The markets move up for a second cday, with the BDC sector following some way behind. We review several BDC news items – none very important – and have a mouthful to say about the credit outlook for the lower middle market.
The broader indices – and the BDC sector – turned positive on Wednesday. We review the highlights. Also discussed: an analyst call on a popular BDC and at a small player insiders register their shares for a potential public sale.
The BDC Reporter annotates Baring BDC’s discussion of its acquisition of Sierra Income. This is one of the biggest BDC-related transactions of 2021 and involves multiple moving parts.
The main indices had a hard time rebounding from Monday’s big down day, but not so the BDC sector. Also, a popular mid-sized BDC reports on two significant realized gains and – in breaking news – one public BDC is set to acquire a private player.
A no good, very bad day for the markets and for BDC investors on Monday. We look at what BDC stocks went down and which very few went up. Also, a tiny BDC announces the acquisition of a finance company. We evaluate what information we can.
The BDC Reporter undertakes a deep dive into the credit status of Monroe Capital at June 30, 2021.
A second week of price weakening for the BDC sector. We review the drop in the broader market context and with a year-to-date perspective, and look forward.
The indices mostly dropped modestly on Thursday, but the BDC sector was somewhat worse. There was no news to review, but we made progress dissecting a mid-sized BDC’s credit performance status.
After several days of angst, the major indices – and the BDC sector – bounced back with vim and vigor. Also, a mid-sized BDC increased its regular distribution for a second quarter in a row. We discuss what that might mean for the stock price.
All the major indices were in the red, including the BDC sector – just less so. At long last, a smaller BDC published its 10-K, officially ending BDC earnings season. Also one large cap BDC added new lenders and another made a presentation at a (virtual) conference.
The major indices – and BDC sector prices – were mixed on Monday. On the news front, a leading venture debt player raised a substantial amount of debt at a very low rate. We discuss the implications , both in the short term and long term.
BDC sector prices dropped in post-holiday week, but not very far. Not much is happening on the news front, but credit conditions continue to ameliorate – always important for anyone invested in the BDC arena.
BDC sector prices moved in a surprising direction given the across the board drop in the major indices. Also, we review a dividend announcement and identify potentially very good news at a troubled portfolio company of a mid-sized BDC.
All the major indices were in the red on Wednesday, but the BDC sector held up better than might have been expected. News was limited to the basic details of a new transaction financed by an ever busy mid-sized BDC. We dig a little deeper and provide more background details.
The first day of the business week did not go well for the BDC sector. We discuss the details. Also, we review new investments by a popular BDC; new unsecured debt planned by a venture-debt behemoth and new equity raised by a pint sized player.
The BDC Reporter undertakes its now monthly review of BDC fixed income prices and developments. August, though, bore a great resemblance to July…
BDC sector prices end the summer on a quiet note. The BDC Reporter offers up multiple scenarios of what might lie ahead, including its own prediction of where we go from here.
September began very slowly where BDC prices were concerned, and there was no news to report. On the credit front, though, we learned more about how the bankruptcy of Sequential Brands might play out. That’s important to two large BDCs.
August ended with a whimper where the major indices, and the BDC sector, were concerned. We run the numbers and discuss a just redeemed Baby Bond and a major corporate bankruptcy affecting two large cap BDCs.
The BDC Reporter undertakes a full fledged credit review of Capital Southwest as of the IIQ 2021. We both look back on how credit conditions have changed since the pandemic, and look forward as well.