The BDC Reporter has been on a plane so we’re updating two days in one post. The markets – and the BDC sector – went up only to come back down on war fears. Two BDCs reported distributions, which we review in detail.
Both the BDC sector and the major indices were in the black after several days for both in the red, but uncertainty remains. We also report on a prospective new cannabis-related public BDC.
The markets and BDC investors were worried – but not too much – about war in Europe and high inflation. In terms of news, a large cap BDC added a joint venture string to its bow.
We annotate PennantPark Investment’s conference call transcript following an encouraging quarter and examine what may lie ahead for this fast changing veteran BDC.
Unexpected bad news on Friday caused all the indices, including the BDC sector to drop. However, there’s much BDC investors should be grateful for, both in terms of recent performance and in the outlook and not just the prospect of higher rates.
We annotate the latest Investcorp Credit Management conference call transcript and ask the $64,000 question: can current earnings and distribution be sustained much longer ?
We undertake an in-depth credit review of Apollo Investment, including an estimate of likely future gains and losses on underperforming investments.
Inflation/interest rate worries caused all the major indices to pull back. This included the BDC sector, but only modestly. Two players published their results. Plus, we remind readers of the wealth of data on offer for those who like to do their homework where BDCs are concerned.
The major indices all moved up on Wednesday but the BDC sector slipped for reasons unclear. Besides Ares Capital, the two PennantPark BDCs reported strong results and a dividend increase to boot.
Market leader Ares Capital reported record breaking results for the IVQ and 2021 as a whole. We annotate and comment on the BDC’s conference call and look forward.
All the indices were in the black and were joined by the BDC sector, which continues to trade towards a record level. Two very different BDCs reported results and a conference call was held. All in all, BDC earnings season grinds on with very little in the way of unpleasant surprises.
The major indices were “mixed” at best, but the BDC sector forged on. A tiny BDC reported apparently good results, a large BDC prepared to raise additional equity and a new BDC with a unique strategy was launched.
We review Capital Southwest’s credit status following the publication of its IOVQ 2021 results and seek to determine the outlook for NAV.
BDC sector prices are soaring for a second week. Higher interest rates down the road is helping BDC valuations. Or is that an illusion ?
The major markets balked at Meta’s results but the BDC sector fell only modestly. There was plenty of news, including earnings releases, a new acquisition, a dividend announcement and credit updates. We’re busy and getting busier.
The BDC Reporter annotates Oaktree Specialty Lending’s IVQ 2021 conference call transcript and asks the question: Are we there yet ?
An up day for the major indices, flat for the BDC sector. Plenty of news including an earnings release; a dividend and some big equity gains getting harvested.
The markets were in the black on Tuesday and the BDC rally continued. There were multiple news items, including an increased dividend and new senior managers at a large cap BDC plus positive credit developments at Capital Southwest.
January ended well for the markets in general and the BDC sector specifically. In terms of news, an analyst had a strong view about Crescent Capital and we share some credit thoughts from S&P.
A tough month for the major indices has left the BDC sector in pretty good shape price-wise. We review the metrics for the week and the MTD from all sides now. Looking forward, there are risks but also the prospect of even better fundamentals.