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.
The markets remained jittery about the impact of higher oil but the BDC sector settled down into a wait-and-see stance. Otherwise, a BDC just upped its dividend forecast by 15%.
Monday was a tough day for investors and the BDC sector was not spared this time. We review what happened to the sector and individual stocks. Looking forward, we admit to a change in sentiment.
Great Elm Capital suffered a major setback in the IVQ 2021, resulting in major changes in the BDC’s management, strategy, dividend and future capital structure. We discuss everything that has happened and illuminate the way forward.
The major indices fell in week two of the war in Ukraine, but the BDC sector moved up. Individual BDC stock activity was higher than usual, including one player whose price crash and burned.
The major indices fell back on Ukraine concerns, but the BDC sector held strong. We update earnings, NAV Per Share and credit results from two BDCs reporting IVQ 2021 results.