We can now report how many companies in the Ares Capital portfolio are on non-accrual. When added to the data already purloined from the BDC’s latest 10-Q, the credit picture is very clear.
A Monroe-financed media company has filed for and exited bankruptcy within the space of a few months. We estimate the impact on the BDC’s income and net book value .
Hercules Capital is back to increasing its regular distribution after a short hiatus. We discuss the BDC’s recent payout history and speculate on the way forward.
There was one bankruptcy this week and two BDCs reported their latest portfolio valuations. We learned a great deal , and updated the BDC Credit Table with the latest data.
The BDC bull charges on for another week. Where is the BDC sector headed? We offer up one possible scenario borrowed from our sister publication – BDC Best Ideas.
Ares Capital has just completed an expensive unsecured note offering. The BDC Reporter dares to ask why now?
We compare Gladstone Capital’s latest results against our expectations and those of the analysts and are suitably impressed in every category.
Ares Capital has announced IIQ 2023 results much in line with expectations. The BDC Reporter, though, has a few quibbles.
Yet another Cion Investment portfolio company has filed for bankruptcy protection but the outcome should be alright for the BDC. Plus, additional data from the BDC Credit Reporter and KBRA about the bigger picture default picture.
There were two new bankruptcies – broadly defined – of BDC-financed portfolio companies this week and a number of other credit developments in advance of earnings season which should tell us a good deal more.
The BDC rally continues for another week, lifting almost all boats and leaving us speculating where this might take us.
We review Main Street’s preliminary IIQ 2023 results to ascertain what they tell us about what we should expect from the BDC itself and from the sector.
Capital Southwest has shared a few key calendar IIQ 2023 metrics three weeks ahead of reporting its final results. We seek to determine if the BDC remains on track with expectations for earnings and distributions.
We review some interesting default projections from KBRA DLD; discuss the latest BDC credit news and offer up an unusually optimistic outlook.
The BDC rally rolls on, involving almost every public player out there. However, there’s still some considerable way to go before this cycle’s losses are made up.
We de-construct as best we can a quarterly press release from Golub Capital about its recent activity.
Gladstone Investment has re-invested in a portfolio company that proved a big success earlier. Logan Ridge also has a position. We discuss how this might play out for both BDCs.
Saratoga Investment launched IIQ 2023 BDC earnings season with mostly very strong results. We look at performance and the BDC’s current valuation.
In the broader non-investment grade company market troubled companies continue to pile up. However, where BDC-financed companies are concerned, there has been little credit activity.
A poor week for the major indices but a good one for the BDC sector – very much still in rally mode. We review the latest metrics, review which players have been left behind, and point out what price levels to look for on the road ahead.