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 ?
SLR Investment Corp – days after acquiring its sister BDC – has announced a distribution for April. We use the opportunity to discuss whether the BDC can “cover” its payout going forward and how the stock has performed in recent years and might perform in the future.
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.