MVC Capital reports a higher NAV and a jump in earnings. Why is the BDC Reporter so unimpressed ?
On August 31, 2017 MVC Capital (MVC) filed an 8-K describing a change to its Credit Facility. BDC News Of The Day reviews the filing and analyzes the impact on the BDC’s liquidity and earnings. We end by reviewing where MVC stands following its recent Dutch Auction, and discuss our own investment approach to investing in MVC’s common stock and Baby Bond.
MVC Capital’s stock buy-back reviewed.
MVC Capital surprises by launching a modified Dutch Auction to buy back its stock. We review the details and the mechanism of the buy-back and briefly comment on the impact on the BDC’s stock and Baby Bond with the ticker MVCB.
MVC Capital completes a major asset disposition. BDC News Of The Day reviews the highlights; analyzes the impact on earnings and looks forward. We also disclose our own exposure.
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.
A BDC News Of The Day follow-up on the details of the MVC Capital sale of one of its subsidiary to a public utility company as contained in a just filed 8-K.
Following the BDC News Of The Day reporting on the new deal announced by MVC Capital, the market has reacted to the news.
In Breaking BDC News Of The Day, MVC Capital switches up its prior plan to merge two controlled entities, and finds a new buyer for its electric utility portfolio company. The BDC Reporter had a look immediately upon the release of the change of heart and sets out what the result might be for MVC shareholders in dollars and cents.
July 20, 2016: MVC Capital (MVC)
The external manager of Horizon Technology Finance is getting acquired by a larger group. We review the details and see how the BDC’s shareholders will fare. Spoiler Alert: Keep your expectations low.
Harvest Capital is to merge into Portman Ridge, continuing a public BDC consolidation process. We analyze what we know about the merger but also look at the bigger picture of a changing BDC landscape.
Gladstone Capital taps a buoyant market for new unsecured BDC debt. We analyze the impact on GLAD’s capitalization, liquidity and earnings and on the broader BDC fixed income market.
Oxford Square Capital kicks off second quarter 2020 BDC conference calls with a close to the vest presentation of results that seemed pretty good considering the circumstances. The BDC Reporter annotates the conference call transcript.
Capital Southwest was very informative on its IQ 2020 conference call. As a result, the BDC Reporter has copious comments and analysis to offer up as well.
With IQ 2019 earnings season, the BDC Reporter upgrades the Earnings Calendar with all sorts of information useful in evaluating the latest results and re-publishes our Preview for market leader Ares Capital.
Alcentra Capital has a new CEO, a new President and a new business strategy, as discussed on the Conference Call. The BDC Reporter, though, has a number of points to make in our annotations.
A popular BDC issues its third unsecured debt offering . It’s part of a sector-wide phenomenon, which we’ve been discussing for months.
