Now that KCAP Financial has become externally managed, we analyze what earnings might look like on a pro-forma basis to determine if the current dividend is sustainable.
Short but busy week coming up for BDC investors, including a new round of earnings releases; more developments in the Medley merger and – potentially – more capital markets activity. Follow us on Twitter to see what happens.
The BDC Fixed Income segment is repeating the pattern of the 2016 slump and rally.
The BDC rally – after the most modest of pullbacks – follows the rest of the markets upwards. We weigh the odds of what happens next.
The week ahead in the BDC sector may be less frantic than the week just ended, but the Medley imbroglio continues; the leading BDC reports results and market trends for common stocks and publicly traded debt may be headed in different directions.
The BDC Fixed Income market is re-opening for business after weeks of being effectively closed and market prices are – almost – back to where we were. Transit point or top ?
The BDC rally sputters, even more than the week end numbers might suggest. The sector is not alone, but that may be cold comfort, depending on what happens next. The first week of BDC earnings season offered no clear cut solace. Or any outsized disasters.
Medley Capital and Sierra Income have rejected NexPoint Capital’s offer to serve as their Investment Advisor, along with several other proffered benefits. The sometime-in-March shareholder vote on the three way Medley merger now looms larger than ever.
The week ahead promises to be jam packed, with the challenge to the Medley merger center stage. But not let’s forget the flurry of earnings releases from ten BDCs and week seven of the market rally.
The BDC Fixed Income sector has almost come full circle. We discuss the numbers and the implications for the many, many BDCs with an eye on the unsecured debt markets.
The BDC rally forges ahead. We compare against the last major drop and rebound and place where we are in the wider context of BDC sector performance.
Hours after NexPoint offered to become Medley Capital and Sierra Income external manager comes a response…The plot thickens and the possible outcomes ever more complex and with major implications for managers and shareholders at three companies.
A last minute challenger arrives for Medley Capital and Sierra Income. We annotate the shocking offer made to shareholders a week before the vote on a three way merger is to be held.
Medley Capital’s activist punches back in another letter to shareholders. Who is right and who is wrong ? More importantly: who will win ? We answer both questions as best we can.
Will the BDC sector continue to rally ? What happens next in the Medley merger dogfight ? How will the first week of BDC earnings season go ?