The top topic in News Of The Day is yesterday’s too: the bid to switch Hercules Capital from internally managed to externally managed, but discussed in the bigger context of the balance of power in the BDC sector between those who do the deals and those who supply the capital. This is a subject that will not go away whatever happens at Hercules.
The BDC Reporter has been trying to read and comment on essentially every filing and news article about 45 public BDCs. The flood of new items brought on by earnings season has encouraged us to take a different approach which we believe will be both useful to our readers and within the scope of our resources as the Boswell of the BDC sector.
Hercules Capital’s Chairman & CEO wants to change the BDC from internally managed to externally. Much confusion and a big drop in market capitalization ensues.
We are updating the BDC News Of The Day as we go along to keep our reporting as timely as possible. This is the second cut, with a review of KCAP Financial and BlackRock Capital.
All the public BDC press releases and filings of the day. A flood of items came in including earnings from Solar Capital, Solar Senior Capital, Horizon Technology and Ares Capital. We had initial thoughts on each. Plus lots more.
Media company on BDC Credit Reporter’s Watch List adding senior manager.
Oil services company files pre-packaged bankruptcy. BDC exposure: $36.8mn. FS Energy & Power Fund has most exposure, along with ACSF. Major Realized Loss expected.
All the public BDC SEC filings of the day. Focus on Medallion Financial’s Proxy, Solar Capital and Solar Senior Capital governance issues and what a major investor in MVC Capital is up to.
All the public BDC press releases and filings of the day. Busy day includes OHA Investment, TCP Capital, Hercules Capital and Fifth Street filings and earnings dates from Prospect Capital and OFS Capital. Plus a warning re PSEC from us and one from JP Morgan re: Solar Capital.
Another good week for BDC stocks and bonds recapped. The BDC Reporter spoils the party, talks history and throws out a few charts.
All the public BDC press releases and filings of the day. Alcentra gets a new chief; KCAP Financial announces a watershed earnings date and we use FS Investment’s stock price drop to offer unsolicited advice.
A major retailer to low income consumers stumbles and is in reorganization mode. BDC Exposure: $33mn. HMS Income, MAIN, CPTA and MRCC.
Music company – shortly after restructuring – loses a lawsuit. BDC Exposure: $129mn. FSIC, FSIC II, MAIN and HMS Income.
All the public BDC press releases and filings of the day. Focus on what happens next at OHA Investment and at Main Street Capital, both of whom are reaching forks in the road.
A restaurant operator to open new location. Good news for 2 BDCs with $8.9mn in exposure on Watch List.
Avaya update and $40.7mn BDC exposure detailed.
All the public BDC press releases and filings of the day. Focus on Gladstone Investment’s earnings and business model, and a half dozen other items.
Pathology services company restructures its unsecured debt, but is this only a stalling tactic ?
All the public BDC press releases and filings of the day. Long list, including MVC Capital’s financial engineering, PennantPark’s Prospectus and much more.