The BDC sector is up again in price, breaking 52 week and YTD records all over the place. We assess where the sector stands compared to prior performance and the major indices and discuss whether this long standing rally in private debt can plug along.
Newtek Business Services has quietly refinanced years in advance its most expensive unsecured note. We review the earnings impact and what further steps investors might expect as Newtek changes its status.
We use the example of BDC portfolio company California Pizza Kitchen to discuss the broader subject of restructured investments and the challenge posed to investors by the uncertainty and time frames involved.
Cion Investment has expanded its main secured debt facility. We discuss how this fits into the BDC’s expansion plans and what challenges still lie ahead that could impact earnings for years to come.
The BDC Reporter looks ahead to Apollo Investment’s IQ 2022 earnings release and explains why investors should be paying close attention to multiple factors that could help or hinder the stock price.
BDC prices moved up sharply for a second week of gains and pushing year-to-date returns into the black despite all the market challenges that have occurred in 2022. Looking ahead, there are both challenges and opportunities, with a short term weakness likely to be followed by higher earnings.
We republish a BDC Credit Reporter article about the successful sale of a long standing Crescent Capital portfolio company. We use the opportunity to review the BDC’s credit performance of late compared to before the pandemic and at its height.
SLR Investment Corp will be swallowing up sister SLR Senior Investment Corp in a few days after receiving shareholder permissions all around. We discuss what to expect from the new super-sized BDC.
From the BDC Credit Reporter: a review of Logan Ridge Finance’s credit status as of IVQ 2021 and our projection for 2022.
Logan Ridge Finance is making progress on turning round the former Capitala Finance, but very slowly. Will the new advisor to the BDC be able to pull off a spectacular turnaround that might greatly boost the stock price ? We get some ideas from the IVQ 2021 conference call transcript.
The Fed has finally committed itself to a course of action on rates, which boosted the major indices but left the BDC sector to post only a modest price gain. The BDC Reporter reviews the week’s data and looks forward to the end of the year.
At long last, the Fed has begun raising rates and promises many more. The major indices were excited about what they heard, BDC investors less so. Otherwise, there was little else in the way of BDC news except Logan Ridge Finance’s conference call and a proxy from BlackRock Capital.
The major indices shot up in unison on Tuesday, but the BDC sector barely edged forward. We discuss why that might be the case. Also reviewed are 3 new BDC developments of modest importance and an update to the BDC NAV Change Table, with eye opening data.
A good start to the day could not be sustained as the major indices faltered at the close, as did the BDC sector.We also review Logan Ridge Finance’s latest results and worry about the future.
First Eagle amends a couple of financing facilities and offers a fee waiver – all of which should support the maintenance of the current dividend level.
Like all the major indices, the BDC sector dropped in the week ended March 11, ending up in the red for 2022. Nonetheless, the BDC Reporter offers up an optimistic outlook for the rest of 2022.
First Eagle Alternative Credit had “a productive ” quarter and year. The BDC’s conference call – which we’ve annotated – discusses the details and looks forward. Will there be a return to the halcyon days ?
The markets continue to bounce around- dropping again on Thursday and bringing the BDC sector along. Two BDCs reported results and provided updated credit metrics. BDC earnings season is all but over.
Records were broken amongst the major indices on Wednesday, but not for the BDC sector. Also, a venture-debt BDC issued new stock in a contrarian move.
We undertake a deep dive into Capital Southwest’s investment portfolio, with a focus both on the underperformers and the upside opportunities to realistically assess what net book value will look like over time.