Given that credit issues will be a dominant issue in 2023, the BDC Reporter is launching a new weekly series recapping the latest credit developments in the sector.
First in a series of articles where the BDC Reporter offers up projections for what is going to happen to the BDC sector in 2023. We begin with the outlook for the sector’s size. After years of portfolio growth, will the sector shrink ?
The last BDC Common Stocks Market Recap of the year has arrived and there’s no good cheer to offer. We warn that anyone expecting better days ahead may have a wait on their hands. Happy New Year !
Main Street raises new unsecured debt capital. A small step for the BDC but a big signal for the broader BDC sector at a time when uncertainty is rising.
Part II of our review of where Trinity Capital stands, centered around a re-publication of a BDC Credit Reporter’s in-depth credit review. We conclude by describing the stark choice facing investors going forward.
With just one week to go in 2022 Santa Claus is not coming to the rescue. We review how BDC sector prices moved this week and through this almost ended year.
First in a two part series reviewing how Trinity Capital managed to both pay out record distributions and see its stock price fall out of bed.
Cion Investment – as long promised – announced a special year-end distribution.We discuss BDC dividend policy; this year’s payout over last year’s and the muted outlook for 2023, as well as review how the stock price has fared this year.
For BDC prices, 2022 is ending with a whimper. We review current investor concerns, their impact on recent prices and what might cause a drastic change.
Trinity Capital announces its final distributions for 2022. We review how the BDC sector has performed in this challenging year where payouts are concerned and review how Trinity’s popularity amongst investors has shifted.
A portfolio company of Great Elm Capital gets reviewed by a ratings group. We discuss the implications for the BDC.
Barings BDC is a lender to a famous mattress manufacturer in serious financial trouble. We discuss in great detail the likely impact on the BDC’s earnings and income.
A portfolio company of TriplePoint Venture Growth has filed for Chapter 11. We assess the situation and the likely consequences for the BDC and its shareholders.
TriplePoint Venture Growth tops off a record year for distributions in 2022. We review the outlook for 2023, based on recent performance and what the analysts are saying.
No seasonal cheer as yet for the markets – or the BDC sector.
We review Bain Capital Specialty Finance’s credit performance through the IIIQ 2022 by annotating the BDC’s conference call.
Price battered Trinity Capital announces its first joint venture. We discuss the possible motivation at a difficult time for the venture-debt BDC.
Saratoga Investment issues and prices its third Baby Bond of 2022. We discuss the implications both for the note market and the fast growing BDC itself.
BDC sector prices dropped as a difficult year comes to a close, but remain caught in limbo between earlier highs and lows. We discuss what might cause a break-out, either up or down.
We’ve taken BlackRock Capital’s IIIQ 2022 earnings conference call, keeping only the content relating to credit issues. We’ve added annotations based on our just completed review of the BDC’s 111 company portfolio.