The credit picture for leveraged finance companies continues to darken and many BDC-financed businesses are involved. We review the details and draw out the broader trends involved from the data we’ve collected on hundreds of underperforming companies.
The irresistible increase in BDC sector prices came to an end this week. Whether this is just a pause that refreshes or the beginning of a downturn may depend on the changing credit picture.
PennantPark Investment’s NAV Per Share dropped a shocking (14%) in the IVQ 2022. We annotate the conference call and discuss why that happened and what the outlook is for this long-standing BDC.
We bring back the BDC Daily News Feed – a compendium of everything happening in the BDC sector, annotated in almost-real time. We’re keeping very busy and so will our readers.
In Week 5 of 2023, BDC credit conditions remained stable but there were plenty of bankruptcies of non-BDC financed companies.
Everything is in rally mode, including the BDC sector. Admittedly, this week the metrics were a little weaker, as we’ll discuss.
We begin a series updating the BDC Credit Table as IVQ 2022 data rolls in as part of BDC earnings season. First BDCs to report: Saratoga investment and Capital Southwest.
It was a very good year for Fidus Investment. Now the BDC has decided how to pay out its earnings and shareholders will need to pay attention.
BDC-financed companies faced few credit challenges in the first three weeks of 2023 but in Week 4 conditions sharply deteriorated.
Another very good week where BDC prices are concerned, as the rally rolls on. Will a sudden increase in credit troubles cause investors to re-think or do the good times continue to roll ?
We analyze the preliminary IVQ 2022 results published by PennantPark Floating Rate in the context of the BDC’s current secondary stock offering.
We review the highlights of the merger of Oaktree Specialty Lending with a sister, non-traded BDC and explain how shareholders benefit and don’t.
Bankruptcies and troubled companies are becoming ever more common including where public BDCs are concerned but the level remains “normal”.
According to Bloomberg, JP Morgan is getting into lending its own capital in the largest buyouts, in competition with several public BDCs. We discuss the story and review the possible implications from a variety of perspectives.
Many more bankruptcies occurred in week two than in week one of 2023, but the damage done to the public BDC sector was low.
Main Street Capital has announced preliminary metrics for the IVQ 2022 and they’re spectacular by BDC standards.
The second week of 2023 saw the BDC sector – and most everything else – rising in price again. We crunch the numbers and question what lies ahead.
We analyze Ares Capital’s latest secondary stock offering now that the new stock has been priced. We also doff our hat to the BDC and explain why.
We review Saratoga Investment from all sides now following the BDC’s release of its quarterly results through November 2022. This is a chance to determine if the lower middle market focused BDC is worth its ever increasing stock price.
Golub Capital continues a long standing tradition of disclosing its recent level of net investment activity. We use the opportunity to analyze what this might mean for the BDC, and the BDC sector more generally.