FS Investment reports on the results of its annual shareholders meeting. BDC News Of The Day notes two minor surprises in the 8-K filing involved.
The BDC Reporter is increasingly worrying that leveraged lending is too greatly in favor of borrowers at the expense of lenders. Here we illustrate a point we’ll be returning to with real life examples ripped from our reading list and which involve BDC lenders.
BDC News Of The Day reports on an analyst’s positive call re: Gladstone Investment’s stock, and looks at the charts, earnings expectations and an in-depth review of the portfolio we did back in April to give readers context.
Part II of our Big Picture series where we seek to draw out what the biggest threat is to the BDC Sector. In Part I, we began by describing the flood of new capital that has arrived in leveraged lending and is competing with BDCs. In Part II, we wax on about the knock-on effect of this new money, which is eerily reminiscent to a BDC Reporter who’s been through a few credit cycles.
A gaming company that 7 BDCs have exposure to is getting refinanced. The BDC Reporter offers up some details and a couple of observations.
One of the most unusual stock buying arrangements the BDC Reporter has seen has just been extended and doubled in size. A special purpose vehicle set up by a subsidiary of Medley Management and investors of Fortress Capital are buying Medley Capital’s shares and intend to buy many more. The BDC News Of The Day updates the latest development and explains the complex but ingenious scheme. Shareholders of the BDC may cheer now, but may not later.
A special purpose vehicle called Medley Seed Funding I continues to buy ever more shares of Medley Capital. The BDC Reporter updates the latest numbers and spells out 3 ways both Medley Capital and Medley Capital Management’s stock price might be majorly affected.
KCAP Financial has filed a Shelf Offering and registered managers stock. The BDC News Of The Day speculates on how the internally managed BDC might seek to solve its long standing financial difficulties that include constant drop in NAV, lower distributions and very tight asset coverage. The time may be nigh or not, but readers will be updated on the key issues to consider.
In BDC Daily News, the BDC Reporter looks into the latest TICC Capital Preliminary Proxy to understand why 2 directors just resigned and what the Investment Advisor’s plans for the future might be if shareholders go along. We surmise that the Advisor may harbor some growth ambitions and shareholders are likely to say Yea. We can hear the “activist” shareholders who challenged the Investment Advisor grinding their teeth…
Week 22 of the BDC Market Recap, and a relatively uneventful period. Common stocks are in a holding pattern as a group. Still, we mention one high flier and one low flier. The Baby Bond universe is growing – if only for awhile – but price conditions were marginally lower.
The BDC Reporter adds a second article in a series dedicated to assessing whether a BDC’s current distribution level is sustainable for the next 12 months. We using ratings of Likely, Possible or Unlikely. Last week, we thought Garrison Capital’s dividend Unlikely to be continue unchanged. This week we turn to MVC Capital, which has paid 48 consecutive quarterly distributions, following our in-depth review of its latest 10-Q which we undertook for our Premium subscribers. This article and series is made available to all the readers of the BDC Reporter.
In-The-News MVC Capital released quarterly earnings. We looked at the normal metrics and then delved into the 30 company portfolio for a better understanding of income, risk and asset value and whether MVC can remake itself. We came away not encouraged after a first review of the 10-Q.
Monroe Capital to issue new shares in a secondary. The BDC Reporter reports on a three month prediction and uses the opportunity to discuss front running BDC actions like this one.