With a few days delay because of website difficulties, here is our weekly recap of how BDC common stocks performed. The first headline says it all: Catastrophic. Still, there’s more to this story, as we discuss.
The BDC Reporter is back online after a several day crash. We explain and offer our sincere apologies and detail what we’ll be publishing next.
The external manager of a leading BDC is taking on two minority partners. We speculate what this might mean for the BDC’s shareholders now or later.
Saratoga Investment has received a third license from the SBA to issue SBIC debentures. We explain why this is a feather in the cap for the BDC.
A very bad week for BDC stock prices – and everything else – was very similar to what happened three months ago. Also, we discuss why we’re more sanguine than the market about the BDC credit outlook.
Given the gushing of red ink on Thursday September 22 for both BDC common stocks and bonds, we’re re-publishing what we wrote about the day’s market performance as a stand alone article. Hopefully, this will be a rare occurrence.
Carlyle Secured Lending has just quietly announced the departure of both its CEO and President. We review what we know.
Yet another BDC raises its regular distribution. This time it’s Capital Southwest. We discuss the background to this second increase in so many quarters and what might happen next to the BDC’s payout.
New-ish BDC Trinity Capital has continued to expand and remains optimistic about the sector as discussed – amongst other issues – on its IIQ 2022 earnings conference call.
A bad week for all the indices – including the BDC sector, which is closing in on its June 2022 lows. But do these lower prices reflect real investor concern or positioning ?
On the same day the BDC Reporter wrote an article about Trinity Capital, its CEO gave an interview about the venture-debt BDC, its strategy and outlook.
Trinity Capital increases its distribution level. Again. We review the numbers, the dividend and earnings outlook and how the market has responded to this newer public BDC.
In a surprising – but not controversial – move, Oaktree Specialty Lending announces its intention to merge with a sister non-traded BDC. We review the key elements of the deal and the one disappointing element in the proposed deal.
The BDC Reporter – after many hours at the grindstone – has completed a credit review of investor favorite Capital Southwest. We come away a little surprised at what we found.
We re-publish an article from the BDC Credit Reporter about the sorry state of a BDC portfolio company held by half a dozen players.
BDC prices snapped back after 3 weeks in the red. We make a case for why the sector might do better yet – recessionary concerns notwithstanding.
The final BDC to report earnings and hold a conference call was Investcorp Credit Management BDC. We annotate the transcript and discuss the outlook for the dividend; investment write-downs and high leverage – amongst other subjects.
Following on the heels of the BDC Reporter’s annotation of Gladstone Capital’s latest earnings conference call, we’ve undertaken a full fledged credit review of this lower middle market focused BDC.
Gladstone Capital – in management’s own words – had a “solid quarter”. The BDC Reporter annotates the BDC’s latest conference call transcript and provides more “color” about recent performance and the prospect of higher earnings and distributions ahead.
For a third week in a row BDC prices dropped. We discuss the extent of the damage, where the sector stands and what the underlying market conditions look like.