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.
The major indices jumped up, but the BDC sector stood still on Thursday. We review a new unsecured bond offering and a dividend announcement by two different BDCs.
BDC sector prices are edging up towards a 52 week record high. Also, we discuss the possible debt raising plans of the BDC with the largest price discount to book.
Whereas the major indices dropped, the BDC sector increased in price on Tuesday. Also, two BDCs announced distributions: one increased and one unchanged, and a large cap player pays off expensive debt.
The BDC Reporter pens the second part of its primer on newly public Cion Investment Corporation. We dive into future leverage expectations and changes in compensation arrangements with the advisor. However, there’s still much we don’t yet know.
The major indices were down, and so was the BDC sector, but less so. There was no news to report, which keeps this Daily Update unusually short.
For a third week in a row the BDC sector saw prices increase. With 12 weeks left in the year, we review where the sector stands and what is likely to happen to prices.
As the major indices zagged upwards, the BDC sector zigged down on Thursday. Also, a well respected CFO leaves a mid-sized BDC and another BDC swaps out one long standing secured lender for another.
The BDC Reporter – in the first part of a two part series – provides a primer on the latest BDC to go public: Cion Investment Corporation.
Another up day for BDC stock prices, and for most of the indices. News-wise, a venture debt BDC recaps the quarter’s activity; an unchanged distribution is announced and yet another player returns to the unsecured debt issuance well on favorable terms.
The major indices were all in the black on Tuesday, and the BDC sector largely followed along. There was big news in the form of a BDC going public; outstanding earnings from an existing mid-sized player and yet another low yielding issuance of unsecured debt.