The BDC Reporter and BDC Credit Reporter collaborate on an in-depth review of Apollo Investment’s credit portfolio as of the IIIQ 2021. There’s a lot to unpack.

With the BDC sector at near record levels, the BDC Reporter cannot help but look round the corner and estimate what 2022 might bring.

After a brief pause most of the major indices were up, including the BDC sector. One high flying BDC is using the opportunity to issue new shares. We focused principally on a detailed credit review of Apollo Investment.

Inflation is here and the markets flinched. So did the BDC sector, but not much. Otherwise, there were plenty of BDC developments to cover.

The leading venture-debt BDC arranges a new Revolver. We discuss why this is important for the BDC, the venture-debt segment and investors.

One of the most mysterious BDCs issues a new Baby Bond but only causes more questions to be asked about what the future holds.

All the indices pull back from record highs, including the BDC sector. Earnings and dividends continue to be announced, causing one BDC to disappoint investors but most are performing as expected.

Finally, the BDC sector breaks a 52 week price record. There’s plenty of other news including two earnings releases, an unexpected dividend increase and a planned new public debt issuance.

We annotate BlackRock TCP Capital’s latest conference call and find very few surprises in a routine – but encouraging quarter. The future, too, looks much like the recent past.

As the major indices reached ever new price heights, the BDC sector remained just a step behind. We review the week’s metrics and remain optimistic both for the rest of the year and beyond.

Apollo Investment continues to under-earn its distribution level, but is narrowing the gap. We discuss the tough choices ahead for the BDC’s advisor.

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.

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.