Is the BDC sector on the edge of a credit cliff ? We seek to address the issue by analyzing a new report on U.S. bankruptcies and drawing on our own BDC data.
BDC investors crept back into the market in the last week of the quarter. We analyze how BDC prices have moved in this volatile quarter and offer both a Goldilocks and Bear case for the the future.
The venture sector is all over the headlines these days. We’ve got multiple news items to review affecting the BDC lenders involved in this corner of the market.
It’s the last week of what has been a topsy turvy first quarter of 2023.
Hot off The Presses. The leading venture-debt BDC is hooking up with a large asset manager to finance “venture and growth stage” companies. We discuss the implications.
The BDC Reporter is focusing its weekly Credit Recap on discussing developments reflected in the BDC Credit Table – an invaluable subscriber tool. We begin with the latest from Oxford Square Capital.
Three weeks into the crisis brought on by Silicon Valley Bank, we review where BDC prices are headed and what could happen under two very different scenarios. This is a time to be very careful.
We kick off the week of March 20-24 with a BDC Credit Reporter article about a likely credit loss that affects 7 BDCs.
Ironically, as the banking world thrashed around all week – with concerns about bank failures – there was only a modest amount of credit news – some of which was even positive.
A week after the failure of the Silicon Valley Bank, the crisis continues in a different way. However, BDC investors seem to be watching and waiting going by the week’s metrics.
March 16, 2023 Update: Just added a review of CION Investment’s IVQ 2022 results.
Trinity Capital announces one quarterly dividend but omits another shareholders were getting used to. We discuss what investors might expect in the rest of the year.
An asset-based lending subsidiary of Hercules Capital is expanding. The BDC Reporter analyzes the move and how the investment has performed over the last 5 years.
At the close on March 13, 2023 5 BDCs reached new 52-week highs. We discuss why we believe this is “Breaking News” for BDC investors.
Not very surprisingly Sixth Street Specialty claims no material exposure to you-know-who. More intriguing is their discussion of leverage and liquidity which raises sector-wide issues.
Hercules Capital wants its stakeholders to know that the BDC is financially strong, liquid and had no banking relationship with Silicon Valley Bank. As we discuss, this might be a golden opportunity for the BDC, but it might not – depending on the wider fall-out from this crisis.
Runway Growth Finance is the first BDC out of the blocks to comment on the situation following Silicon Valley Bank’s sudden demise.
In a dramatic week thanks to the sudden failure of Silicon Valley Bank, actual credit developments amongst troubled BDC-financed companies were normal. Still, credit matters might be about to change…
This was the week that changed everything for the BDC sector judging by what happened to market prices. We place the big price drop in a longer term context and discuss what the future could bring.
After years of not holding an investor call, PhenixFin opted to do so on March 8th. We highlight the main points made and tell you what we’ve learned and what not.