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.
The BDC Reporter, after many hours of data collection and analysis, has undertaken a detailed Credit Review of Bain Capital Specialty Finance. Also included is an annotation of credit comments made by the BDC’s management on its latest conference call and a database of all the significant underperforming companies in the portfolio. There’s enough data to keep readers occupied over the three day week-end and out of the heat.
We annotate Prospect Capital’s IIQ 2022 earnings conference call transcript and find ourselves needing to butt in regularly to set the record straight or to provide more context than management of the BDC discloses.
In one way, Fidus Investment had a routine quarter where earnings were concerned, but in another way this was an extraordinary period. We discuss this and other issues when annotating the BDC’s IIQ 2022 earnings conference call.
The major indices dropped like a lead balloon, but the BDC sector not so much in the week ended August 26. We offer up a couple of reasons why and project what may lie ahead for BDC investors. Buckle your seatbelts.
We annotate the BlackRock TCP Capital IIQ 2022 earnings call transcript, focused mostly on how the prospect of higher earnings might translate to changes in the BDC’s distribution policy.
We annotate Crescent Capital’s IIQ 2022 earnings conference call after a quiet quarter where results were concerned. However, both earnings and distributions might be in for big changes in the quarters ahead.
We annotate the Bain Capital Specialty Finance IIQ 2022 earnings conference call and – amongst other items – weight the chances of substantially higher earnings and distributions in the second half of this year.
After 4 weeks, BDC prices turned and moved the other way – along with the broader markets. We review the damage, where the sector stands and discuss what readers should expect to see on the BDC Reporter’s pages next week.
We annotate the recent Capital Southwest Corporation conference call and find many subjects to discuss, including the promising look for earnings and dividends.
We annotate Golub Capital BDC’s IIQ 2022 earnings conference call. The results for the period were stable and in-line with the sector. The next few quarters, though, could be very different…
Blackstone Secured Lending Fund, in its IIQ 2022 earnings conference call described a quarter much like the one before. However, management also suggested that might all be about to change…
We annotate WhiteHorse Finance’s IIQ 2022 earnings conference call. Results were stable both for profits and net book value but is a big change coming ?
BDC sector prices increased for a record 4th week in a row. We assess where the sector has landed price-wise and what the short term and long term might bring. Unusually, the BDC Reporter has more confidence in its view of the latter than the former.
The BDC Reporter undertakes a great deal of commentary and analysis while annotating Barings BDC’s IIQ 2022 conference call. We cover issues both relevant to Barings BDC itself and the BDC sector more generally. Settle in for a long read or focus on the highlights at the top.
Newly public Cion Investment – whose stock has tanked in recent months – has reported IIQ 2022 results which include a sharp increase in its dividend. We annotate the BDC’s conference call transcript.