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.
Runway Growth Finance taps the publicly traded unsecured note market for a second time in 2022. We review how the debt financing markets are operating and the outlook going forward – an important factor in BDC liquidity.
We re-publish an article from BDC Best Ideas which dissects a Barron’s feature on the BDC sector.
Main Street Capital adds a new secured debt facility. We’re not sure why exactly, but we dig into the details and speculate a little.
Based on a credit survey of Ares Capital by the BDC Credit Reporter, we analyze how the largest BDC is performing in terms of portfolio performance.
BDC sector prices move up after a week’s pause but remain well below the April highs. We discuss the credit challenges ahead and how prices might respond.
No great surprises from Golub Capital’s IIIQ 2022 conference call, but confirmation that earnings and distributions are headed higher to record levels.
BDC prices slip back after several weeks in the black. With 5 weeks left in the year, we assess where the sector stands.
The BDC Reporter offers up highlights from Gladstone Capital’s latest conference call, our conclusions and an edited version of the transcript.
The IIIQ 2022 saw WhiteHorse Finance report very stable results. However, there are clouds on the horizon that might or might not impact the BDC.
Blackstone Secured Lending – on its first anniversary as a public BDC – had a very good IIIQ 2022. Valuation-wise, though, this behemoth of a BDC is under-appreciated.
We discuss why Trinity Capital has announced a stock repurchase program and whether that will revive its out of favor stock price.
We summarize Bain Capital’s IIIQ 2022 performance, offer up areas of concern and review the bDC’s valuation.
Good news on inflation lifted all boats, including the BDC sector.We discuss what needs to happen for the rally to continue.
The BDC Reporter highlights the key issues involving BlackRock Capital Investment, drawn from its recent conference call.