Goldman Sachs BDC had a third quarter balanced between good and bad news. The BDC Reporter weighs the information and comes away with a mostly positive conclusion.
The markets were mixed but the BDC sector was up – slightly. In the tumult of IIIQ 2021 earnings we discuss the differing stories of three players seeking to “cover” their distribution with earnings.
The BDC Reporter annotates Bain Capital’s third quarter conference call and is impressed by how far the BDC has come in terms of real dividend coverage. Future progress, though, is another matter.
Once again the major markets moved up in price and left the BDC sector, kicking its heels. However, with nearly half the BDCs reporting, interesting trends are showing up in IIIQ 2021 performance.
For a second day the BDC sector could not keep up with the major indices. Also, we listened to Capital Southwest’s conference cal and identified the most salient developments.
The major indices rolled onward and upward, but the BDC sector lagged on the first day of the month. A mid-sized BDC dropped sharply in price in advance of earnings that turned out to be pretty good and another player announced a special payout for IQ 2022 already.
In our now monthly recap, BDC fixed income prices remain to be very stable. However, the number of public debt issues continues to be in flux.
BDC sector prices came very close to reaching a new price record – but didn’t. We review what happened in the week and month and take a long look at the BDCs underperforming iprice-wise and why.
The major indices were all up in price on Thursday. So was the BDC sector, ending up just below record levels. Plus, two new BDCs reported earnings, another raised 10 year unsecured debt and another for 5 years while a third player quietly launched a new joint venture. Busy days.
Gladstone Capital offers some surprising preliminary IIIQ 2021 results.
On day two of BDC earnings season, BDC prices – and most major indices – dropped. Also, a small-cap BDC takes a first step towards refinancing unsecured debt coming due shortly.
We annotate Horizon Technology’s IIIQ 2021 conference call transcript, offering analysis, context and a warning.
For a second day in a row, the BDC sector failed to follow the major indices upward. Also, BDC earnings season begins with high expectations and three BDCs do not disappoint. There’s other news besides on a busy day for BDCs.
The gradual BDC rally took a small step back on Monday even as the major indices continued to rise. News-wise, one of the largest BDCs received a thumbs down from a leading analyst.
BDC sector prices reach a new all-time record, as all indices move upward. We also look forward to BDC earnings season and what me might expect in terms of NAV Per Share – and price – increases.
The BDC rally marches on, but sector prices remain below the June record. Otherwise, we learn more about a smaller sized BDC’s debt raising plans and review an underperforming portfolio company reaching a decision point that might benefit two of its BDC lenders.
Most of the major indices – and the BDC sector – continue to move upward, closing in or breaking records.Plus, a huge dividend is announced and a secondary offering launched by two mid-sized BDCs.
BDc sector prices climb ever closer to their 52 week high, but are not there yet. Also, a mid sized BDC offers up a preview of its key metrics and a larger player describes recent transactions booked. Finally, we continue to have website problems which we’re actively working on.
Most indices – and the BDC sector – moved up marginally in price on Monday. Elsewhere, a BDC tried and failed – again – to buy back its expensive debt. Also, we share two new troubled companies written about in the BDC Credit Reporter.
BDC sector prices reach a notable new record. We look forward to the rest of the year with optimism, but warn about what is likely to spoil the party down the road.