First in a two part series reviewing how Trinity Capital managed to both pay out record distributions and see its stock price fall out of bed.
Cion Investment – as long promised – announced a special year-end distribution.We discuss BDC dividend policy; this year’s payout over last year’s and the muted outlook for 2023, as well as review how the stock price has fared this year.
For BDC prices, 2022 is ending with a whimper. We review current investor concerns, their impact on recent prices and what might cause a drastic change.
Trinity Capital announces its final distributions for 2022. We review how the BDC sector has performed in this challenging year where payouts are concerned and review how Trinity’s popularity amongst investors has shifted.
A portfolio company of Great Elm Capital gets reviewed by a ratings group. We discuss the implications for the BDC.
Barings BDC is a lender to a famous mattress manufacturer in serious financial trouble. We discuss in great detail the likely impact on the BDC’s earnings and income.
A portfolio company of TriplePoint Venture Growth has filed for Chapter 11. We assess the situation and the likely consequences for the BDC and its shareholders.
TriplePoint Venture Growth tops off a record year for distributions in 2022. We review the outlook for 2023, based on recent performance and what the analysts are saying.
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.