There are several material credit developments of note this week, both negative and positive. However – as we explain – the BDC credit outlook remains “normal”.
The major indices are going one way and BDC prices another. We review this unusual phenomenon and its likely cause and what might come next.
Saratoga Investment – as always – will be kicking off the BDC earnings season. Here’s what to expect across a range of metrics.
In its less than two years as a public BDC Cion Investment has had an above-average level of credit losses. That makes assessing its longer term outlook problematic.
After weeks with no bankruptcies of BDC-financed companies we identified two new names and some other important credit developments.
A poor week for the major indices but only a modest decline for the BDC sector – not spooked by the Fed meeting.
Continuing a series, the BDC Reporter peers into the crystal ball for Capital Southwest – a leading lower middle market-focused BDC.
The BDC Reporter tackles a difficult and sensitive subject where Prospect Capital is concerned: the viability of its portfolio investment valuations.
Another week where the broader U.S. bankruptcy data was not reflected in the credit performance of the BDC sector – an encouraging phenomenon for BDC investors.
BDC prices have just reached a 2023 record. We provide the details and pose the hard questions about whether there is still enough gas in the BDC tank.
Combining the resources of the BDC Reporter, Credit Reporter and Best Ideas we provide our outlook for Crescent Capital BDC for years to come.
Trinity Capital announces yet another distribution increase. We review the outlook for future payouts and the BDC’s most recent valuation metrics.
Not much to report in terms of BDC credit developments. This gives us the opportunity to argue why more bankruptcies might be a Good Thing for BDC investors.
The markets have been battening down their hatches, expecting a weak September. For the BDC sector, this first week was not too bad. We also discuss a key merger and a long anticipated filing.
CION Investment has renewed its share repurchase program. We use the opportunity to ask if the BDC’s buyback program makes any difference to its shareholders.
After hours on September 6, 2023 BlackRock announced its intention to merge the two public BDCs under their control. We offer a hot-off-the-presses review and our thoughts on the benefits that might accrue to both sets of shareholders.
We use the opportunity of PennantPark Floating Rate’s latest dividend announcement to discuss the cBDC’s recent performance and possible outlook at a time when its stock is out of favor.
Our credit scorecard for the week shows no bankruptcies of BDC-financed companies, but there was a downgrade at one company and likely very bad news at another and much else to discuss.
The BDC rally is back after a three week hiatus. We discuss how many BDCs are benefiting and how 2023 might turn out for the BDC bulls.
A portfolio company of Prospect Capital is in serious trouble. The BDC faces a significant loss of both value and income.