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.
We use the opportunity of PennantPark Floating Rate’s recent dividend announcement to survey the BDC’s payout history and outlook and review its market valuation.
Funnily enough, at mid-year more underperforming BDC-financed companies are getting restructured and upgraded than defaulting or being downgraded.
We are at the halfway mark for 2023 and BDC sector prices are performing pretty well. We review a number of metrics and look through to the end of the year.
TriplePoint Venture Growth is the subject of a class action lawsuit. The BDC Reporter systematically reviews all the charges made.
We’ve been reading widely about credit conditions in the non-investment grade borrower market, tapping into a variety of reliable sources. There’s a clear trend underway but it’s at variance with market prices.
The BDC rally came to a halt after many weeks as investors across all markets had a re-think. Long term, though, the same old questions remain.
Oxford Square Capital’s planned Rights Offering did not play out as management must have hoped. Unfortunately, this leaves the BDC’s securities holders with existential questions.
Blackstone Secured Lending’s latest dividend announcement leads us to analyze the BDC’s performance since going public and to a wider discussion about how different BDCs approach how and when to make payouts to shareholders.
We review deteriorating credit metrics across the non-investment grade space – including the BDC sector – and how the markets are reacting to them.
All the markets continue to rally, including the BDC sector. However, the most recent BDC metrics are underwhelming, as we show in this week’s Recap. We also offer the BDC Reporter’s skepticism that these days of wine and roses can last and explain why.
We review Trinity Capital’s latest dividend increase and share BDC Best Ideas short and long term payout projections for this relatively new public BDC venture-lender.
The new week begins with the Chapter 11 bankruptcy of a Ares Capital portfolio company and may cause a record loss for 2023-to-date.
Several BDC-financed companies with hundreds of millions of dollars of invested in them filed for bankruptcy this week. We cover the highlights and address – at a very high level – our expectations for the future of credit.
The BDC sector – and everything else – is in rally mode for yet another week. We review our regular metrics. However, we also add many words of caution to those who might believe that only wine and roses lays ahead, and give our reasons why.
Capital Southwest has just issued and priced a publicly-traded Baby Bond. We analyze both what this means for this fast-growing and popular BDC and for the BDC fixed income market as a whole.
We summarize the multiple credit developments that occurred amongst BDC-financed companies in the week ended June 2, 2023.
Now that the debt limit has been increased, the BDC sector is rallying again. However, there are some familiar challenges up ahead…