A very bad week for BDC stock prices – and everything else – was very similar to what happened three months ago. Also, we discuss why we’re more sanguine than the market about the BDC credit outlook.
Given the gushing of red ink on Thursday September 22 for both BDC common stocks and bonds, we’re re-publishing what we wrote about the day’s market performance as a stand alone article. Hopefully, this will be a rare occurrence.
Carlyle Secured Lending has just quietly announced the departure of both its CEO and President. We review what we know.
Yet another BDC raises its regular distribution. This time it’s Capital Southwest. We discuss the background to this second increase in so many quarters and what might happen next to the BDC’s payout.
New-ish BDC Trinity Capital has continued to expand and remains optimistic about the sector as discussed – amongst other issues – on its IIQ 2022 earnings conference call.
A bad week for all the indices – including the BDC sector, which is closing in on its June 2022 lows. But do these lower prices reflect real investor concern or positioning ?
On the same day the BDC Reporter wrote an article about Trinity Capital, its CEO gave an interview about the venture-debt BDC, its strategy and outlook.
Trinity Capital increases its distribution level. Again. We review the numbers, the dividend and earnings outlook and how the market has responded to this newer public BDC.
In a surprising – but not controversial – move, Oaktree Specialty Lending announces its intention to merge with a sister non-traded BDC. We review the key elements of the deal and the one disappointing element in the proposed deal.
The BDC Reporter – after many hours at the grindstone – has completed a credit review of investor favorite Capital Southwest. We come away a little surprised at what we found.
We re-publish an article from the BDC Credit Reporter about the sorry state of a BDC portfolio company held by half a dozen players.
BDC prices snapped back after 3 weeks in the red. We make a case for why the sector might do better yet – recessionary concerns notwithstanding.
The final BDC to report earnings and hold a conference call was Investcorp Credit Management BDC. We annotate the transcript and discuss the outlook for the dividend; investment write-downs and high leverage – amongst other subjects.
Following on the heels of the BDC Reporter’s annotation of Gladstone Capital’s latest earnings conference call, we’ve undertaken a full fledged credit review of this lower middle market focused BDC.
Gladstone Capital – in management’s own words – had a “solid quarter”. The BDC Reporter annotates the BDC’s latest conference call transcript and provides more “color” about recent performance and the prospect of higher earnings and distributions ahead.
For a third week in a row BDC prices dropped. We discuss the extent of the damage, where the sector stands and what the underlying market conditions look like.
The BDC Reporter, after many hours of data collection and analysis, has undertaken a detailed Credit Review of Bain Capital Specialty Finance. Also included is an annotation of credit comments made by the BDC’s management on its latest conference call and a database of all the significant underperforming companies in the portfolio. There’s enough data to keep readers occupied over the three day week-end and out of the heat.
We annotate Prospect Capital’s IIQ 2022 earnings conference call transcript and find ourselves needing to butt in regularly to set the record straight or to provide more context than management of the BDC discloses.
In one way, Fidus Investment had a routine quarter where earnings were concerned, but in another way this was an extraordinary period. We discuss this and other issues when annotating the BDC’s IIQ 2022 earnings conference call.
The major indices dropped like a lead balloon, but the BDC sector not so much in the week ended August 26. We offer up a couple of reasons why and project what may lie ahead for BDC investors. Buckle your seatbelts.