The BDC Reporter summarizes the key findings in BlackRock Capital’s IQ 2022 conference call, as well as in the earnings release and 10-Q. Could earnings hurtle forward and exceed the dividend in a few quarters ?
After briefly reaching a new high less than days ago, the BDC sector plumbed new depths for 2022 in a continuing reversal of fortune. We check out the damage and surmise what might come next, while keeping a long term perspective.
To accompany the BDC Credit Table, the BDC Reporter is adding analysis and commentary about each BDC’s latest credit picture as quarterly results come in. We start with Ares Capital and Oxford Square.
Capital Southwest announces a regular and a special distribution for the second quarter and provides an opportunity for the BDC Reporter to discuss the complexities of estimating BDC distributions.
Now Ares Capital has reported IQ 2022 results, the BDC Reporter reviews the highlights against our earlier assumptions and find few surprises. Except that (8%) drop in the stock price in the hours following the release…
In the blink of an eye, the markets – including the BDC sector – went from surging upward to downward. We explain why but also discuss the countervailing forces likely to affect BDC investing in the longer term and why a mis-step could prove costly for investors.
BlackRock Capital is raising new unsecured notes with unusual terms at just the wrong time in order to repay its large convertible debt due in June. We discuss the new financing and its implications for the BDC’s portfolio growth; cost of capital and earnings coverage of its dividend.
The BDC Reporter has reviewed all the available information about Ares Capital to prepare a preview of what we might expect to learn when the market leader reports IQ 2022 results next week. This might be a boom or bust year for the BDC sector so a deep dive seems appropriate.
In a follow-up to an article the day before, the BDC Reporter reviews the details of Saratoga Investment’s new Baby Bond offering. The debt issuance is encouraging news for both the BDC itself and the public market for BDC fixed income.
Saratoga Investment is issuing new unsecured debt in the public market – an important development at this time both for the BDC and the sector. We discuss the implications and what might happen next.
We use the opportunity of Bain Capital receiving a new investment grade rating to review how the BDC might perform as rates rise through 2022. Could the BDC’s stock price re-visit heights not experienced for three years ?
The BDC sector is holding up well in a difficult environment – much better than the major indices. We discuss the reasons why and discuss the different paths that could lie ahead.
We review Golub Capital’s regular quarterly update of investment activity for hints about broader BDC trends and what the implications might be for GBDC itself.
A long troubled Ares Capital portfolio company reaches a resolution. Based on a BDC Credit Reporter update, we assess the impact on the BDC.
The BDC Reporter re-visits the complexities of evaluating BDC investments with an illustrative example from a just announced portfolio company bankruptcy.
The BDC Reporter has updated and expanded the Fixed Income Table of all publicly traded unsecured debt as changing market conditions have caused us to reassess the direction of this segment of the market.
We review Runway Growth Finance’s IQ 2022 portfolio update less for an insight into the BDC’s likely earnings but as a prospective window into the pace of recent investment activity in the venture debt segment of the market.
After 3 weeks in the black, BDC prices dipped again. We assess what a possible sea change in sentiment might do to the sector in the weeks and months ahead.
Logan Ridge Finance – by its own admission – has much to do where it’s balance sheet is concerned. The BDC has just taken a step forward, but it’s hard to say if progress is being made or not.
BDC equity raises are rare these days. Trinity Capital, which went public recently, has just priced a secondary stock offering. We discuss the newer BDC’s growth, earnings and dividend outlook and wonder if a new BDC outperformer has arrived on the scene ?