Yesterday, the BDC News Of The Day provided an advance preview of the key issues facing Saratoga Investment in advance of its earnings release. Now the numbers are out and the BDC Reporter has updated our article with what we’ve found out and why the stock price might be dropping.
Saratoga Investment is about to report first fiscal quarter earnings and hold a Conference Call. The BDC Reporter suggests 4 items shareholders should be keeping an eye on that could affect the stock in the short term or long term.
Golub Capital and Edward Altman publish their quarterly Index of middle market sales and “earnings”. We note the key data points and claims by the Index publishers and analyze the methodology to determine what this does – or does not – tell BDC investors.
Triple Point Venture Growth has announced the projected refinancing of its existing Baby Bond with a new issue coming shortly. BDC News Of The Day offers the details known; analyzes the impact on shareholders and Note Holders alike and discusses the Baby Bond redemption risk more generally.
BDC News Of The Day reviews an unusual loan assignment by Hercules Capital, and the impact on the investment valuation.
On July 6 2017 TICC Capital held its annual Shareholders Meeting at which three issues were put to a vote. On July 7, 2017 TICC reported the results, which we discuss below. We were surprised by one outcome relating to the issue of selling stock below NAV. The BDC Reporter gives its view as to one course of action the Investment Advisor might take which some shareholders would not approve of and might mightily move the stock price:
BDC News Of The Day delves into Fifth Street Asset Management’s restated Loan Agreement with its lending group, and assesses the implications for all the Fifth Street entities involved directly and indirectly, including Fifth Street Finance and Fifth Street Senior Floating.
The BDC Reporter looks forward at how some coming news stories could move the needle for several different BDCs and in different ways.
We recap what’s happening (or not) in the market for BDC common stocks and Baby Bonds. Regarding the latter, the BDC Reporter spends more time than usual discussing some features of the market which may not be immediately obvious.
Golub Capital announces preliminary investment activity and portfolio size for the IIQ of 2017. BDC News Of The Day analyzes the numbers and finds only one surprise in the metrics. Nonetheless, the BDC Reporter is putting GBDC on one of our Watch Lists…
Fifth Street Asset Management has made a sale, but not the one the market is waiting for. We provide the details, then analyze the asset manager’s financial condition and give our view as to why FSAM has to close a deal with Oaktree. We speculate about how and why that may not happen, and the risks involved for the shareholders of 3 public companies.
BDC Exposure: $137mn
The BDC Reporter rounds up a miscellany of (minor) BDC news after posting the update on MVC Capital’s asset sale earlier. Over-allotments drawn down; dividends announced, a new investment and insider sales of stock.
MVC Capital completes a major asset disposition. BDC News Of The Day reviews the highlights; analyzes the impact on earnings and looks forward. We also disclose our own exposure.
Hercules Capital has released its quarterly snapshot of investment portfolio activity. We point out the highlights and analyze what information investors can use from this press release. Unfortunately, the conclusion is not encouraging.
An analyst has issued a new stock rating for Alcentra Capital. BDC News Of The Day provides the key details; analyzes the BDC’s valuation and offers up our own view of whether to Sell, Buy or Hold for our own account.
We highlight some of the top stories that occurred in the BDC sector and on the pages of the BDC Reporter in the month of June for readers who like a useful summary. We also disclose our own investment choices and discuss the changes at the BDC Reporter in the past 3 weeks.
The “leaked” deal for Oaktree Capital to purchase Fifth Street Asset Management remains in limbo. We review the latest situation; discuss some of the potential scenarios going on behind the scene and provide full disclosure on our own actions.
New Mountain Finance raises new unsecured debt at a record low interest rate. The BDC News Of The Day provides all the key details and analysis of the impact on the balance sheet and earnings. BDC Reporter, though, questions if there was another approach available to the BDC and the Board.
BDC Exposure: $18mn
BDC Credit Reporter discusses which of 2 BDCs with debt to Company may be at greatest risk.