The major indices were “mixed” at best, but the BDC sector forged on. A tiny BDC reported apparently good results, a large BDC prepared to raise additional equity and a new BDC with a unique strategy was launched.
The major markets balked at Meta’s results but the BDC sector fell only modestly. There was plenty of news, including earnings releases, a new acquisition, a dividend announcement and credit updates. We’re busy and getting busier.
The markets were in the black on Tuesday and the BDC rally continued. There were multiple news items, including an increased dividend and new senior managers at a large cap BDC plus positive credit developments at Capital Southwest.
January ended well for the markets in general and the BDC sector specifically. In terms of news, an analyst had a strong view about Crescent Capital and we share some credit thoughts from S&P.
The BDC sector was up on the day, judging by its exchange traded fund, but clearly down based on the number of stocks in the red. Also, we re-publish a credit snapshot of Barings BDC, prepared by the BDC Credit Reporter.
For a second day, the markets were all over the place but the BDC sector moved up in price. We discuss how BDCs have performed so far in this mini-crisis. Otherwise, we learn more about a new portfolio company at Horizon Capital and a troubled borrower causing worries for two public BDCs.
What began as a terrible day for BDC investors ended up not too badly, but still behind what occurred to the major indices. We run the numbers and determine where the sector stands. Also, we identify a new underperforming BDC portfolio company owned by multiple players.
The major indices dropped again. This time the BDC sector followed, but remains close to its highest levels. Outside of Main Street’s IVQ 2021 update – covered in a separate article – there were two credit developments worth knowing about.
Both the major indices and the BDC sector disappointed on Monday. However, there was plenty of news including two BDCs reporting activity levels, a closed half billion dollar unsecured note offering and two credit updates.
BDC sector prices increased even as most of the major indices faltered. Also, we highlight some interesting conversations and data generated by Saratoga; note Ares Capital’s latest trip to the capital markets and Capital Southwest’s most recent portfolio investment in what was a busy day.
All the markets dropped sharply on Wednesday, including the BDC sector. There was also plenty of news including a departing director; a new portfolio company and an unchanged distribution, not to mention Saratoga’s latest results.
The major indices slumped just before the close but the BDC sector stood steady. The BDC Reporter kept busy with the review of a new financing facility for a large cap BDC and further credit updates. Plus, we updated the BDC Fixed Income Table.