We review deteriorating credit metrics across the non-investment grade space – including the BDC sector – and how the markets are reacting to them.
All the markets continue to rally, including the BDC sector. However, the most recent BDC metrics are underwhelming, as we show in this week’s Recap. We also offer the BDC Reporter’s skepticism that these days of wine and roses can last and explain why.
We review Trinity Capital’s latest dividend increase and share BDC Best Ideas short and long term payout projections for this relatively new public BDC venture-lender.
The new week begins with the Chapter 11 bankruptcy of a Ares Capital portfolio company and may cause a record loss for 2023-to-date.
Several BDC-financed companies with hundreds of millions of dollars of invested in them filed for bankruptcy this week. We cover the highlights and address – at a very high level – our expectations for the future of credit.
The BDC sector – and everything else – is in rally mode for yet another week. We review our regular metrics. However, we also add many words of caution to those who might believe that only wine and roses lays ahead, and give our reasons why.
Capital Southwest has just issued and priced a publicly-traded Baby Bond. We analyze both what this means for this fast-growing and popular BDC and for the BDC fixed income market as a whole.
We summarize the multiple credit developments that occurred amongst BDC-financed companies in the week ended June 2, 2023.
Now that the debt limit has been increased, the BDC sector is rallying again. However, there are some familiar challenges up ahead…
The latest publicly-traded BDC Baby Bond – issued by Gladstone Investment – has begun trading. Here’s what any prospective investor needs to know.
Horizon Technology Finance has managed to undertake an accretive equity capital raise at a difficult time for venture-debt BDCs. We crunch the numbers and consider the implications.
Using an article in the FT about a rise in corporate bankruptcies as a starting point, the BDC Reporter offers our view as to whether we are headed into a credit crisis.
The markets were not deterred by gridlock in Washington about the debt ceiling. The BDC sector came to the end of first quarter earnings season relatively optimistic on the back of record earnings, with more growth to come. Is a return to rally mode next?
Check out all the BDC-related stories from all three magazines published by BDC Publications, LLC: BDC Reporter, BDC Credit Reporter and BDC Best Ideas. We also offer a Search function to help you find anything you need amongst the hundreds of articles that have accumulated this year alone.
Oxford Square has just launched a transferable subscription rights offering in a bid to raise new equity. The BDC Reporter discusses the high stakes involved.
Horizon Technology Finance is expanding its Revolver. We review where the BDC’s leverage and liquidity stands and the opportunity ahead for all venture-debt BDCs like Horizon.
We are using the announcement of a new Gladstone Investment transaction to delve into the different strategic approaches being employed by BDCs in the lower middle market, and how that’s paid off for shareholders over the long term.
After 3 weeks of data mining, the BDC Credit Table is up-to-date and almost complete, with only one BDC having not yet reported its IQ 2023 results. We discuss the credit highlights from what turned out to be a surprisingly uneventful 3 months.
With the macro picture still bleak, BDC prices nevertheless moved up this week. Whether this is a flash-in-the-pan or the beginning of a rally is not yet clear, but long term the outlook – in the eyes of the BDC Reporter – is clear-cut.
Re-published from the BDC Credit Reporter is a IQ 2023 credit review for the largest BDC out there – Ares Capital. The data and commentary are almost completely drawn from the BDC itself and is part of a series Credit Reporter is undertaking.