Capital Southwest has released its IVQ 2020 10-Q. This has allowed us to begin reviewing its portfolio to identify how underperforming companies are faring. First up on a short list is American Teleconferencing Services, a company with 7 BDC lenders.
The BDC Reporter updates the BDC Credit Table with the latest – though still incomplete – credit performance data from Capital Southwest for the IVQ 2020.
Capital Southwest reports IVQ 2020 results and there’s very little not to love about the quarter’s performance.
A former portfolio company of TriplePoint Venture Growth has just filed Chapter 11, and therein hangs an interesting credit story.
Both FS KKR Capital and FS KKR Capital II provide preliminary IVQ 2020 results that are better than guidance and the prior quarter. The BDC Reporter, though, uses the opportunity to look at key metrics over a longer time frame and ask some existential questions.
BDC Fixed Income prices diverged from the sector’s common stocks this week. New issuance activity was lower than usual but we expect that to change shortly.
The BDC price rally comes to a screeching halt in the last week of January. We discuss the details but also look back on January as a whole and forward to what the weeks ahead might bring.
BlackRock TCP Capital offers a preview of its IVQ 2020 results. The BDC Reporter compares the estimated performance against the trends in the BDC’s earnings, leverage and book value before and after the pandemic.
Sixth Street Specialty Lending raises a large amount of new unsecured debt at a favorable yield. We analyze the impact on both balance sheet and P&L, and compare with another similar issuance by Ares Capital.
KBW has a report out on the BDC outlook in advance of IVQ earnings season. The BDC Reporter annotates and offers up its own thoughts.
We provide an update about an article written hours earlier about the bankruptcy of a WhiteHorse Finance borrower.
The BDC Fixed Income universe grows ever smaller but prices remain stable, and may for some time more. Nonetheless, major changes are afoot which we discuss here and which will be one of the subjects in an upcoming webinar.
Week three of 2021 and the BDC rally is only gathering steam as earnings season approaches. We discuss which individual BDCs were up the most and why, and who was off.
BlackRock Capital Investment is offering up a preview of IVQ 2020 developments and some key metrics. The BDC Reporter deciphers the disclosures and speculates as to the way forward for the underperforming BDC.
Main Street Capital offers up some preliminary metrics about one of its 3 investing segments. Unfortunately, the data leaves the BDC Reporter with more questions than answers.
A satellite operator which is the largest single investment in Great Elm’s portfolio faces financial difficulties and may seek British bankruptcy court protection. We re-publish an article from the BDC Credit Reporter which flags this breaking news.
Stellus Capital is switching its dividend frequency again. We review why the BDC is switching back to a monthly payout and what that tells us about the outlook for future dividends.
Price-wise, not much changed for the BDC Fixed Income sector but this was a historic week in other ways. More history is likely to be made in the weeks ahead…
A second week of 2021 and another broad-based increase in BDC prices. We provide color on who is up in price the most but also question whether the way ahead will look like the way behind.
Prospect Capital has issued new unsecured debt that will materially impact its balance sheet and earnings. We discuss the details but also place this development in the broader context of what we’re calling the Great Refinancing.