We’ve learned more about Blackstone Secured Lending Fund following the IQ 2022 conference call, and after a close look at its huge portfolio. Is the new-ish public BDC recession ready ? We have a great deal to say on the subject.
BDC prices bounced back somewhat in this holiday shortened week but question marks remain about what comes next as everything remains unresolved.
Encouragingly for many BDCs the market for raising unsecured debt from institutional investors has re-opened of late. We review New Mountain Finance’s recent note issuance, but explain that this is a marathon not a sprint.
The BDC Reporter continues to undertake deep-dive credit reviews. This time, we analyzed where Bain Capital Specialty Finance stood as of the IQ 2022.
With a recession promised, we’re reviewing existing BDC portfolios from a credit standpoint all the more carefully. There have been recent developments at Apollo Investment – not all of them favorable – but the BDC Reporter comes away relatively optimistic from our credit deep dive.
As we reach the mid-point of 2022, BDC stocks had their worst week since the even darker days of the pandemic. The BDC Reporter offers up its view on whether the markets are overshooting to the downside. Warning: it’s a complicated answer.
We continue to expand and improve the BDC Fixed Income Table in light of changes in the debt market and the likelihood that publicly traded unsecured BDC debt will be with us for many years to come and may yet grow back in importance.
Not for the first time Great Elm Capital has raised additional equity in a Rights Offering. We analyze what the BDC’s metrics look like post-raise and what could happen to the dividend and asset coverage.
A bad week for the major indices was less so for the BDC sector. We explain how, and speculate as to why.
Horizon Technology Finance is back in what has been a moribund public market for unsecured medium term debt. We discuss the likely reasoning for the move and the implications for the sector as a whole.
The BDC Reporter annotates FS KKR Capital’s IQ 2022 earnings conference call, as the BDC announces ever higher earnings and distributions. We discuss what could go right and wrong, especially if we face a recession before long.
The BDC Reporter provides an update of what is happening in the public market for unsecured BDC debt. We discuss the mini rally underway and many other subjects as we update the BDC Fixed Income Table.
By recent standards, this was a quiet week for BDC prices. We review the numbers and take a deep breath to determine where we are and where prices might go for the rest of the year.
We undertake a deep/ dive into First Eagle Alternative Credit’s credit status as of IQ 2022 and find a number of weaknesses in a otherwise low-risk portfolio. Part of the BDC Reporter’s Credit Table.
The BDC Reporter is interviewed about the recent earnings season and what that might tell us about the future performance of the sector if a recession comes along.
First Eagle Alternative Credit had a so-so IQ 2022. This raised – once again – questions as to the future of this smaller BDC with a troubled past which has been working feverishly to set matters right.
The BDC Reporter has just updated the BDC Fixed Income Table with the departure of two public issues. We analyze how BDC public Baby Bonds have performed in 2022 to date and take a stab at what the rest of th year might bring.
BDC sector prices recovered mightily after weeks of being battered. We review the metrics and ascertain just how much damage has been done in 2022 following this unexpected reprieve.
As summer 2022 officially gets going, the BDC Reporter has a sector wide look at how well the BDC sector is doing where distributions to shareholders are concerned. We offer up our proprietary data aggregation and much in the way of individual BDC color.
We annotate Crescent Capital’s IQ 2022 earnings conference call, both with an eye on recent performance and the outlook for the BDC should we have a recession before long.