proxy and brings readers the key details (including a few new facts not previously disclosed) and analyzes – where possible – what the impact might be on the BDC going forward. However, much remains unknown and unknowable…
The BDC Reporter recaps what’s been happening to BDC common stocks in the week, mentioning two obvious names and one which is not. We also review the latest trends in BDC Baby Bonds and offer up a (downbeat) projection for what might happen to prices for the next many months. We end by tying together what these two markets are telling us about investors sentiment right now.
BDC portfolio company in the education field makes an acquisition. We discuss which BDC is involved
Finally. Fifth Street Asset Management has sold off its Investment Advisory contracts in Fifth Street Finance and Fifth Street Senior Floating to Oaktree Capital. We review the press release and SEC disclosure; point out what’s good and what might not be so good for the shareholders of the two BDCs involved and disclose our own investment approach following the Big Reveal.
FS Investment has failed for a second time to get enough shareholder votes. The BDC News Of The Day discusses what will happen next and offers up two very different potential outcomes in the weeks ahead.