The week ended July 18, 2025 was jam-packed with BDC news – unusual when no actual earnings were being reported. Of particular note: Trinity Capital’s “Green Light” from the SBA; Portman Ridge swallows up Logan Ridge and OFS Capital raises some – but not all – new debt needed needed to refinance an upcoming maturity and more besides.
In the twinkle of an eye – or at least two weeks – BDC prices have gone from stagnant to flying. We review the metrics and discuss various BDCs along the way. In our Looking Forward section we tackle a controversial subject: the outlook for BDC credit, which some pundits believe is headed to heck in a handbasket. We don’t agree.
Main Street Capital has published a preview of key IIQ 2025 metrics. We offer a table of comparable numbers for the prior quarter and a year ago and juxtapose that with MAIN’s stock price change.
Gladstone Investment has acquired a new portfolio company in an unusual industry and at a greater cost than on average.
OFS has issued a new Baby Bond but neither for the tenor nor the amount we might have expected. The BDC Reporter remains worried.
Sixth Street Specialty reaches a new price high. The BDC Reporter is enjoying the irony of this development.
Logan Ridge Finance has left the public BDC stage.
OFS Capital (OFS) is seeking to prepay its $125mn unsecured note costing 4.75% early by – mostly issuing – a Baby Bond. Bottom Line: Expect earnings to drop sharply from the IIIQ 2025.
OFS Capital has published a preview of certain IIQ 2025 metrics ahead of its formal earnings release. We discuss the implications for book value, earnings and the dividend – both for 2025 and 2026.
The major indices fell a little this week but BDC prices moved up, probably in anticipation of earnings season. After 28 weeks, the BDC sector is doing alright all considered. Earnings season – which is nearly here- could shake things up.
BDC earnings season kicked off with Saratoga Investment’s results, two BDCs continued to pay the same dividend as before and a venture-debt BDC gave us a preview of their recent activity, and much more.
We have undertaken a full review of Saratoga Investment’s latest results through May 2025.
The much anticipated beginning of BDC earnings season began with Saratoga Investment’s quarterly results through May. Except for recurring earnings, everything was much like the quarter before.
The second half of the year began strongly for all the indices – and the BDC sector- in a holiday shortened week. There were only a couple of material news developments, which we covered. Looking forward, there’s still a bull case to be made, much of which depends on the Fed.
A busy-ish week for BDC news but only the developments out of Main Street and Prospect Capital merited in-depth exploration.
Main Street Capital is lending out a lot of money to a portfolio company of long standing for a “minority recapitalization”. We speculate as to where all the new debt is headed.
Coming up shortly is the beginning of the IIQ 2025 BDC earnings season, led by Saratoga Investment. Here’s what to look out for.
Prospect Capital has acquired a publicly-traded consumer finance company without offering much in way of explanation. We fill in some of the blanks and offer up our unvarnished views.
The main indices jumped forward this week but the BDC sector did not. We review the metrics and also assess where the sector stands at the 2025 mid-point. When we look forward into the rest of the year, a heavy fog hangs over everything. We offer a bull and a bear case.
A round-up of the BDC news for the week drawn from our three BDC publications. Sadly, no podcast as we explain.